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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Exchanges (DEX)

Biswap

# Biswap Tradeable assets Methodology

## 1. Overview

The tradeable assets metric measures the cumulative number of unique tokens that have become available for trading on the Biswap DEX platform. This metric answers the question "How many different tokens can users trade on Biswap?" and tracks the growth of token diversity over time. The calculation identifies when each token first appears in a trading pair and maintains a running total of all tradeable assets.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Factory contract events**: Parsed `NewPool` events from Biswap V3 factory contracts on BSC blockchain, containing pool creation details and dynamic fee tier information
- **Pair creation events**: Parsed `PairCreated` events from Biswap V1 factory contracts on BSC blockchain, containing trading pair establishment records
- **BSC blockchain event logs**: Raw blockchain event logs from BSC that contain the factory contract interactions
- **Token metadata**: Token registry data providing symbols, decimals, and other metadata for token identification and enrichment

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all trading pairs created on Biswap V1 and V3 protocols
- **Logic**: Extract pair creation events from both protocol versions. For V3, parse `NewPool` events containing token addresses and dynamic fee tiers. For V1, parse `PairCreated` events and apply hardcoded fee tiers (0.2% for regular pools, 0.1% for specific stable pool addresses). Each event contains two token addresses (`tokenX`/`tokenY` for V3, `token0`/`token1` for V1) that represent the tradeable assets in the pair. Enrich with token metadata including symbols and decimals.
- **Key fields**: `block_timestamp` for timing, `account_address` for pool/pair address, `token0_address` and `token1_address` for the tradeable assets, `fee_tier` for trading fees, `chain` for blockchain identification

### Component B: Token extraction and deduplication
- **Purpose**: Extract unique token addresses from all trading pairs and identify their first appearance
- **Logic**: Combine token addresses from both sides of trading pairs (token0 and token1) into a single list of unique tokens. Truncate block timestamps to daily boundaries. For each unique token address, determine the earliest date it appeared in any trading pair using minimum timestamp aggregation. This represents when the token first became tradeable on the platform.
- **Key fields**: `timestamp` truncated to day, `chain` for blockchain, `token_address` for unique asset identification

### Component C: Daily new asset counting
- **Purpose**: Count how many new tokens become tradeable each day
- **Logic**: Group first appearances by date and chain, then count distinct token addresses for each day. This produces a daily count of newly tradeable assets. Apply gap filling to ensure continuous daily timeline, inserting zero counts for days with no new tokens.
- **Key fields**: `timestamp` for daily aggregation, `asset_count` for new tokens per day

### Final aggregation
- **Combining components**: The daily new asset counts are processed through a cumulative sum calculation
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: Calculate running cumulative sum of new assets over time, partitioned by chain and ordered by timestamp. This creates a monotonically increasing total of unique tradeable assets available on the platform
- **Standardization**: Apply the `finalize_metric_tradeable_assets` macro for schema validation, gap filling with zero strategy, and chain availability filtering to ensure consistent metric output format

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

Number of unique tokens tradeable on the exchange.

BiswapBSW

Tradeable assets

Tradeable assets

Competitive landscape