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 Trading volume Methodology

## 1. Overview

Biswap trading volume measures the total USD value of tokens traded on the Biswap decentralized exchange across both V1 and V3 protocol versions on Binance Smart Chain. The metric captures daily trading activity by processing swap events, normalizing token amounts, converting to USD values, and applying anti-manipulation filtering. This provides a comprehensive view of trading activity across all Biswap trading pairs.

## 2. Data sources

The calculation uses several types of raw blockchain and external data:

- **Swap events**: Parsed `Swap` events from Biswap V1 pair contracts and `Pool_Swap` events from Biswap V3 pool contracts on BSC, containing token amounts exchanged in each trade
- **Function call traces**: Biswap V3 `swapY2X` and `swapX2Y` function calls that provide directional information for V3 swaps
- **Factory events**: `PairCreated` events from Biswap V1 factory and `NewPool` events from Biswap V3 factory that define trading pairs with fee tiers and token addresses
- **Transaction data**: BSC transaction records providing user addresses and block timestamps
- **Price feeds**: End-of-day token price feeds in USD for all tokens traded on Biswap
- **Token metadata**: Token registry containing decimals and symbols for proper amount normalization

## 3. Step-by-step calculation

### Component A: Swap event processing
- **Purpose**: Extract and normalize trading activity from both Biswap V1 and V3 protocols
- **Logic**: Process swap events differently based on protocol version. For V1, calculate token amount changes by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For V3, multiply `amountX` and `amountY` by directional multipliers derived from swap function calls (`swapY2X` uses -1 for X direction and 1 for Y direction, `swapX2Y` uses 1 for X and -1 for Y). Join all swaps with transaction data to get user addresses and filter for activity since the launch date of 2021-05-23
- **Key fields**: `token0_amount`, `token1_amount` representing the quantity of each token exchanged, `account_address` for the trading pair contract, `user_address` for the trader

### Component B: Trading pair metadata enrichment  
- **Purpose**: Add token pair information needed for amount normalization and USD conversion
- **Logic**: Join processed swaps with trading pair definitions created from factory events. V1 pairs use fixed fee tiers (0.2% standard, 0.1% for specific stable pools), while V3 pairs use variable fees from the pool creation events. Combine token addresses, decimals, and symbols to create trading pair identifiers
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`, `account_name` combining token symbols

### Component C: Daily volume aggregation
- **Purpose**: Aggregate trading activity to daily granularity with proper decimal correction
- **Logic**: Group swaps by day, trading pair, and individual transactions. Sum the absolute values of token amounts after dividing by 10 raised to the power of each token's decimal places to normalize amounts to their standard units. This handles tokens with different decimal precision (e.g., USDC with 6 decimals vs WETH with 18 decimals)
- **Key fields**: `timestamp` truncated to day boundary, `token0_amount` and `token1_amount` in normalized decimal-corrected units

### Final aggregation
- **Combining components**: Join the daily aggregated token amounts with end-of-day price feeds for both tokens in each trading pair
- **Currency conversion**: Multiply each token's normalized amount by its USD price from the price feed to calculate USD values for both sides of each trade
- **Anti-manipulation logic**: Use the lesser of the two token USD values (`LEAST(token0_amount × price0, token1_amount × price1)`) to prevent trades with manipulated prices from inflating volume metrics
- **Time aggregation**: Sum the resulting USD values by day to produce daily trading volume, with the `finalize_metric_trading_volume` macro applying standard time-series processing and gap-filling with zeros where no trading occurred
- **Final calculation**: The final trading volume represents the total USD value of legitimate trading activity across all Biswap pairs, filtered for price manipulation and aggregated to daily intervals

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

Total value of spot trades executed on the exchange.

BiswapBSW

Trading volume

Trading volume

Competitive landscape