Market makers offer trades through order book & make money on bid-ask spreads paid by takers.

0x is a non-custodial exchange protocol built on Ethereum. 0x was founded by Amir Bandeali & Will Warren and launched in 2016.

ZRX tokenholders own and govern the protocol. They currently do not take any of the total trading fees paid by traders (revenue). 0x’s investors include Coinbase Ventures, Jump Capital, Pantera Capital, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

# 0x Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for the 0x protocol measures the daily revenue generated per active trading user. Since 0x operates as a protocol that facilitates peer-to-peer token trading without charging protocol fees, the ARPU metric consistently equals zero. This metric is calculated by dividing daily revenue by daily active users, providing insight into the monetization efficiency per user for protocols that do charge fees.

## 2. Data sources

The calculation relies on the following data sources:

- **0x protocol transaction data**: Scraped transaction records from the 0x protocol containing trade details including taker addresses, maker addresses, token symbols, trading volumes in USD, timestamps, transaction hashes, and blockchain chain information
- **Multi-chain trading activity**: Transaction data spanning multiple blockchains where 0x protocol operates
- **Token swap records**: Individual trading transactions showing peer-to-peer token exchanges facilitated by 0x protocol

## 3. Step-by-step calculation

### Component A: Trading volume extraction
- **Purpose**: Processes raw 0x transaction data to extract trading volumes and user activity
- **Logic**: Raw transaction records from the 0x scraper are processed to identify individual trades. Each record contains the `taker` address (user initiating the trade), `volumeUSD` (trade size in USD), `timestamp`, `chain` (blockchain), and token pair information (`takerTokenSymbol` and `makerTokenSymbol`). Records are classified under the 'Exchange Order Book' business line and 'dex' business segment. Trading volumes are aggregated daily by chain, market sector, and business segment.
- **Key fields**: `volumeUSD` for trade size, `taker` for user identification, `timestamp` for daily aggregation, `chain` for blockchain classification

### Component B: Fee and revenue calculation  
- **Purpose**: Determines protocol fees and revenue generated by 0x
- **Logic**: Since 0x protocol operates as a fee-less protocol that doesn't charge users for trades, all fee values are explicitly set to 0. The revenue calculation takes these zero fees as the basis for revenue, meaning 0x generates no protocol revenue from trading activity. This reflects 0x's business model as an open protocol rather than a fee-generating platform.
- **Key fields**: `fees` set to 0, `revenue` derived from fees (also 0)

### Component C: Daily active user counting
- **Purpose**: Counts unique users who traded on 0x protocol each day
- **Logic**: Daily active users are identified by extracting unique `taker` addresses from trading transactions for each day. Users are classified as 'Trader' type and transactions are truncated to daily timestamps. The system uses HyperLogLog algorithms for efficient counting of distinct users across multiple dimensions including by chain, user type, and product. This allows accurate user counting even with large volumes of trading data.
- **Key fields**: `user_address` from taker field, `block_timestamp` truncated to day, `user_type` set to 'Trader'

### Component D: User aggregation
- **Purpose**: Aggregates user counts efficiently across different dimensional breakdowns
- **Logic**: Uses HyperLogLog probabilistic counting to aggregate distinct users across multiple dimensions. Creates separate counts for total users, users by chain, users by user type, and users by product. The HyperLogLog algorithm enables accurate distinct counting without storing individual user addresses, making the calculation scalable for large datasets.
- **Key fields**: `hll` sketches for user counting, `user_dau` for final distinct user counts

### Final aggregation
- **Combining components**: The ARPU calculation divides daily revenue by daily active users using a specialized macro that handles the division and manages cases where user counts might be zero
- **Currency conversion**: Not applicable as 0x revenue is zero; original volumes are already in USD from the scraper
- **Time aggregation**: All calculations are performed at daily granularity with timestamps truncated to day boundaries
- **Final calculation**: ARPU equals daily revenue divided by daily active users, which for 0x protocol consistently equals zero since revenue is zero (0 ÷ DAU = 0)

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

0xZRX

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Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape