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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Camelot decentralized exchange. This metric is calculated by dividing the total daily protocol revenue by the number of daily active users (traders). ARPU helps assess the monetization efficiency and user value generation of the Camelot protocol across its V2 and V3 exchange versions on Arbitrum.

## 2. Data sources

- **Camelot exchange events**: Parsed `Swap` events from both Camelot V2 (`Pair_Swap_event`) and V3 (`Pool_Swap_event`) smart contracts on Arbitrum
- **Factory events**: Camelot V2 `PairCreated` events and V3 `Pool` creation events for trading pair metadata
- **Fee configuration events**: V2 `FeePercentUpdated` events and V3 `Fee` events for dynamic fee structure tracking
- **Arbitrum transaction data**: Transaction records containing user addresses and transaction metadata
- **Token metadata**: Token registry data including symbol, decimals, and contract addresses for proper amount conversion
- **End-of-day price feeds**: Daily USD price data for tokens traded on Camelot for volume and revenue conversion

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count distinct users who executed trades on Camelot on each day
- **Logic**: Extract all `Swap` events from both Camelot V2 and V3 smart contracts on Arbitrum. Join these events with Arbitrum transaction records to identify the `from_address` as the trading user. Group transactions by day and count distinct user addresses using HyperLogLog aggregation for scalability. The system tracks users across different dimensions including total project level, by chain, by user type (all classified as "Trader"), and by product.
- **Key fields**: `block_timestamp` for daily grouping, `user_address` from transaction `from_address`, `chain` set to 'arbitrum'

### Component B: Trading volume calculation
- **Purpose**: Calculate USD trading volume for each swap transaction to determine fee-generating activity
- **Logic**: Process the same `Swap` events used for user counting but focus on trade amounts. For V2 swaps, calculate token amounts as the absolute difference between `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For V3 swaps, use direct `amount0` and `amount1` values. Join with trading pair metadata from Factory events to get token addresses and decimal configurations. Convert raw token amounts to proper decimal-adjusted amounts by dividing by 10^decimals. Convert both tokens to USD using end-of-day price feeds. Calculate trading volume as the lesser of the two token USD values to filter out price manipulation attacks.
- **Key fields**: `token0_amount`, `token1_amount` with decimal corrections, `trading_volume` in USD

### Component C: Fee structure and revenue calculation
- **Purpose**: Calculate protocol revenue from trading fees based on version-specific fee structures
- **Logic**: Apply fee percentages to trading volumes based on exchange version. For V2, use dynamic fee percentages from `FeePercentUpdated` events, with a default of 0.3% for newly created pairs. Track fee changes by creating ranges based on block number and log index ordering. For V3, use fee tiers directly from `Fee` events. Calculate total fees as trading volume multiplied by the applicable fee percentage. Apply protocol revenue sharing: Camelot takes 40% of fees from V2 trades and 15% of fees from V3 trades. Aggregate daily revenue across all trading pairs and versions.
- **Key fields**: `fee_percentage` for V2, `fee_tier` for V3, `fees` as volume × fee rate, `revenue` after protocol share application

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts by timestamp and dimensional breakdowns (total project, by chain, etc.)
- **Currency conversion**: All revenue calculations use end-of-day USD prices applied at the individual trade level before daily aggregation
- **Time aggregation**: Both user counts and revenue are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU equals daily protocol revenue divided by daily active users count. When daily active users equals zero, ARPU is set to zero using a fill-zeros strategy to maintain consistent time series data.

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

CamelotGRAIL

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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