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

ApeSwap is a non-custodial exchange protocol built originally on BNB Chain. ApeSwap was founded by an anonymous team and launched in 2021.

BANANA tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Exchanges (DEX)

ApeSwap

# ApeSwap Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active trader on ApeSwap, a decentralized exchange operating across multiple blockchains. This metric is calculated by dividing daily protocol revenue by the number of daily active users (traders). ARPU provides insight into the economic value generated per user and helps assess the protocol's monetization efficiency.

## 2. Data sources

The ARPU calculation relies on several raw blockchain and external data sources:

- **Blockchain events**: Parsed `Swap` events from ApeSwap pair contracts on Ethereum, Polygon, Arbitrum, and BSC networks, containing token amount changes and transaction details
- **Contract creation events**: Parsed `PairCreated` events from ApeSwap factory contracts to identify valid trading pairs and their token compositions
- **Transaction data**: Blockchain transaction records from all four supported networks to map contract interactions to actual user wallet addresses  
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal places and symbols
- **Trading pair metadata**: Token pair information with fee tiers, token addresses, and decimal configurations

## 3. Step-by-step calculation

### Component A: Trading volume calculation
- **Purpose**: Calculate daily USD trading volume across all ApeSwap pairs
- **Logic**: Extract `Swap` events from ApeSwap pair contracts across Ethereum, Polygon, Arbitrum, and BSC. Each swap contains `amount0In`, `amount0Out`, `amount1In`, and `amount1Out` values representing token movements. Calculate net token changes by subtracting out-amounts from in-amounts for both tokens. Join with trading pair metadata to get token addresses and decimal configurations. Normalize amounts by dividing by 10^decimals for each token. Convert both token amounts to USD using end-of-day price feeds. Apply anti-manipulation filter by taking the lesser of the two USD amounts to prevent inflated volumes from price manipulation attacks
- **Key fields**: `token0_amount`, `token1_amount`, `trading_volume` (in USD), `account_address` (pair contract), `user_address` (trader wallet)

### Component B: Fee and revenue calculation  
- **Purpose**: Calculate daily protocol revenue from trading fees
- **Logic**: Take the calculated trading volumes and multiply by the fee tier of 0.2% (represented as 2000/1,000,000). This gives total fees collected by the protocol. Apply protocol fee share to determine the portion retained as revenue - 25% of fees on Ethereum, Arbitrum, and BSC, but 75% on Polygon due to different tokenomics. Sum fees across all pairs and chains for each day
- **Key fields**: `fees` (total fees collected), `revenue` (protocol's share of fees), `fee_tier` (0.2%), `chain_id`

### Component C: Daily active users calculation
- **Purpose**: Count distinct traders active each day across all chains
- **Logic**: Extract user wallet addresses from trading transactions by joining `Swap` events with blockchain transaction records to map contract interactions to the actual wallet addresses that initiated trades. Count distinct user addresses for each day using HyperLogLog sketches for efficient computation across multiple dimensions including chain, user type, and product breakdowns. Aggregate across all supported chains to get total daily active users
- **Key fields**: `user_address` (trader wallet), `user_dau` (distinct user count), `timestamp` (daily granularity)

### Final aggregation
- **Combining components**: Revenue and DAU metrics are calculated independently and then combined using the ARPU calculation macro
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with missing days filled with zeros
- **Final calculation**: ARPU equals daily revenue divided by daily active users, providing the average revenue generated per trader each day across the ApeSwap protocol

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

ApeSwapABOND

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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