Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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# Clipper Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Clipper DEX protocol. This metric is calculated by dividing total daily revenue by the number of daily active users (DAU), providing insight into the revenue efficiency and user monetization of the protocol. ARPU helps assess the economic value generated per user and tracks changes in user behavior and protocol revenue collection over time.

## 2. Data sources

The calculation relies on several key data sources:

- **Swap events**: Parsed `Swapped` events from Clipper DEX contracts across Ethereum, Polygon, Optimism, and Arbitrum chains, capturing trade activity and amounts
- **Transaction data**: Ethereum, Polygon, Optimism, and Arbitrum transaction records to identify user addresses performing swaps
- **Subgraph data**: Ethereum and Polygon subgraph data from The Graph protocol providing structured swap event information
- **API data**: Scraped swap data from Clipper's internal APIs providing USD-denominated trade values
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal standardization

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Identifies and counts distinct users who performed swaps on any given day
- **Logic**: Extract user addresses from swap transactions by joining parsed `Swapped` events with transaction records to get the `from_address` field. Filter events across multiple Clipper contract versions on Ethereum, Polygon, Optimism, and Arbitrum. Count distinct user addresses per day using HyperLogLog sketches for efficient aggregation across different dimensions. Users are classified as "Trader" type based on their swap activity.
- **Key fields**: `user_address` from transaction data, `block_timestamp` for daily aggregation, `chain` for multi-chain support

### Component B: Fee collection calculation
- **Purpose**: Calculates trading fees generated from Clipper DEX activity using two complementary data sources
- **Logic**: 
  - **Subgraph fees**: Apply a fixed 2% fee rate to the `outAmount` from swap events in Ethereum and Polygon subgraph data. Handle native token wrapping by converting zero addresses to wrapped native token addresses.
  - **Migrated fees**: For additional chain coverage, calculate fees from scraped API data as the positive difference between `amountInUsd` and `amountOutUsd` values. Exclude swaps involving CLP tokens.
  - Convert all fee amounts to USD using end-of-day price feeds and correct for token decimals
- **Key fields**: `outAmount` for fee calculation, `amountInUsd` and `amountOutUsd` for API-based fees, `token_address` for price conversion

### Component C: Revenue calculation  
- **Purpose**: Converts total fees to protocol revenue based on Clipper's fee-sharing model
- **Logic**: Apply time-based protocol revenue sharing rules exclusively to Ethereum chain fees. From July 9, 2022 to August 1, 2023, protocol receives 50% of fees. From August 1, 2023 onward, protocol receives 100% of fees. All other chains (Polygon, Optimism, Arbitrum) contribute zero revenue to the protocol. Sum daily revenue across all applicable sources.
- **Key fields**: `fees` from fee calculation, `timestamp` for date-based logic, `chain` for Ethereum filtering

### Final aggregation
- **Combining components**: Join daily active user counts with daily revenue totals by date. Both metrics are aggregated to the day level before division.
- **Currency conversion**: All revenue components are converted to USD using end-of-day price feeds applied at the fee calculation stage
- **Time aggregation**: Both DAU and revenue are summed/counted at daily boundaries using timestamp truncation to day level
- **Final calculation**: Divide total daily revenue by total daily active users to produce average revenue per user. Days with zero users result in zero ARPU. Apply zero-filling strategy for missing dates to ensure complete time series coverage.

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

ClipperSAIL

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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