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BullX

# BullX Average fees per user (AFPU) Methodology

## 1. Overview

AFPU (Average Fees Per User) measures the average amount of fees generated per daily active user on the BullX platform. This metric is calculated by dividing total daily fees collected by the platform by the number of distinct users who generated those fees on the same day. The metric provides insight into user engagement value and platform monetization efficiency by showing how much revenue each active user contributes on average.

## 2. Data sources

- **Solana native token transfers**: Native SOL transfers on the Solana blockchain, specifically transfers directed to BullX's designated fee collection addresses
- **End-of-day price feeds**: Token price data used to convert SOL amounts to USD values for standardized reporting and comparison

## 3. Step-by-step calculation

### Component A: Fee collection tracking
- **Purpose**: Identify and aggregate all fees collected by BullX platform
- **Logic**: The system monitors Solana native token transfers to two specific BullX fee collection addresses: `F4hJ3Ee3c5UuaorKAMfELBjYCjiiLH75haZTKqTywRP3` and `9RYJ3qr5eU5xAooqVcbmdeusjcViL5Nkiq7Gske3tiKq`. Only transfers from external users are counted - transfers originating from these same fee addresses are excluded to prevent double-counting. The system captures the transfer `amount`, `block_timestamp`, and `transaction_signer` for each qualifying transaction. Native amounts are converted from Solana's smallest unit by dividing by 1e9 to get SOL values.
- **Key fields**: `amount` (fee amount), `block_timestamp` (transaction timing), `transaction_signer` (user address), `to_address` (fee collection addresses)

### Component B: Daily active user identification
- **Purpose**: Count distinct users who generated fees each day
- **Logic**: Using the same fee transaction data from Component A, the system identifies daily active users by extracting distinct `transaction_signer` addresses for each day. Users are classified as 'Trader' type since they are engaging with the platform through fee-generating activities. The system uses HyperLogLog (HLL) algorithms for efficient distinct counting across multiple dimensional breakdowns including project-level, chain-level, user-type-level, and product-level aggregations.
- **Key fields**: `user_dau` (derived from transaction_signer), `timestamp` (daily boundary), `user_type` (set to 'Trader')

### Component C: Currency conversion and daily aggregation
- **Purpose**: Convert SOL fees to USD and aggregate by day
- **Logic**: The system aggregates fee amounts by day using daily timestamp boundaries created by truncating `block_timestamp` to day level. SOL amounts are converted to USD using end-of-day price feeds through the convert_to_usd_and_correct_decimals process. The token address is set to `So11111111111111111111111111111111111111112` (wrapped SOL) for price lookup purposes.
- **Key fields**: `fees` (USD-converted daily totals), `timestamp` (daily boundaries), `chain_id` (set to 'solana')

### Final aggregation
- **Combining components**: The calculate_arpu macro divides the total daily fees (from Component C) by the daily active user count (from Component B) to produce the average fees per user for each day
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds to ensure consistent reporting across time periods
- **Time aggregation**: Data is aggregated using daily timestamp boundaries, with timestamps truncated to day level
- **Final calculation**: AFPU = Total Daily Fees (USD) ÷ Daily Active Users, with missing days filled with zeros through the finalize_metric_afpu process to ensure continuous time series data

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

BullX

Average fees per user (AFPU)

Average fees per user (AFPU)

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