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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Exchanges (DEX)

Biswap

# Biswap Active users (monthly) Methodology

## 1. Overview

Monthly Active Users (MAU) measures the number of unique users who have performed at least one swap transaction on the Biswap protocol within a rolling 30-day period. This metric provides insight into user engagement and platform adoption by tracking distinct wallet addresses that interact with Biswap's decentralized exchange functionality across both V1 and V3 protocol versions on BSC.

## 2. Data sources

The calculation relies on several raw blockchain data sources from BSC:
- **Swap event logs**: Parsed `Swap` events from both Biswap V1 (`Pair_Swap_event`) and V3 (`Pool_Swap_event`) smart contracts
- **Function call traces**: BSC transaction traces capturing Biswap V3 function calls (`BiswapPoolV3_swapY2X_function` and `BiswapPoolV3_swapX2Y_function`)
- **Transaction records**: BSC transaction data containing user wallet addresses (`from_address`) and block timestamps
- **Protocol metadata**: Launch date information (May 23, 2021) for historical data boundaries

## 3. Step-by-step calculation

### Component A: Swap direction identification
- **Purpose**: Determines the direction of token swaps in Biswap V3 to calculate correct token amounts
- **Logic**: Extracts successful function calls from BSC transaction traces for `swapY2X` and `swapX2Y` functions. For Y-to-X swaps, assigns direction multipliers of -1 for X token and 1 for Y token. For X-to-Y swaps, assigns direction multipliers of 1 for X token and -1 for Y token. Links these directions to transactions via `transaction_hash` and `trace_address`
- **Key fields**: `transaction_hash`, `trace_address`, `recipient` address, `directionX`, `directionY`

### Component B: Trade event processing
- **Purpose**: Consolidates all swap activity from both Biswap protocol versions into a unified trade dataset
- **Logic**: Combines V1 and V3 swap events with different processing logic. For V1, calculates token amounts by taking the difference between input and output amounts (`amount0In` minus `amount0Out`, `amount1In` minus `amount1Out`). For V3, multiplies the returned amounts (`amountX`, `amountY`) by the direction multipliers to get signed token amounts. Joins all swap events with BSC transaction data to obtain user addresses and applies launch date filtering from May 23, 2021
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`, `token0_amount`, `token1_amount`, `chain`, `version`

### Component C: Daily active user calculation
- **Purpose**: Identifies unique users who performed trades each day
- **Logic**: Aggregates trade events by truncating timestamps to daily boundaries and counts distinct `user_address` values. Classifies all users as 'Trader' type since the metric focuses on trading activity. Groups by timestamp, chain, user type, and product ID to create daily snapshots of active users. Applies chain availability filters to ensure data quality
- **Key fields**: `timestamp` (daily), `chain`, `user_type`, `product_id`, `user_dau`

### Component D: Rolling window construction
- **Purpose**: Creates 30-day rolling windows for MAU calculation with complete time coverage
- **Logic**: Generates a complete datespine covering all days from the earliest data to yesterday to avoid gaps in the time series. For each day, creates associations with the previous 29 days using timestamp arrays. Joins this datespine with daily active user data to build 30-day rolling windows. Uses HyperLogLog initialization on daily user data for memory-efficient distinct counting across the rolling periods
- **Key fields**: `timestamp`, `joinday`, `hll` (HyperLogLog sketch)

### Component E: Dimensional MAU aggregation
- **Purpose**: Calculates MAU across different dimensional breakdowns for various analysis perspectives
- **Logic**: Creates four separate dimensional views by grouping the rolling window data differently. Project-level MAU aggregates across all dimensions. Chain-level MAU groups by `chain_id`. User type MAU groups by `user_type`. Product ID MAU groups by `product_id`. For each grouping, merges HyperLogLog sketches across the 30-day windows and extracts the final distinct count. Unions all dimensional breakdowns into a single result set
- **Key fields**: `dimensions`, `chain_id`, `user_type`, `product_id`, `user_mau`

### Final aggregation
- **Combining components**: Unions the four dimensional breakdowns (project-level, chain-level, user type, product ID) to provide multiple views of the same underlying MAU data
- **Time aggregation**: Uses rolling 30-day windows where each day's MAU represents distinct users over that day plus the previous 29 days
- **HyperLogLog processing**: Leverages HyperLogLog data structure for memory-efficient distinct user counting across large time windows and dimensional groups
- **Final calculation**: The MAU value represents the count of unique wallet addresses that performed at least one swap transaction within the rolling 30-day period, calculated using HyperLogLog merge and extract operations on daily user activity data

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

Unique revenue-generating users over a rolling 30-day window.

BiswapBSW

Active users (monthly)

Active users (monthly)

Competitive landscape