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.

github

twitter

etherscan

website

Exchanges (DEX)

Biswap

# Biswap Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Biswap measures the number of unique addresses that performed trading activity on the Biswap decentralized exchange on a given day. This metric tracks user engagement by counting distinct wallet addresses that executed trades across both Biswap V1 and V3 protocols on BSC. All users are classified as 'Trader' type since the metric specifically tracks trading activity.

## 2. Data sources

- **BSC blockchain transaction records**: Core transaction data containing sender addresses and timestamps for all BSC transactions
- **Biswap V1 contract events**: Parsed `Pair_Swap` event logs from Biswap V1 pair contracts on BSC
- **Biswap V3 contract events**: Parsed `Pool_Swap` event logs from Biswap V3 pool contracts on BSC  
- **Biswap V3 function call traces**: Function call traces for `swapY2X` and `swapX2Y` functions to determine swap directions

## 3. Step-by-step calculation

### Component A: Biswap V1 trades identification
- **Purpose**: Identifies all trading activity on Biswap V1 pairs
- **Logic**: Extracts `Pair_Swap` events from Biswap V1 pair contracts on BSC. Joins with BSC transaction records to get the user address from the `from_address` field. Calculates token amounts by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In` to determine net token flow direction. Filters events from the launch date of May 23, 2021 onwards.
- **Key fields**: `user_address` (from transaction `from_address`), `block_timestamp`, `transaction_hash`, token amounts calculated from swap event data

### Component B: Biswap V3 trades identification  
- **Purpose**: Identifies all trading activity on Biswap V3 pools with correct directional amounts
- **Logic**: Extracts `Pool_Swap` events from Biswap V3 pool contracts. Uses function call traces to determine swap direction by matching transaction hashes with `swapY2X` and `swapX2Y` function calls. Applies direction multipliers (1 or -1) to the returned `amountX` and `amountY` values to get correctly signed token amounts. Joins with BSC transaction records to get user addresses. Filters events from launch date onwards.
- **Key fields**: `user_address` (from transaction `from_address`), `block_timestamp`, `transaction_hash`, directionally-adjusted token amounts from swap events

### Component C: Swap direction resolution for V3
- **Purpose**: Determines the correct direction and sign for V3 token amounts
- **Logic**: Processes function call traces for `swapY2X` (assigns directionX=-1, directionY=1) and `swapX2Y` (assigns directionX=1, directionY=-1) functions. Only includes successful function calls where `status` equals true. Maps transaction hashes to their corresponding direction multipliers.
- **Key fields**: `transaction_hash`, `directionX`, `directionY` multipliers, `user_address` from function recipient

### Final aggregation
- **Combining components**: Unions Biswap V1 and V3 trade data into a single dataset containing all trading activity across both protocol versions
- **Time aggregation**: Truncates `block_timestamp` to day boundary using `timestamp_trunc` function to create daily buckets
- **User classification**: Labels all users as 'Trader' type since they performed trading activity
- **Final calculation**: Counts distinct `user_address` values per day to determine the number of unique active traders. Applies chain availability filtering to ensure data quality and completeness before final output.

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

Unique revenue-generating users over a fixed 24-hour window.

BiswapBSW

Active users (daily)

Active users (daily)

Competitive landscape