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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Biswap measures the daily revenue generated per active trader on the Biswap decentralized exchange. This metric is calculated by dividing daily protocol revenue by the number of daily active users (DAU), providing insight into the average value generated per user. Biswap operates on BSC with both v1 and v3 AMM protocols, and the calculation includes revenue from both trading fees and flash loan fees.

## 2. Data sources

- **Blockchain events**: Parsed BSC `Pair_Swap_event` logs from Biswap v1 contracts and `Pool_Swap_event` logs from Biswap v3 contracts capturing all trading activity
- **Flash loan data**: Parsed `Pool_Flash_event` logs from Biswap v3 contracts for flash lending activity
- **Function traces**: BSC transaction traces for Biswap v3 `swapX2Y` and `swapY2X` function calls to determine swap directions
- **Factory events**: `Factory_PairCreated_event` logs from Biswap v1 and `Factory_NewPool_event` logs from Biswap v3 defining trading pairs and fee structures
- **Transaction data**: BSC transaction records providing user addresses and transaction metadata
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal places

## 3. Step-by-step calculation

### Component A: Daily active users calculation

- **Purpose**: Count distinct users who executed trades on Biswap each day
- **Logic**: Extract all trading transactions from both Biswap v1 and v3 protocols on BSC. For each trade, identify the user as the `from_address` from the underlying BSC transaction record. Group trades by day using timestamp truncation and count distinct user addresses per day. Users are classified as 'Trader' type since they represent active traders on the exchange.
- **Key fields**: `user_address` from transaction records, `block_timestamp` for daily grouping, `user_dau` as the distinct count output

### Component B: Trading volume calculation

- **Purpose**: Calculate USD trading volume from both v1 and v3 Biswap protocols
- **Logic**: For v1 trades, extract `Pair_Swap_event` logs and calculate net token amounts as `amountIn` minus `amountOut` for both tokens in each pair. For v3 trades, extract `Pool_Swap_event` logs and apply directional multipliers from function call traces to determine actual token amounts exchanged. Join trading data with factory events to identify token pairs, decimals, and fee tiers. Correct token amounts by dividing by 10 raised to the token's decimal places. Convert corrected amounts to USD using end-of-day price feeds. Apply anti-manipulation filtering by taking the minimum USD value between the two tokens in each trade to prevent inflated volumes from price discrepancies.
- **Key fields**: `token0_amount` and `token1_amount` from swap events, `fee_tier` from factory events, `trading_volume` as the USD-converted result

### Component C: Flash loan volume calculation

- **Purpose**: Calculate USD volume from flash loan activity on Biswap v3
- **Logic**: Extract `Pool_Flash_event` logs from Biswap v3 contracts capturing flash loan transactions. Join with trading pair data to obtain token addresses, decimals, and fee information. Correct token amounts for decimal places and convert to USD using end-of-day price feeds. Sum both token amounts to get total flash loan volume per transaction.
- **Key fields**: `amountX` and `amountY` from flash events, `flash_loan_volume` as the USD total

### Component D: Fee calculation

- **Purpose**: Calculate total fees collected from trading and flash loan activity
- **Logic**: Apply pool-specific fee rates to both trading volumes and flash loan volumes. Fee rates are determined from factory events: v1 pools use 0.2% standard fee or 0.1% for stable pools, while v3 pools have variable fee tiers defined in the `Factory_NewPool_event`. Multiply volume amounts by their corresponding fee rates to get total fees collected per pool per day.
- **Key fields**: `fee_tier` rates, `fees` as the calculated fee amounts

### Component E: Revenue calculation

- **Purpose**: Calculate Biswap protocol revenue from collected fees
- **Logic**: Apply a protocol fee rate of 25% to total fees collected. This represents the portion of fees that Biswap retains as protocol revenue, with the remainder going to liquidity providers.
- **Key fields**: `revenue` calculated as `fees * 0.25`

### Final aggregation

- **Combining components**: Daily revenue and daily active user counts are computed independently then joined by date for the final ARPU calculation
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds matched by date, token address, and chain
- **Time aggregation**: Data aggregated to daily level using timestamp truncation to day boundaries
- **Final calculation**: ARPU equals daily revenue divided by daily active users, providing the average revenue generated per active trader each day

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

BiswapBSW

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape