Players wager against the house (liquidity provided by BetSwirl or their partners) in randomized games of chance, such as coin tosses or dice rolls.

Betswirl is a non-custodial betting platform built on Polygon, BNB Chain, and Avalanche. BetSwirl was co-founded by Romuald Hog and Nato, and was launched in March 2022.

The BetSwirl team own and govern the protocol. They and BETS holders currently receive all fees paid by players (revenue).

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# BetSwirl Fees Methodology

## 1. Overview

The Betswirl fees metric measures the total daily fees generated by the Betswirl prediction markets and betting protocol across multiple blockchains. This metric combines protocol revenue (house edge allocated to various protocol stakeholders) with supply-side fees (payments to game initiators in Russian Roulette). The calculation aggregates house edge allocation events from Betswirl smart contracts, converts amounts to USD, and provides a comprehensive view of the protocol's total fee generation.

## 2. Data sources

- **Betswirl allocation events**: Parsed `Bank_AllocateHouseEdgeAmount_event` logs from Betswirl smart contracts across BSC, Polygon, Avalanche, and Arbitrum networks, tracking how house edge profits are distributed among stakeholders
- **Russian Roulette events**: Parsed `RussianRoulette_AllocateHouseEdgeAmount_event` logs from Betswirl Russian Roulette contracts across multiple chains, tracking both protocol revenue and initiator rewards
- **End-of-day price feeds**: Token price data for USD conversion of various betting tokens including native tokens (ETH, AVAX, BNB, MATIC) and the BETS protocol token
- **Token metadata**: Decimal precision information for proper token amount normalization and symbol data for token identification

## 3. Step-by-step calculation

### Component A: Protocol revenue extraction
- **Purpose**: Extracts total protocol revenue from house edge allocation events across all Betswirl protocol versions and game types
- **Logic**: Collects `Bank_AllocateHouseEdgeAmount_event` logs from multiple protocol versions (v1 on BSC and Polygon, v2 on Avalanche and BSC, v3/v4 on Avalanche, BSC, Polygon, and Arbitrum). For each event, sums the allocated amounts: `dividend_amount` plus `treasury_amount` plus `team_amount` plus `referral_amount`. Version 2 additionally includes `partner_amount`, while versions 3 and 4 include both `partner_amount` and `bank_amount`. Also processes Russian Roulette allocation events separately, calculating revenue using the same component summation but excluding `initiator_amount`
- **Key fields**: `dividend_amount` (staking rewards), `treasury_amount` (protocol treasury), `team_amount` (team allocation), `referral_amount` (referral rewards), `partner_amount` (partner rewards), `bank_amount` (banking reserves), `token_address` (betting token), `block_timestamp` (event timing)

### Component B: Supply-side fees extraction  
- **Purpose**: Identifies fees paid to supply-side participants (game initiators) in the Russian Roulette game type
- **Logic**: Processes `RussianRoulette_AllocateHouseEdgeAmount_event` logs from Russian Roulette contracts across Arbitrum, Avalanche, BSC, and Polygon. Extracts the `initiator_amount` field which represents the portion of house edge allocated to users who initiate Russian Roulette games, serving as an incentive for game creation and liquidity provision
- **Key fields**: `initiator_amount` (initiator rewards), `token_address` (betting token), `block_timestamp` (event timing)

### Component C: Token address standardization
- **Purpose**: Normalizes token addresses for consistent pricing and cross-chain compatibility
- **Logic**: Maps native token addresses (null address `0x0000000000000000000000000000000000000000`) to their wrapped equivalents for price calculation: Arbitrum native to WETH (`0x82af49447d8a07e3bd95bd0d56f35241523fbab1`), Avalanche native to WAVAX (`0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7`), BSC native to WBNB (`0xbb4cdb9cbd36b01bd1cbaebf2de08d9173bc095c`), Polygon native to WMATIC (`0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270`). Special handling for BETS token on Arbitrum: maps Arbitrum BETS address (`0xe26ae3d881f3d5def58d795f611753804e7a6b26`) to Polygon BETS address (`0x9246a5f10a79a5a939b0c2a75a3ad196aafdb43b`) for pricing due to higher liquidity on Polygon
- **Key fields**: `token_address` (standardized token identifier), `chain` (adjusted chain for pricing), `real_chain` (original transaction chain)

### Component D: Daily aggregation and USD conversion
- **Purpose**: Aggregates fee amounts by day and converts to USD for consistent reporting
- **Logic**: Truncates event timestamps to daily boundaries using `timestamp_trunc(block_timestamp, day)`. Groups revenue and supply-side fees by day, chain, and token address, then sums amounts. Applies decimal correction using token metadata to normalize amounts to standard units. Converts to USD using end-of-day price feeds matched by date, chain, and token address. For BETS token on Arbitrum, uses Polygon pricing data due to the token address mapping
- **Key fields**: `timestamp` (daily boundary), `amount` (aggregated fee amount), `token_address` (for price lookup), `chain` (for price lookup)

### Final aggregation
- **Combining components**: Unions protocol revenue and supply-side fees data, creating a comprehensive view of all fees generated by the protocol. Both components share the same dimensional structure (timestamp, chain, product) enabling clean combination
- **Currency conversion**: All amounts are converted to USD using end-of-day token prices, with special cross-chain price handling for BETS token liquidity optimization  
- **Time aggregation**: Data is aggregated to daily boundaries, with missing days filled with zero values to ensure continuous time series
- **Final calculation**: Sums the combined revenue and supply-side fees by day, chain, and product to produce the total daily fees metric, applying chain availability filters to exclude data from chains not yet available on specific dates

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

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