Liquidity providers deposit funds into Beethoven X and receive trading fees from traders (supply-side fees). In addition, Beethoven X provides liquidity providers with additional yield using boosted pools.

Beethoven X is a non-custodial exchange protocol built on Fantom and Optimism. It was founded by an anonymous team and launched in 2021.

BEETS tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Beethoven X shares 50% of the Optimism revenues with Balancer (Beethoven X is an official friendly fork of Balancer).

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# Beets Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average amount of fees generated per daily active user on the Beethoven X protocol. This metric answers the business question: "How much revenue does each user generate per day on average?" The calculation divides total daily fees by the number of unique daily active users, providing insight into user monetization efficiency.

## 2. Data sources

The calculation relies on multiple blockchain data sources:
- **Beethoven X Fantom events**: Parsed `Vault_PoolBalanceChanged`, `Vault_PoolRegistered`, `Vault_Swap`, and `Vault_FlashLoan` events from Beethoven X contracts on Fantom
- **Balancer V2 Optimism events**: Parsed `Vault_PoolBalanceChanged`, `Vault_PoolRegistered`, `Vault_Swap`, and `Vault_FlashLoan` events from Balancer V2 contracts on Optimism (co-managed by Beethoven X)
- **Token transfer records**: Fantom and Optimism token transfer events filtered by timestamp
- **Transaction data**: Fantom and Optimism transaction records to identify user addresses
- **Protocol fee events**: `ProtocolFeesCollector_SwapFeePercentageChanged` and `ProtocolFeesCollector_FlashLoanFeePercentageChanged` events for fee tier tracking
- **Token metadata**: Token decimals and symbols for proper amount calculation
- **End-of-day price feeds**: Daily token prices in USD for revenue conversion

## 3. Step-by-step calculation

### Component A: Protocol fee collection
- **Purpose**: Captures protocol fees collected by Beethoven X from trading activities
- **Logic**: Extracts fees from two sources: non-pool token fees from `Vault_PoolBalanceChanged` events where `tokens` and `protocolfeeamounts` arrays contain the fee data, and pool LP token fees from BPT token transfers where the recipient is the protocol fees collector address. For PoolBalanceChanged events, the token addresses and fee amounts are unnested from arrays and paired by offset. For BPT fees, pool registration events are joined with token transfers where the `from_address` is the zero address and `to_address` is the protocol fees collector. Pool addresses are extracted from `poolid` using the first 42 characters.
- **Key fields**: `tokens`, `protocolfeeamounts`, `poolid`, token transfer `value`, and protocol fees collector addresses (`0xc6920d3a369e7c8bd1a22dbe385e11d1f7af948f` for Fantom, `0xce88686553686da562ce7cea497ce749da109f9f` for Optimism)

### Component B: Flashloan fee collection  
- **Purpose**: Captures fees from flashloan operations on the protocol
- **Logic**: Extracts flashloan fees from `Vault_FlashLoan` events, collecting the `token`, `amount`, and `feeAmount` fields. These events are joined with transaction records to identify the user initiating the flashloan. The fees are aggregated by day and converted to USD using end-of-day price feeds.
- **Key fields**: `token`, `amount`, `feeAmount`, and transaction `from_address`

### Component C: Fee aggregation and conversion
- **Purpose**: Standardizes and converts all collected fees to USD values
- **Logic**: Both protocol fees and flashloan fees are processed through decimal correction using token metadata, where amounts are divided by 10 raised to the power of token decimals. The corrected amounts are then multiplied by end-of-day USD prices. Protocol fee tier information is joined from fee percentage change events to provide context, though the actual fee calculation uses the collected amounts rather than applying percentage calculations.
- **Key fields**: Token `decimals`, `price_usd`, and `protocol_fee_tier`

### Component D: Daily active user calculation
- **Purpose**: Identifies and counts unique users interacting with the protocol each day
- **Logic**: Users are identified from two activity types: trading users from `Vault_Swap` events and flashloan users from `Vault_FlashLoan` events. For trading, only actual swaps are counted by filtering out cases where `tokenIn` or `tokenOut` equals the pool address (which would indicate joins/exits rather than trades). User addresses are extracted from transaction records joined on `transaction_hash`. HyperLogLog (HLL) aggregation is used to count distinct users per day, with separate tracking for 'Trader' and 'Flashloan Trader' user types.
- **Key fields**: Transaction `from_address`, `tokenIn`, `tokenOut`, `poolid`, and HLL user counting

### Final aggregation
- **Combining components**: Total daily fees are calculated by summing protocol fees and flashloan fees for each day. Daily active users are aggregated using HyperLogLog merge operations across all user types and activities.
- **Currency conversion**: All fees are converted to USD using end-of-day token prices matched by timestamp, token address, and chain
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU is calculated by dividing total daily fees (in USD) by the count of daily active users using the `calculate_arpu` macro, which performs the division operation and handles cases where user count is zero. Missing data points are filled with zeros using the `fill_zeros` strategy.

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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