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BullX

# BullX Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the BullX platform. This metric answers the business question: "How much revenue does BullX generate on average from each daily active user?" The calculation divides total daily revenue by the number of daily active users, providing insight into user monetization effectiveness and platform economics.

## 2. Data sources

- **Solana native transfers**: SOL transfer events on the Solana blockchain, specifically transfers directed to BullX fee recipient addresses
- **End-of-day token price feeds**: Daily SOL-to-USD exchange rates for revenue conversion
- **Token metadata**: SOL token address resolution and decimal precision information
- **Transaction records**: Solana transaction data including signers, timestamps, and amounts

## 3. Step-by-step calculation

### Component A: Fee data collection
- **Purpose**: Identifies BullX platform fee payments from user transactions
- **Logic**: Filters Solana native transfers to capture payments made to two specific BullX fee recipient addresses (`F4hJ3Ee3c5UuaorKAMfELBjYCjiiLH75haZTKqTywRP3` and `9RYJ3qr5eU5xAooqVcbmdeusjcViL5Nkiq7Gske3tiKq`). Excludes transfers where the fee recipient addresses are also the transaction signers to avoid internal transfers. Extracts transaction timestamp, signer address, transfer amount, and transaction identifier for each qualifying fee payment.
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_signer` for user identification, `amount` in lamports, `transaction_id` for deduplication, hardcoded `token_address` as SOL token identifier

### Component B: Revenue calculation  
- **Purpose**: Converts raw fee amounts to daily USD revenue totals
- **Logic**: Aggregates fee amounts by day using timestamp truncation, converts amounts from lamports to SOL by dividing by 1e9, then converts SOL amounts to USD using end-of-day price feeds. Groups data by timestamp, chain, and product dimensions. Applies schema validation and fills missing days with zero values to ensure complete time series data.
- **Key fields**: Daily `timestamp` boundaries, `chain_id` as 'solana', `fees` converted to USD, `product_id` set to null for BullX

### Component C: Daily active user calculation
- **Purpose**: Counts unique users who generated fee payments each day  
- **Logic**: Identifies daily active users as distinct transaction signers who paid fees to BullX on each day. Classifies all fee-paying users with `user_type` as 'Trader'. Uses HyperLogLog aggregation to efficiently count unique users across multiple dimension breakdowns including project-level, chain-level, user-type-level, and product-level views. Applies schema validation and fills missing days with zero user counts.
- **Key fields**: Daily `timestamp` boundaries, `user_dau` as distinct signer addresses, `user_type` as 'Trader', `chain` as 'solana'

### Final aggregation
- **Combining components**: The ARPU calculation divides the daily revenue totals by the daily active user counts for matching dates and dimensions using the calculate_arpu macro
- **Currency conversion**: Revenue amounts are converted from SOL to USD using end-of-day price feeds before the ARPU division
- **Time aggregation**: Both revenue and user metrics use daily timestamp truncation to align data on consistent 24-hour boundaries
- **Final calculation**: ARPU equals daily revenue in USD divided by the count of daily active users, producing the average revenue generated per user per day

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

BullX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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