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

Camelot is a non-custodial exchange protocol built on Arbitrum. Camelot was founded by the pseudonymous Myrddin and launched in 2022.

GRAIL 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)

Camelot

# Camelot Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average trading fees generated per daily active user on the Camelot decentralized exchange. This metric answers how much fee revenue each active trader generates on average per day. The calculation divides total daily trading fees by the number of unique daily active users: AFPU = Total Daily Fees ÷ Daily Active Users.

## 2. Data sources

The calculation uses several types of raw blockchain data and external feeds:
- **Swap events**: Parsed `Swap` events from Camelot v2 pair contracts and Camelot v3 pool contracts on Arbitrum, containing token amounts and trade details
- **Factory events**: Parsed `PairCreated` events from Camelot v2 factory and `Pool` events from Camelot v3 factory to identify all trading pairs and pools
- **Fee events**: Parsed `FeePercentUpdated` events from Camelot v2 pairs and `Fee` events from Camelot v3 pools to track fee rate changes
- **Transaction data**: Arbitrum transaction records to identify user addresses initiating trades
- **Token metadata**: Token decimals and symbols for proper amount calculations and pair naming
- **Price feeds**: End-of-day token price feeds for USD conversion of trading volumes

## 3. Step-by-step calculation

### Component A: Trade data extraction
- **Purpose**: Extracts all trading activity from Camelot v2 and v3 contracts
- **Logic**: Processes `Swap` events from both Camelot v2 pairs and v3 pools on Arbitrum. For v2 swaps, calculates net token amounts as the difference between `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For v3 swaps, uses direct `amount0` and `amount1` values. Joins with Arbitrum transaction data to identify the user address as the transaction's `from_address` field. Creates unique trade identifiers using block number and log index.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`, `token0_amount`, `token1_amount`, `account_address` (pair/pool address), `version` (v2 or v3)

### Component B: Trading pair metadata
- **Purpose**: Provides token information and trading pair details for proper calculations
- **Logic**: Combines `PairCreated` events from Camelot v2 factory and `Pool` events from Camelot v3 factory to identify all valid trading pairs and pools. Links with token metadata to retrieve decimal places for each token in the pair, essential for converting raw token amounts to human-readable values. Creates descriptive pair names by concatenating token symbols.
- **Key fields**: `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee rate tracking
- **Purpose**: Determines the applicable fee percentage for each trade
- **Logic**: For v3 pools, extracts fee tiers from `Fee` events, converting from basis points to decimal format. For v2 pairs, processes `FeePercentUpdated` events to track dynamic fee changes, with a default fee of 0.3% for newly created pairs. Maintains chronological fee updates using block-based ordering to apply the correct fee rate to each trade based on timing.
- **Key fields**: `fee_tier` (v3), `fee_percentage` (v2), `account_address`, effective date ranges

### Component D: Trading volume calculation
- **Purpose**: Converts raw token amounts to USD trading volumes
- **Logic**: Joins trade data with trading pair metadata to apply correct decimal adjustments to token amounts. Converts adjusted token amounts to USD using end-of-day price feeds for each token in the pair. Implements manipulation filtering by taking the lesser USD value between the two tokens in each trade, preventing inflated volumes from price discrepancies. Calculates the final trading volume as the smaller of the two USD amounts.
- **Key fields**: `trading_volume` (in USD), `token0_amount`, `token1_amount`, price feed values

### Component E: Fee calculation
- **Purpose**: Calculates the actual fee amount generated from each trade
- **Logic**: Multiplies the USD trading volume by the applicable fee rate for each trade. For v3 trades, uses the fixed fee tier extracted from fee events. For v2 trades, applies the dynamic fee percentage that was active at the time of the trade, determined by matching trade timing with fee update events. Sums all individual trade fees to get total daily fee revenue.
- **Key fields**: `fees` (trading volume × fee rate), daily aggregated totals

### Component F: Daily active user counting
- **Purpose**: Counts unique users who traded each day
- **Logic**: Groups all trades by day and counts distinct user addresses. Uses HyperLogLog data structure for efficient counting across large datasets. Creates breakdowns by various dimensions including total project users, users per chain, and users by user type. Applies zero-filling for days with no trading activity to maintain consistent daily metrics.
- **Key fields**: `user_dau` (count of unique addresses), `timestamp`, dimensional breakdowns

### Final aggregation
- **Combining components**: The AFPU calculation divides total daily fees by daily active users using the `calculate_arpu` macro, which performs the mathematical division while handling edge cases like zero users
- **Currency conversion**: All fees are already in USD from the volume calculation step using end-of-day price feeds
- **Time aggregation**: Both fees and user counts are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU = Sum of all daily fees ÷ Count of unique daily users, with zero-filling applied to ensure continuous daily metrics even when no trading occurs

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

CamelotGRAIL

Average fees per user (AFPU)

Average fees per user (AFPU)

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