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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the revenue generated per active user over a fixed 24-hour window. It is calculated as total daily revenue divided by active users (daily), and reflects how much the project is able to monetize an individual user on a daily basis. This metric is used to evaluate the monetization efficiency of the 1inch DEX aggregator platform by showing the average revenue generated per trader. The calculation is performed by dividing total daily revenue by the count of unique active users (daily) across all supported blockchain networks.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Revenue tracking

- **Purpose**: Calculate daily revenue from fee collections flowing to 1inch treasury addresses
- **Logic**: Asset and native asset inflows to two specific treasury addresses on Ethereum are monitored. All inflows before November 14, 2021, are captured by the first treasury address, while inflows after October 11, 2021, are captured by the second address, but only for allowlisted assets including USDC, USDT, 1INCH, WETH, DAI, and WBTC. Transfers from the Binance address are filtered out, and specific denylisted transactions and assets are excluded. All fee amounts are converted to USD using end-of-day price feeds and normalized by decimal precision.
- **Key fields**: Treasury addresses (`0xdd9f24efc84d93deef3c8745c837ab63e80abd27` and `0x7951c7ef839e26f63da87a42c9a87986507f1c07`), asset amounts (`value`), asset addresses, and timestamps (`block_timestamp`)

### Component B: Active users (daily) tracking

- **Purpose**: Count unique active users (daily) across all supported blockchain networks
- **Logic**: Trading activity is identified from three data source types across Ethereum, BSC, Polygon, Gnosis, and 7 other chains. First, swap events (such as `Swapped` events from `Mooniswap`, `OneInchExchange`, and `AggregationRouterV3` contracts) that directly emit asset denominations from router contracts are captured. Second, function call traces (such as `swap`, `discountedSwap`, `unoswap`, `unoswapTo`, `clipperSwap`, `clipperSwapTo`, `fillOrder`, `fillOrderRFQ`, and `fillContractOrder` function calls from `OneInchExchange`, `AggregationRouterV3`, `AggregationRouterV4`, `AggregationRouterV5`, and `AggregationRouterV6` contracts) that include asset addresses and amounts in the call parameters are extracted. Third, function calls without explicit asset denominations are processed by joining with asset transfer events to identify the traded assets. Fourth, `OrderFilled` and `OrderFilledRFQ` events from `AggregationRouterV5` contracts are processed by joining with asset transfer events. Only successful transactions are filtered, and trades from denylisted contract addresses or involving denylisted assets are excluded. The user address is extracted from transaction metadata (`from_address` field) to identify the actual trader. Native assets are normalized to their wrapped equivalents for consistency. Router versions V1 through V6 are spanned by this tracking.
- **Key fields**: User addresses (`user_address`), transaction hashes (`transaction_hash`), timestamps (`block_timestamp`), chain identifiers, and router contract addresses

### Component C: Average revenue per user calculation

- **Purpose**: Combine revenue and user metrics to calculate the final ARPU
- **Logic**: Daily revenue and active users (daily) are aggregated independently. Daily ARPU is calculated by dividing the daily revenue in USD by the daily active user count. Missing days are filled with zero values using a zero-filling strategy to ensure a complete time series.
- **Key fields**: `revenue` (daily revenue in USD) and `user_dau` (active users (daily))

## Key business logic considerations
- **Multi-version support**: Router versions V1 through V6 are spanned by the calculation, capturing the evolution of the protocol's swap mechanisms
- **Cross-chain aggregation**: Users and revenue are tracked across Ethereum, BSC, Polygon, Gnosis, and 7 other chains, providing a comprehensive view of 1inch's multi-chain operations
- **Quality filtering**: Low-quality assets with limited price feed support and specific contract addresses that could skew metrics are excluded by denylists
- **Native asset handling**: Native assets (ETH, BNB, MATIC, etc.) are normalized to their wrapped equivalents to ensure consistent asset identification across different swap types
- **Revenue timing**: Changes in treasury address usage over time are accounted for by the methodology, with different filtering rules applied based on historical context

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

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Average revenue per user (ARPU)

Average revenue per user (ARPU)

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