On Cryptex v1, overcollateralized investors deposit funds into Cryptex and mint TCAP tokens. On Cryptex v2, traders trade leveraged perpetual contracts against liquidity pools supplied by liquidity providers.

Cryptex v1 is non-custodial asset management protocol built on Ethereum, while Cryptex v2 is an exchange for perpetual contracts on Arbitrum. Cryptex was founded by Joe Sticco, Preston Van Loon & Thomas Matzner and launched in 2021.

CTX token holders own and govern the protocol. They currently take all of the total withdrawal fees paid by investors and trading fees paid by traders (revenue).

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# Cryptex Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per active user on the Cryptex protocol. This metric answers the question "How much fee revenue does each user generate on average?" and is calculated by dividing total daily fees by the number of daily active users. Cryptex operates two main products: v1 asset management vaults for TCAP token collateralization on Ethereum, and v2 perpetual trading for TCAP and PERPE derivatives on Arbitrum.

## 2. Data sources

The AFPU calculation relies on several blockchain data sources:
- **Ethereum vault interaction events**: Parsed `TokensMinted` and `TokensBurned` events from multiple vault handler contracts including AAVE, LINK, DAI, ETH, USDC, and WBTC vault handlers
- **Ethereum native transfer traces**: Native ETH transfer flows between vault accounts and treasury addresses for fee collection
- **Arbitrum perpetual trading events**: Parsed `MakeOpened`, `MakeClosed`, `TakeOpened`, and `TakeClosed` events from Product contracts for TCAP and PERPE perpetual trading
- **Arbitrum oracle price feeds**: `NewTransmission` events from AccessControlledOffchainAggregator contracts providing TCAP and PERPE price updates
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts
- **Token metadata**: Decimal precision data for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count unique users interacting with Cryptex protocols each day
- **Logic**: Identify user addresses from Ethereum vault interaction events across multiple vault handlers (AAVE, LINK, DAI, ETH, USDC, WBTC). Extract user addresses from `TokensMinted` and `TokensBurned` events, classifying them as either 'TCAP Minter' or 'TCAP Burner' based on the event type. Use HyperLogLog data structure to count distinct users per day while supporting efficient aggregation across different dimensions (chain, user type, product). Apply daily aggregation and fill missing days with zeros.
- **Key fields**: `user_address` from event parameters, `block_timestamp` for daily grouping, `user_type` classification

### Component B: Cryptex v1 asset management fees
- **Purpose**: Calculate management fees collected from vault operations
- **Logic**: Track native ETH transfers from predefined vault account addresses to the treasury address. Filter Ethereum native transfer traces to identify outbound flows from eight specific vault accounts, then match these with corresponding inbound flows to the treasury address using transaction identifiers. Convert ETH amounts to USD using end-of-day price feeds and apply decimal corrections for accurate value calculation.
- **Key fields**: `amount` from native transfers, `account_address` for vault identification, `token_address` for ETH identification

### Component C: Cryptex v2 perpetual trading fees  
- **Purpose**: Calculate trading fees from perpetual derivatives activity
- **Logic**: Extract trading volumes from perpetual trading events on Arbitrum for TCAP and PERPE tokens across multiple Product contracts. Join trading events with oracle price updates to calculate notional trading volumes by multiplying trade amounts with corresponding token prices. Apply time-based fee percentage rates: 0.15% for trades before October 8, 2023, and 2.125% for trades after this date. Calculate fees by multiplying notional volumes with the appropriate fee percentage.
- **Key fields**: `amount` from trading events, `price_amount` from oracle updates, fee percentage rates, `token_symbol` for price matching

### Final aggregation
- **Combining components**: Sum Cryptex v1 management fees and v2 trading fees on a daily basis to calculate total daily fees. Both fee streams are already converted to USD before combination.
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with decimal corrections applied based on token metadata
- **Time aggregation**: Aggregate all data to daily granularity using day-truncated timestamps, with forward-fill strategy applied to ensure no missing days in the time series
- **Final calculation**: Divide the total daily fees (in USD) by the daily active user count to produce the average fees per user metric, expressed in USD per user per day

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

CryptexCTX

Average fees per user (AFPU)

Average fees per user (AFPU)

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