Liquidity providers deposit funds into Aerodrome and stake their LP tokens to receive AERO tokens in proportion to their share of the votes (token incentives).

Aerodrome is a non-custodial exchange protocol built on Base. Aerodrome was launched by the Velodrome team in 2023.

AERO tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue), while the pools' unstaked liquidity providers earn the remainder of the trading fees (supply-side fees).

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Aerodrome

# Aerodrome Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated to measure the fees paid per active user over a fixed 24-hour window. It is calculated as total daily fees divided by active users (daily), whereby the daily amount paid by an individual user for the services of the protocol is represented. Fees are generated from trading activities across Stable Pools, Volatile Pools, and Slipstream, as well as from voting incentives. Active users (daily) are represented by the number of unique traders identified through swap transactions on the platform.

## 2. Data sources

- **Fees**: Derived from the Fees metric, covering Base and Arc
- **Active users (daily)**: Derived from the Active users (daily) metric, covering Base and Arc

## 3. Step-by-step calculation

### Component A: Stable Pools, Volatile Pools, Slipstream, and Ignition fee aggregation

- **Purpose**: To aggregate total daily fees from trading activities and voting incentives.
- **Logic**: Trading fees are extracted from `Claim` events from `Pool` contracts (covering Stable Pools and Volatile Pools) and `CollectFees` events from `CLPool` contracts (covering Slipstream). Voting incentives are captured from `NotifyReward` events from `BribeVotingReward` and `CLBribeVotingReward` contracts. Amounts are normalized by decimal precision using asset metadata, and asset amounts are converted to USD using end-of-day price feeds. For Ignition launchpad assets where standard prices are unavailable, a time-weighted average price (TWAP) from the first 24 hours of trading is applied, provided the exit opportunity is validated by the trading volume. All fee components are aggregated daily.
- **Key fields**: `block_timestamp`, `token0_amount`, `token1_amount`, `amount`, `price_usd`

### Component B: Stable Pools, Volatile Pools, and Slipstream active user tracking

- **Purpose**: To determine the daily count of unique active users.
- **Logic**: Active users are identified as unique traders involved in swap transactions. Swap transactions are parsed from `Swap` events from `Pool` and `CLPool` contracts. The transaction sender address is extracted by joining swap events with transaction records. The daily count of unique active users is aggregated by taking the distinct number of these user addresses per day.
- **Key fields**: `block_timestamp`, `user_address`

### Component C: Average fees per user calculation

- **Purpose**: To calculate the final average fees paid per active user.
- **Logic**: The total daily fees aggregated in Component A are divided by the active users (daily) determined in Component B. This division is performed for each daily interval to yield the average fees paid per user. Missing values are filled with zeros to ensure a continuous daily time series.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

AerodromeAERO

Average fees per user (AFPU)

Average fees per user (AFPU)

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