Lenders deposit funds into Aave and receive interest payments from borrowers (supply-side fees).

Aave is a non-custodial lending protocol built on Ethereum and other adjacent blockchains. Aave was founded by Stani Kulechov and launched in 2017.

AAVE tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Aave’s investors include ParaFi Capital, Framework Ventures, Three Arrows Capital, etc.

governance

github

twitter

discord

etherscan

website

Lending

Aave

Aave | Data breakdown

# Aave Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the fees paid per active user over a fixed 24-hour window. This metric is calculated as total daily fees divided by active users (daily), reflecting the average daily cost paid by an individual user for utilizing the protocol's lending, borrowing, and flash loan services. Values are aggregated across various protocol versions and products, including Aave V2, Aave V3, Aave V4, Aave GHO (Ethereum), Savings GHO (Ethereum), Aave Staked GHO (Ethereum), and Chainlink SVR. Through this metric, user monetization efficiency and protocol pricing power are evaluated.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Daily fees aggregation

- **Purpose**: Aggregates total daily fees across all protocol versions and chains
- **Logic**: Daily fee values are extracted from the upstream Fees metric. These values, which represent the sum of interest fees, flash loan premiums, liquidation protocol fees, and other revenue streams across all supported chains and versions, are aggregated to produce a single total daily fee figure denominated in USD.
- **Key fields**: `fees` (daily fee total in USD)

### Component B: active users (daily) aggregation

- **Purpose**: Retrieves the total number of unique active users (daily)
- **Logic**: Daily active user counts are retrieved from the upstream Active users (daily) metric. The daily distinct count of unique addresses participating in protocol interactions—including depositors, withdrawers, borrowers, repayers, liquidators, and flash loan initiators—is aggregated at the project level.
- **Key fields**: `user_dau` (daily active user count)

### Component C: Average fees per user calculation

- **Purpose**: Calculates the final average fees paid per user
- **Logic**: The total daily fee value in USD is divided by the daily active user count for each corresponding day. In the event of missing data or days with zero active users, a zero-filling strategy is applied to maintain a continuous daily time series.
- **Key fields**: `afpu` (average fees per user)

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

AaveAAVE

Average fees per user (AFPU)

Average fees per user (AFPU)

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