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 Treasury Methodology

## 1. Overview

Biswap treasury measures the total USD value of tokens held across Biswap's official treasury addresses on the BSC (Binance Smart Chain) network. This metric tracks the protocol's treasury holdings by monitoring token balances across 11 specific wallet addresses and converting the aggregate holdings to USD value using end-of-day price feeds.

## 2. Data sources

- **BSC blockchain transaction logs**: Raw transaction data and event logs from BSC network
- **Parsed ERC20 `Transfer` events**: Token transfer events on BSC showing movements in/out of treasury addresses
- **BSC transaction traces**: Detailed transaction execution data for balance calculations
- **Token metadata**: Information about token symbols and contract details for identification
- **End-of-day token price feeds**: Daily closing prices for USD conversion
- **Treasury address registry**: Hardcoded list of 11 official Biswap treasury wallet addresses

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking
- **Purpose**: Identifies and tracks all token balance changes for Biswap's treasury addresses on BSC
- **Logic**: The system monitors 11 specific treasury addresses (`0x7606c784e4aa8c686319c963686d1af04afc5399`, `0x863e9e0c64c18ef17dbb7a479499ea039c6b5ad3`, `0x9d7fe368a2ab44bab883485f48a2d07b994c581f`, `0xf81feb1cebe8bba613ebb65d7d3ddc3ec6b8204c`, `0xe209a24abe11a588fb656498db23ef409cc46f6c`, `0xcd3cd3f8764aa2fd474421c8c81514a50883678a`, `0x8d318c35b14d168ea69b76fe6ed8b77a24c86fa4`, `0x9ee7a44e6fd36f3415848362cf88de42941540a7`, `0x4b83b646761325ff71874719f64a8c5221bed9a0`, `0x162d6fc25ad9da8ee117dc9333e66dfd7c40b9ea`, `0xdc255039cc48907d5be97eaf4dca20ca97d2cdee`) on BSC chain. For each address, the system parses `Transfer` events and transaction traces to identify when tokens move in or out, calculating net balance changes per token per day
- **Key fields**: `timestamp` for daily tracking, `account_address` for treasury wallet identification, `token_address` and `token_symbol` for token identification, `balance` for net daily change amount

### Component B: Cumulative balance calculation
- **Purpose**: Converts daily balance changes into running cumulative balances for each token in each treasury address
- **Logic**: Using window functions partitioned by timestamp grain, chain, account address, and token address, the system calculates running sums of balance changes ordered by timestamp. This creates a time series showing the total token balance held in each treasury address at each point in time
- **Key fields**: Cumulative `balance` representing total tokens held, maintaining the same dimension fields for partitioning

### Component C: Time series completion
- **Purpose**: Ensures continuous daily data points by forward-filling missing values
- **Logic**: The system applies forward-fill logic to propagate the last known balance forward for any missing days. This ensures that treasury holdings are represented consistently across all time periods, even when no transactions occurred on specific days
- **Key fields**: Complete time series with filled `balance` values for all treasury addresses and tokens

### Component D: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: The system joins the filled balance data with end-of-day price feeds, matching on timestamp, chain, and token address. Token balances are multiplied by corresponding USD prices to calculate dollar values. Only positive balances are included in the calculation
- **Key fields**: `amount` representing USD value of token holdings, calculated as balance multiplied by daily price

### Final aggregation
- **Combining components**: All USD values across treasury addresses and tokens are summed together to create total treasury value per day
- **Currency conversion**: Uses end-of-day price feeds for consistent daily USD conversion timing
- **Time aggregation**: Daily boundaries based on timestamp field with daily grain
- **Final calculation**: Total treasury value equals the sum of all positive token balances across all 11 treasury addresses converted to USD using end-of-day prices, with forward-filling applied to create continuous time series and zero-filling for missing data points

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

Total value of a project's onchain treasury, including its native token.

BiswapBSW

Treasury

Treasury

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