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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is calculated as total daily revenue divided by active users (daily) over a fixed 24-hour window. This metric is utilized to evaluate the daily monetization efficiency of individual users on Aerodrome. Revenue generated across V1, V2, Slipstream, and Ignition launchpad products is incorporated into the calculation. The resulting value is used by institutional investors to analyze user-level monetization trends and protocol growth.

## 2. Data sources

- **Revenue**: Derived from the Revenue 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: Trading fee collection

- **Purpose**: Capture trading fees generated by the protocol's liquidity pools
- **Logic**: `Claim` events from `Pool` contracts (V1) and `CollectFees` events from `CLPool` contracts (Slipstream) are parsed. These events are filtered to include only those where the fee collector address matches a liquidity incentive account registered via `GaugeCreated` events from `Voter` contracts. Decimals are corrected using asset metadata.
- **Key fields**: `token0_amount`, `token1_amount`, `account_address`, `fee_collector_address`

### Component B: Voting incentive collection

- **Purpose**: Capture voting incentives deposited to incentivize voters
- **Logic**: `NotifyReward` events from `BribeVotingReward` contracts (V1) and `CLBribeVotingReward` contracts (Slipstream) are parsed. These events are filtered using bribe addresses registered via `GaugeCreated` events from `Voter` contracts. For Ignition launchpad pools registered via `IgnitionRegistry` contracts (or manual overrides), if event-day prices are unavailable, a fallback is applied using the time-weighted average price (TWAP) over the first 24 hours of trading, provided the exit opportunity is validated by the first-day trading volume. Decimals are corrected using asset metadata.
- **Key fields**: `amount`, `account_address`, `token_address`

### Component C: Revenue aggregation and USD conversion

- **Purpose**: Combine fee and incentive components and normalize to USD
- **Logic**: Collected trading fees and voting incentives are aggregated by day, chain, and product. Asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `timestamp`, `revenue`

### Component D: Active user tracking

- **Purpose**: Identify the active users (daily) interacting with the protocol
- **Logic**: `Swap` events from `Pool` contracts (V1) and `CLPool` contracts (Slipstream) are parsed. These events are joined with transaction data, and the transaction sender address is extracted as the active user. The daily count of unique active users is calculated.
- **Key fields**: `user_address`, `block_timestamp`

### Component E: Average revenue per user calculation

- **Purpose**: Calculate the final average revenue per user (ARPU) metric
- **Logic**: The total daily revenue (the sum of trading fees and voting incentives) is divided by the active users (daily) (unique traders) for each 24-hour window. Missing days are filled with zeros.
- **Key fields**: `revenue`, `user_dau`, `arpu`

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

AerodromeAERO

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape