Validators process transactions and receive validator rewards (supply-side fees).

MultiversX is a smart contract platform for decentralized applications (a blockchain). MultiversX was founded by Beniamin Mincu and launched in 2018.

EGLD tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid and give the cut to smart contract deployers (revenue).

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Blockchains (L1)

MultiversX

# MultiversX Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Elrond blockchain. This metric answers the business question: "How much revenue does each active user generate for the protocol on average?" The calculation divides daily protocol revenue by daily active user count, where revenue comes from developer rewards distributed through Elrond's epoch system and users are defined as unique transaction senders.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Elrond epoch data**: Developer reward distributions from Elrond's epoch-based reward system, containing EGLD token amounts allocated to developers
- **Elrond transaction records**: Daily blockchain transaction data used to identify unique transaction sender addresses
- **End-of-day price feeds**: EGLD-USD exchange rates from CoinGecko for currency conversion
- **Elrond blockchain metadata**: Chain identification, token symbols, and protocol configuration data

## 3. Step-by-step calculation

### Component A: Revenue calculation from developer rewards

- **Purpose**: Calculate daily protocol revenue in USD from developer reward distributions
- **Logic**: Extract epoch-level developer rewards from Elrond blockchain data, where rewards are distributed to developers based on smart contract usage and network activity. Aggregate these EGLD-denominated rewards by day using timestamp truncation to daily grain. Apply end-of-day EGLD-USD exchange rates from CoinGecko to convert native token amounts to USD values. Structure the data with business dimensions including chain identifier, business line designation as 'Blockchain', market sector as 'blockchains_l1', and business segment as 'blockchain'.
- **Key fields**: `developer_rewards` (EGLD amounts), `block_timestamp` (epoch timestamp), `token_symbol` (EGLD), `coingecko_id` (elrond-erd-2), and converted USD values

### Component B: Daily active users from transaction senders

- **Purpose**: Count unique daily active users based on transaction activity
- **Logic**: Extract daily counts of unique transaction sender addresses from Elrond blockchain transaction data. Users are defined specifically as addresses that initiated at least one transaction on a given day, with user type classified as 'Transaction sender'. Structure the data into multiple dimensional breakdowns including project-level aggregation, chain-level breakdown, and user-type categorization. Apply timestamp grain standardization to daily intervals.
- **Key fields**: `transaction_senders` (daily count), `timestamp` (daily grain), `user_type` (Transaction sender), `chain` (elrond)

### Final aggregation

- **Combining components**: Join daily revenue data with daily active user counts by matching on timestamp and chain dimensions. The revenue component provides the numerator (daily USD revenue from developer rewards) while the user component provides the denominator (daily unique transaction senders).
- **Currency conversion**: All revenue values are converted to USD using end-of-day EGLD exchange rates from CoinGecko, ensuring consistent currency representation across time periods.
- **Time aggregation**: Both revenue and user metrics are aggregated to daily boundaries using timestamp truncation, creating aligned time series for division.
- **Final calculation**: Divide daily USD revenue by daily active user count to produce the average revenue per user metric. Apply zero-filling strategy to handle missing data points and maintain complete time series continuity without gaps.

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

MultiversXEGLD

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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