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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average revenue generated per daily active user for the Aperture protocol. ARPU is calculated by dividing total daily revenue by the number of daily active users. However, for Aperture protocol, revenue is set to zero as the protocol follows a model where all fees are distributed to liquidity providers rather than retained as protocol revenue. This results in an ARPU of zero for all time periods.

## 2. Data sources

The calculation relies on several key data sources:
- **Manta Pacific blockchain events**: Parsed `Pool_Swap_event` logs capturing all trading activity on Aperture pools
- **Manta Pacific blockchain events**: Parsed `Pool_Flash_event` logs capturing flash loan activity
- **Manta Pacific blockchain events**: Parsed `Factory_PoolCreated_event` logs containing pool creation data and fee tier information
- **Manta Pacific transaction records**: Transaction data providing user addresses and transaction context
- **End-of-day token price feeds**: USD price data for token valuation and volume calculations
- **Token metadata**: Token symbols and decimal precision information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Determines protocol revenue, though set to zero for Aperture
- **Logic**: The revenue component references the fee calculation structure but explicitly sets all revenue values to zero. This reflects Aperture's business model where generated fees are distributed to liquidity providers rather than retained as protocol revenue. The fee calculation (used for reference) multiplies trading volumes and flash loan volumes by their respective pool fee tiers, but this amount is not captured as protocol revenue.
- **Key fields**: `revenue` (always 0), `timestamp`, `chain_id`, `product_id`

### Component B: Daily active users calculation
- **Purpose**: Counts distinct users interacting with the protocol each day
- **Logic**: Combines users from two activity types - traders who execute swaps and users who take flash loans. User addresses are extracted from the `from_address` field of Manta Pacific transactions. The calculation uses HyperLogLog functions to accurately count distinct users across multiple dimensions (project level, chain level, user type, product level) while handling potential overlaps between users who both trade and take flash loans on the same day.
- **Key fields**: `user_address`, `user_type` (either 'Trader' or 'Flash loan taker'), `timestamp`

### Component C: Trading volume calculation (for context)
- **Purpose**: Calculates USD trading volume used in fee calculations
- **Logic**: Extracts `Pool_Swap_event` data containing `amount0` and `amount1` fields representing token amounts exchanged. Raw amounts are normalized using token decimal metadata, then converted to USD using end-of-day price feeds. To prevent price manipulation, the calculation takes the minimum USD value between the two tokens in each swap rather than summing them. Daily volumes are aggregated by pool and fee tier.
- **Key fields**: `token0_amount`, `token1_amount`, `trading_volume`

### Component D: Flash loan volume calculation (for context)
- **Purpose**: Calculates USD flash loan volume used in fee calculations
- **Logic**: Extracts `Pool_Flash_event` data with `amount0` and `amount1` fields representing borrowed amounts. Similar to trading volume, raw amounts are normalized and converted to USD using price feeds. Unlike trading volume, flash loan volume sums both token amounts since both represent actual borrowed value. Daily volumes are aggregated by pool and fee tier.
- **Key fields**: `token0_amount`, `token1_amount`, `flash_loan_volume`

### Component E: Fee tier determination
- **Purpose**: Identifies fee percentages for each trading pool
- **Logic**: Extracts fee tier information from `Factory_PoolCreated_event` logs which contain an `fee` field representing the fee as an integer. This value is normalized by dividing by 1,000,000 to convert to decimal percentage format. Fee tiers are associated with specific pool addresses and used to calculate fees on trading and flash loan activity.
- **Key fields**: `fee_tier`, `account_address` (pool address)

### Final aggregation
- **Combining components**: Revenue (always 0) is divided by daily active users to calculate ARPU. Daily active users are counted using HyperLogLog functions to ensure accurate distinct counts across all user types and activities.
- **Currency conversion**: All volume calculations use end-of-day USD price feeds for consistent valuation
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU = Revenue ÷ Daily Active Users = 0 ÷ DAU = 0 for all time periods, since Aperture protocol retains no revenue from generated fees

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

Aperture

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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