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 trading volume (per trade) Methodology

## 1. Overview

This metric calculates the average USD value per trade on the Biswap decentralized exchange by dividing total daily trading volume by the number of unique trades. The metric helps assess the typical trade size and trading patterns on Biswap, providing insights into user behavior and market liquidity. The calculation combines data from both Biswap v1 and v3 protocols on BSC blockchain, applying price manipulation filters and proper decimal adjustments.

## 2. Data sources

The calculation relies on several blockchain and external data sources:

- **Blockchain events**: Parsed BSC blockchain `Pair_Swap` events from Biswap v1 contracts and `Pool_Swap` events from Biswap v3 contracts
- **Transaction data**: BSC transaction records linking swap events to user addresses and providing transaction metadata
- **Function call traces**: BSC blockchain traces for Biswap v3 `swapX2Y` and `swapY2X` function calls to determine swap directions
- **Factory events**: BSC blockchain `Factory_PairCreated` events (v1) and `Factory_NewPool` events (v3) providing trading pair configurations
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal precision and symbols
- **Data types**: Daily aggregated swap event logs, transaction traces, pool configuration data, and standardized price feeds

## 3. Step-by-step calculation

### Component A: Raw trade data extraction

- **Purpose**: Extract and standardize trade events from both Biswap v1 and v3 protocols
- **Logic**: For Biswap v1, trade amounts are calculated as the difference between input and output amounts (`amount0In` minus `amount0Out`, `amount1In` minus `amount1Out`) from `Pair_Swap` events. For Biswap v3, trade amounts come directly from `Pool_Swap` events as `amountX` and `amountY` values, but require directional multipliers from function call traces. V3 swaps are joined with `swapX2Y` and `swapY2X` function calls to determine if the direction multiplier should be +1 or -1 for each token amount.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, pool `address`, token amounts, and calculated `user_address` from transaction records

### Component B: Trading pair metadata enrichment

- **Purpose**: Add token metadata and trading pair configurations to enable proper decimal corrections and USD conversions
- **Logic**: Trading pairs are identified from factory events - v1 uses `Factory_PairCreated` events while v3 uses `Factory_NewPool` events. Each trading pair includes token addresses, fee tiers (v1 uses hardcoded 0.2% fee or 0.1% for stable pools, v3 uses fee values from events), and token decimal precision. Token metadata provides symbols and decimal places needed for amount normalization.
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`, and constructed `account_name`

### Component C: Volume calculation with price manipulation protection

- **Purpose**: Convert raw token amounts to USD trading volumes while filtering out potential price manipulation
- **Logic**: Token amounts are first corrected for decimals by dividing by 10 raised to the token's decimal precision. Both token amounts in each trade are converted to USD using end-of-day price feeds matched by timestamp, token address, and blockchain. To prevent price manipulation from affecting volume calculations, the system takes the lesser USD value between the two tokens in each swap (using the `least` function). If either price feed is unavailable, the trading volume defaults to zero. Daily aggregation sums all trade volumes grouped by day-truncated timestamps.
- **Key fields**: Decimal-adjusted `token0_amount` and `token1_amount`, USD-converted values, and final `trading_volume` using the lesser of the two token values

### Component D: Trade count aggregation

- **Purpose**: Count the number of unique trades per day for the denominator calculation
- **Logic**: Using the same intermediate trading volume data to ensure consistency, the system counts distinct `transaction_hash` values per day. This approach treats each unique transaction as one trade, regardless of how many swap events it contains. Daily aggregation groups by day-truncated timestamps and applies the same chain availability filters as the trading volume calculation.
- **Key fields**: `transaction_hash` for uniqueness counting and `trade_count` as the aggregated result

### Final aggregation

- **Combining components**: The two component metrics (daily trading volume and daily trade count) are joined on matching timestamps to ensure alignment of numerator and denominator values
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds matched by timestamp and token address, with price manipulation protection applied before aggregation
- **Time aggregation**: Both metrics use day-truncated timestamps for daily boundary alignment, ensuring consistent time periods for the division calculation
- **Final calculation**: The average trading volume per trade is calculated by dividing the total daily trading volume by the total daily trade count using safe division to handle scenarios where trade count might be zero, resulting in the final metric value representing the average USD value per trade

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

BiswapBSW

Average trading volume (per trade)

Average trading volume (per trade)

Competitive landscape