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Coinshift

# Coinshift Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Coinshift protocol. This metric is calculated by dividing daily revenue by daily active users (DAU). Coinshift generates revenue through Assets Under Management (AUM) fees charged on idle assets held in vaults, and users are identified through their deposit and withdrawal interactions with vault contracts.

## 2. Data sources

- **Ethereum token transfer events**: Parsed `Transfer` events from Ethereum blockchain tracking deposits to and withdrawals from Coinshift vault contracts
- **Coinshift idle assets state data**: External state data tracking idle asset balances over time for vault contracts subject to AUM fees
- **Coinshift vault events**: Parsed Ethereum event logs for `wUSDL_Deposit_event` and `wUSDL_Withdraw_event` containing exchange rate information
- **End-of-day token price feeds**: Daily price data for converting token amounts to USD values
- **Token metadata**: Decimal information for proper token amount normalization
- **Static vault configuration**: Hardcoded vault addresses, underlying token addresses, AUM fee rates, and product identifiers

## 3. Step-by-step calculation

### Component A: Revenue from AUM fees
- **Purpose**: Calculate daily revenue generated from Assets Under Management fees charged on idle vault assets
- **Logic**: Track idle asset balances over time from external state data for each vault market. Apply AUM fee rates (0.2% annually for csusdl vaults, 0% for csusdc vaults) proportionally based on time elapsed between balance snapshots. Calculate fees using the formula: `amount × fee_rate × (time_elapsed_seconds / seconds_in_year)`. Convert wUSDL token amounts to USDL equivalents using daily average exchange rates derived from vault deposit/withdraw events. Aggregate fees by day, token, and product, then convert to USD using end-of-day price feeds and correct for token decimals.
- **Key fields**: `amount` (idle asset balance), `aum_fee_rate` (annual fee percentage), `attributed_aum_fee` (calculated fee amount), `conversion_rate` (wUSDL to USDL exchange rate), `revenue` (final USD revenue amount)

### Component B: Daily active users tracking
- **Purpose**: Identify and count unique users interacting with Coinshift vaults each day
- **Logic**: Extract token transfer events where the from_address or to_address matches Coinshift vault contracts on Ethereum. Classify users as 'Depositor' when they transfer tokens TO a vault (from_address becomes user_address) or 'Withdrawer' when they receive tokens FROM a vault (to_address becomes user_address). Filter interactions to include only those from January 1, 2025 onwards. Deduplicate users per day using HyperLogLog aggregation across different dimensions including total project level, by chain, by user type, and by product.
- **Key fields**: `user_address` (wallet address of interacting user), `user_type` (Depositor or Withdrawer classification), `product_id` (vault product identifier), `user_dau` (deduplicated user count)

### Final aggregation
- **Combining components**: Revenue and DAU metrics are calculated independently then joined by date for ARPU calculation
- **Currency conversion**: Token amounts converted to USD using end-of-day price feeds with decimal correction applied based on token metadata
- **Time aggregation**: All data aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU equals daily revenue divided by daily active users, with zero-filling applied for days with missing data to maintain continuous time series

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

Coinshift

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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