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XSwap

XSwap | Data Breakdowns

# XSwap Revenue Methodology

## 1. Overview

xSwap revenue represents the protocol's share of trading fees retained by the protocol after distributions. According to xSwap's tokenomics documentation, all trading fees are distributed to liquidity providers, meaning protocol revenue is always zero regardless of trading activity. This metric tracks the theoretical revenue that would be generated from trading and flash loan fees, but sets the final value to zero to reflect the protocol's fee distribution model.

## 2. Data sources

The calculation utilizes the following raw data sources:
- **XDC blockchain events**: Parsed `Swap` events from xSwap v2 and v3 contracts capturing trading activity
- **XDC blockchain events**: Parsed `Flash` events from xSwap v3 contracts capturing flash loan activity  
- **XDC transaction data**: Transaction records to identify user addresses and transaction context
- **Factory contract events**: `PoolCreated` and `PairCreated` events to identify trading pairs and fee tiers
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Token decimals and symbols for amount normalization
- **Denylist data**: Hardcoded list of excluded trading pairs with limited price feed support

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculate daily USD trading volumes from swap events
- **Logic**: Extract `Swap` events from xSwap v2 (`Pair_Swap_event`) and v3 (`Pool_Swap_event`) contracts on XDC blockchain. For v2, calculate token amounts as `amount0In - amount0Out` and `amount1In - amount1Out`. For v3, use `amount0` and `amount1` directly. Join with transaction data to get user addresses. Combine with trading pair data to get token addresses, decimals, and fee tiers. Correct token amounts by dividing by 10^decimals. Convert to USD using end-of-day price feeds for both tokens. Take the lesser of the two USD amounts to prevent price manipulation. Aggregate by day, chain, product, version, and fee tier.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_tier`, `account_address`, `transaction_hash`

### Component B: Flash loan volume calculation  
- **Purpose**: Calculate daily USD flash loan volumes from flash events
- **Logic**: Extract `Flash` events from xSwap v3 contracts (`Pool_Flash_event`) on XDC blockchain. Join with transaction data to get user addresses. Exclude denylisted trading pairs with limited price feed support. Combine with trading pair data to get token information and fee tiers. Correct token amounts using decimals and convert to USD using end-of-day price feeds. Sum both token amounts in USD to get total flash loan volume per transaction. Aggregate by day and trading pair.
- **Key fields**: `amount0`, `amount1`, `sender`, `account_address`

### Component C: Fee calculation
- **Purpose**: Calculate total fees from trading and flash loan activities
- **Logic**: For trading fees, multiply daily trading volumes by their respective fee tiers (expressed as decimal percentages). For flash loan fees, multiply daily flash loan volumes by their fee tiers. Combine both fee sources and aggregate by day, chain, and product to get total fees.
- **Key fields**: `trading_volume`, `flash_loan_volume`, `fee_tier`

### Final aggregation
- **Combining components**: Sum all trading fees and flash loan fees to get total protocol fees
- **Currency conversion**: All volumes already converted to USD using end-of-day price feeds matched by timestamp and token address
- **Time aggregation**: Data aggregated at daily boundaries using timestamp truncation
- **Final calculation**: Despite calculating total fees from trading and flash loan activity, the final revenue is hardcoded to zero because xSwap distributes all fees to liquidity providers according to their tokenomics model. The protocol retains no revenue for itself.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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