Liquidity providers deposit funds into Aperture and receive trading fees from traders (supply-side fees).

Aperture is a non-custodial DeFi exchange protocol built on Manta Pacific (originally a fork of Uniswap). Aperture was founded by Gao Han, Lian Zhu, and Peiqian Li in 2021.

Aperture team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Aperture's investors include ParaFi Capital, Arrington XRP Capital, Costanoa Ventures and Divergence Ventures.

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Aperture

# Aperture Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per daily active user on Aperture Swap. This metric helps assess user monetization efficiency by dividing total daily fees collected by the protocol by the number of unique daily active users. The calculation encompasses both regular trading fees from swaps and fees from flash loan activities on the Manta blockchain.

## 2. Data sources

The AFPU calculation relies on the following raw data sources:

- **Manta blockchain event logs**: Parsed `Pool_Swap_event`, `Pool_Flash_event`, and `Factory_PoolCreated_event` logs from Aperture Swap V1 smart contracts
- **Manta transaction records**: Transaction data containing user addresses (`from_address`) and transaction metadata
- **End-of-day token price feeds**: Daily USD price data for tokens traded on Aperture Swap pools
- **Token metadata**: Token information including decimal places and symbols for proper amount normalization and pair identification

## 3. Step-by-step calculation

### Component A: Trading pair dimension data
- **Purpose**: Establishes the relationship between pool addresses, token pairs, and fee tiers
- **Logic**: Processes `Factory_PoolCreated_event` logs from Manta to extract pool addresses, token0 and token1 addresses, and fee tiers. Converts integer fee tier values to decimal percentages by dividing by 1,000,000. Joins with token metadata to add decimal places and symbols, creating trading pair names in the format "TOKEN0-TOKEN1"
- **Key fields**: `account_address` (pool address), `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, `account_name`

### Component B: Trading activity processing
- **Purpose**: Captures and processes swap transactions for volume and fee calculations
- **Logic**: Extracts `Pool_Swap_event` logs from Manta pools, capturing the `sender`, `amount0`, and `amount1` fields. Links events to transaction records via `transaction_hash` to obtain the actual user address from the `from_address` field. Groups by day, pool, and user, then normalizes token amounts using decimal places and takes absolute values to handle negative amounts in swaps
- **Key fields**: `user_address`, `token0_amount`, `token1_amount`, `account_address` (pool), `block_timestamp`

### Component C: Flash loan activity processing  
- **Purpose**: Captures flash loan transactions for volume and fee calculations
- **Logic**: Extracts `Pool_Flash_event` logs from Manta pools, capturing the `sender`, `amount0`, and `amount1` fields. Links events to transaction records to get user addresses. Groups by day, pool, and user, then normalizes token amounts using decimal places from the trading pair metadata
- **Key fields**: `user_address`, `token0_amount`, `token1_amount`, `account_address` (pool), `block_timestamp`

### Component D: Volume USD conversion
- **Purpose**: Converts token amounts to USD values for standardized volume measurements
- **Logic**: For both trading and flash loan activities, joins normalized token amounts with end-of-day price feeds based on timestamp, chain, and token address. For trades, takes the lesser of the two token USD amounts to prevent price manipulation attacks. For flash loans, sums both token USD amounts to get total flash loan volume
- **Key fields**: `trading_volume`, `flash_loan_volume` in USD

### Component E: Fee calculation
- **Purpose**: Calculates total fees generated from trading and flash loan activities
- **Logic**: Multiplies trading volumes by their respective pool fee tiers to get trading fees. Multiplies flash loan volumes by their respective pool fee tiers to get flash loan fees. Combines both fee types and aggregates by day and chain
- **Key fields**: `fees` in USD

### Component F: Daily active user counting
- **Purpose**: Counts unique users across all activities each day
- **Logic**: Combines user addresses from both trading and flash loan activities, categorizing them as "Trader" or "Flash loan taker" user types. Uses HyperLogLog aggregation to efficiently count distinct users per day, with separate breakdowns by chain, user type, and product while maintaining an overall project-level count
- **Key fields**: `user_dau` count, `user_type`, `timestamp`

### Final aggregation
- **Combining components**: The `calculate_arpu` macro divides total daily fees by daily active user count
- **Currency conversion**: All amounts are already converted to USD using end-of-day price feeds
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation
- **Final calculation**: AFPU = Total Daily Fees ÷ Daily Active Users, where fees include both trading fees (trading_volume × fee_tier) and flash loan fees (flash_loan_volume × fee_tier), and daily active users represents distinct addresses engaging in either trading or flash loan activities

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

Aperture

Average fees per user (AFPU)

Average fees per user (AFPU)

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