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 (net) Methodology

## 1. Overview

The Biswap treasury net metric measures the total USD value of all tokens held across Biswap's treasury addresses on the BSC blockchain. This metric provides insight into the protocol's financial position by tracking the cumulative value of tokens held in designated treasury wallets, excluding the protocol's native BSW token to avoid double-counting treasury reserves.

## 2. Data sources

- **BSC token transfer events**: Parsed `Transfer` events from BSC blockchain to track token movements in and out of treasury addresses
- **Token balance change events**: Processed blockchain events that capture balance modifications for specific addresses and tokens
- **End-of-day price feeds**: Daily token price data in USD for converting token balances to dollar values
- **Token metadata**: Information about token symbols and contract details for proper identification

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking
- **Purpose**: Tracks token balance changes for Biswap's treasury addresses on BSC
- **Logic**: Processes token transfer events to identify balance changes for 11 specific treasury addresses: `0x7606c784e4aa8c686319c963686d1af04afc5399`, `0x863e9e0c64c18ef17dbb7a479499ea039c6b5ad3`, `0x9d7fe368a2ab44bab883485f48a2d07b994c581f`, `0xf81feb1cebe8bba613ebb65d7d3ddc3ec6b8204c`, `0xe209a24abe11a588fb656498db23ef409cc46f6c`, `0xcd3cd3f8764aa2fd474421c8c81514a50883678a`, `0x8d318c35b14d168ea69b76fe6ed8b77a24c86fa4`, `0x9ee7a44e6fd36f3415848362cf88de42941540a7`, `0x4b83b646761325ff71874719f64a8c5221bed9a0`, `0x162d6fc25ad9da8ee117dc9333e66dfd7c40b9ea`, and `0xdc255039cc48907d5be97eaf4dca20ca97d2cdee`. Excludes the BSW token (`0x965f527d9159dce6288a2219db51fc6eef120dd1`) to avoid circular treasury calculations. Uses incremental processing strategy for efficient updates.
- **Key fields**: `timestamp` for event timing, `account_address` for treasury wallet identification, `token_address` for token identification, `balance` for the balance change amount, `token_symbol` for token identification

### Component B: Cumulative balance calculation
- **Purpose**: Converts balance changes into running cumulative balances for each treasury address-token combination
- **Logic**: Applies a cumulative sum using window functions partitioned by timestamp grain, chain, account address, and token address, ordered by timestamp. This transforms individual balance change events into total balance snapshots at each point in time.
- **Key fields**: `balance` transformed into cumulative running total representing actual token holdings

### Component C: Fill-forward data continuity
- **Purpose**: Ensures continuous data availability by carrying forward the last known balance when no transactions occur
- **Logic**: Uses fill-forward methodology across timestamp dimensions to maintain balance continuity. For each treasury address and token combination, propagates the most recent balance forward to fill gaps in the time series where no balance changes occurred.
- **Key fields**: Maintains all dimensional fields (`timestamp_grain`, `chain_id`, `account_address`, `token_address`) with filled `balance` values

### Component D: USD conversion
- **Purpose**: Converts token balances from native units to USD values for aggregation
- **Logic**: Joins filled balance data with end-of-day price feeds on timestamp, chain, and token address. Multiplies token balance by USD price using safe multiplication to handle potential null values. Filters to include only positive balances and daily price grain data.
- **Key fields**: `amount` calculated as balance multiplied by `price_usd`, representing USD value of token holdings

### Final aggregation
- **Combining components**: Sums USD amounts across all treasury addresses and tokens to calculate total treasury net value
- **Currency conversion**: Uses end-of-day USD prices matched by timestamp, chain, and token address for accurate valuation
- **Time aggregation**: Maintains daily granularity with timestamp grain set to 'day' for consistent reporting periods
- **Final calculation**: The treasury net value represents the total USD value of all tokens held across Biswap's treasury addresses, excluding the native BSW token, with fill-zeros strategy applied for periods with no data to maintain continuous time series reporting

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

Total value of a project's treasury excluding its native token.

BiswapBSW

Treasury (net)

Treasury (net)

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