Liquidity providers deposit funds into Biswap and receive trading fees from traders (supply-side fees).

Biswap is a non-custodial exchange protocol built on BNB chain. Biswap was founded by an anonymous team and launched in 2021.

BSW tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Biswap’s investors include Binance Labs.

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Biswap

# Biswap Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average amount of fees generated per daily active user on the Biswap decentralized exchange. This metric provides insight into user monetization and revenue efficiency by dividing total daily fees (from trading and flash loans) by the number of unique daily active users. The calculation combines fee revenue from both Biswap V1 and V3 protocols across BSC, using a methodology that prevents price manipulation while accurately capturing user engagement and fee generation.

## 2. Data sources

- **Blockchain events**: Parsed BSC `Swap` events from Biswap V1 (`Pair_Swap_event`) and V3 (`Pool_Swap_event`) contracts, and `Flash` events from V3 pools (`Pool_Flash_event`)
- **Function call data**: BSC function call traces for V3 swap direction determination (`BiswapPoolV3_swapY2X_function` and `BiswapPoolV3_swapX2Y_function`)
- **Factory events**: BSC `PairCreated` events from Biswap V1 factory and `NewPool` events from V3 factory for trading pair and fee tier identification
- **Transaction data**: BSC transaction records to map events to user addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimals and symbols for proper unit conversion

## 3. Step-by-step calculation

### Component A: Trading fee calculation
- **Purpose**: Calculate fees generated from trading activity across Biswap V1 and V2 protocols
- **Logic**: Extract swap events from both V1 and V3 contracts on BSC. For V1, calculate token amount changes using the difference between `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out` fields. For V3, use `amountX` and `amountY` return values combined with swap direction multipliers determined from function call traces (`swapY2X` uses direction -1,1 and `swapX2Y` uses direction 1,-1). Join with trading pair dimension data to get fee tiers and token decimal information. Convert raw token amounts to proper units by dividing by 10 raised to the token's decimal places. Convert token amounts to USD using end-of-day price feeds. Calculate trading volume per trade using the minimum USD value between the two tokens to prevent price manipulation attacks. Apply the trading pair's fee tier (V1 uses 0.2% standard or 0.1% for specific stable pools, V3 uses dynamic fee tiers from factory events) to calculate trading fees
- **Key fields**: `transaction_hash`, `user_address` (from transaction `from_address`), `token0_amount`, `token1_amount`, `fee_tier`, trading volume, trading fees

### Component B: Flash loan fee calculation  
- **Purpose**: Calculate additional fees generated from flash loan activity on Biswap V3
- **Logic**: Extract `Flash` events from V3 pool contracts on BSC, capturing `amountX` and `amountY` fields representing flash loan amounts for both tokens. Join with trading pair dimension data to get fee tiers and token information. Convert raw token amounts to proper units using token decimals and convert to USD using end-of-day price feeds. Calculate flash loan volume by summing both token USD amounts (unlike trading volume, flash loan volume uses sum rather than minimum to capture full borrowed amounts). Apply the pool's fee tier to calculate flash loan fees
- **Key fields**: `transaction_hash`, `log_index`, `token0_amount`, `token1_amount`, `fee_tier`, flash loan volume, flash loan fees

### Component C: Daily active user calculation
- **Purpose**: Count unique users who performed trades each day
- **Logic**: Extract user addresses from trading activity by joining swap events with BSC transaction data to get the `from_address` field representing the transaction initiator. Filter trades from the launch date of May 23, 2021 onwards. Aggregate on daily timestamp boundaries and count distinct user addresses per day using HyperLogLog functions for efficient computation across different dimension breakdowns (project-level, chain-level, user type, product). Apply chain availability filtering to ensure data completeness
- **Key fields**: `user_address`, `timestamp` (daily grain), user count aggregations

### Final aggregation
- **Combining components**: Sum trading fees and flash loan fees to get total daily fees. Count distinct daily active users from trading activity
- **Currency conversion**: All token amounts converted to USD using end-of-day price feeds matched by token address, chain, and daily timestamp 
- **Time aggregation**: All data aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Divide total daily fees by daily active users to get Average Fees Per User (AFPU). Missing days are filled with zeros using the fill zeros strategy to maintain time series continuity

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

BiswapBSW

Average fees per user (AFPU)

Average fees per user (AFPU)

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