The 1inch Aggregation Protocol routes users' trades through the most efficient path for a token swap and aggregates multiple non-custodial exchanges.

The 1inch Network unites multiple decentralized protocols built on Ethereum and other blockchains. This dashboard tracks the 1inch Aggregation Protocol, which is a non-custodial DEX aggregator. 1inch was founded by Sergej Kunz & Anton Bukov and launched in 2019.

The 1inch Network is governed by 1inch DAO – a decentralized autonomous organization. Voting on the DAO is performed through the 1INCH token, a governance token, that was initially distributed to the community of 1inch Network users in late 2020. They currently do not take a cut of the total trading fees paid by traders (revenue). 1inch's investors include ParaFi Capital, FTX Exchange, Pantera Capital, etc.

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# 1inch Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is measured as the daily average revenue generated per active trader. This metric is calculated by dividing the total daily fees collected by treasury addresses by the number of unique users who executed trades on the platform that day. Insight into monetization efficiency and revenue per user across DEX aggregation services is provided by AFPU.

## 2. Data sources

- **Blockchain events**: `Swapped` events from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts, `OrderFilled` and `OrderFilledRFQ` events from `AggregationRouterV4` and `AggregationRouterV5` contracts, function calls to aggregation router contracts, ERC-20 `Transfer` events, and native transfers from transaction traces, covering Ethereum, Arbitrum, Base, Polygon, and 7 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fee collection tracking

- **Purpose**: All revenue flowing to treasury addresses on Ethereum is captured
- **Logic**: Inflows to two treasury addresses are monitored: `0xdd9f24efc84d93deef3c8745c837ab63e80abd27` (treasury 1) and `0x7951c7ef839e26f63da87a42c9a87986507f1c07` (treasury 2). For treasury 1, all asset transfers and native transfers are captured from its creation date until November 14, 2021, excluding transfers from the Binance address. For treasury 2, only transfers of specific allowlisted assets are captured from October 11, 2021 onwards, excluding certain denylisted transactions. Both ERC-20 asset transfers via `Transfer` events and native transfers via transaction traces are included.
- **Key fields**: `block_timestamp`, `token_address`, `amount`, `account_address`, `chain`

### Component B: Multi-chain user activity tracking

- **Purpose**: All unique users who traded on 1inch across any supported blockchain on each day are identified
- **Logic**: Trading activity is aggregated across all supported chains by parsing multiple data sources per chain. For each chain, events including `Swapped` from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts, and `OrderFilled` and `OrderFilledRFQ` from `AggregationRouterV4` and `AggregationRouterV5` contracts are captured. Function calls to methods including `swap`, `unoswap`, `fillOrderRFQ`, and `clipperSwap` are also parsed across different aggregation router versions, including V6. For certain function calls, a join with asset transfer data is performed to identify asset addresses and amounts when this information is not directly encoded in the function parameters. Only successful transactions are included, and denylisted trading pairs and assets are excluded. Native asset addresses are standardized to wrapped asset equivalents for each chain using a wrapped native asset dimension table.
- **Key fields**: `block_timestamp`, `user_address`, `chain`, `version`, `token0_address`, `token1_address`, `token0_amount`, `token1_amount`

### Component C: Cross-chain user aggregation

- **Purpose**: Daily unique user counts are created across all chains using efficient aggregation
- **Logic**: Distinct users are aggregated across multiple dimensions including total project level, chain, user type, and product. Users are deduplicated at the project level to avoid double-counting the same address trading on multiple chains in a single day.
- **Key fields**: `timestamp`, `user_dau`, `chain_id`, `user_type`, `dimensions`

### Component D: USD conversion and final aggregation

- **Purpose**: Fee values are normalized to USD and the final average fees per user metric is calculated
- **Logic**: Fee amounts are normalized by decimal precision and converted to USD using end-of-day asset prices. Data is truncated to daily boundaries to ensure consistent daily alignment between fees and user counts. Daily total fees in USD are divided by active users (daily) to produce the average fees per user. Days with no activity are filled with zeros, and division by zero is handled safely.
- **Key fields**: `timestamp`, `fees`, `user_dau`, `afpu`

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

1inch1INCH

Average fees per user (AFPU)

Average fees per user (AFPU)

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