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Etherex

# Etherex Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Etherex measures the average daily revenue generated per active user on the protocol. This metric divides total daily revenue by the count of daily active users to show the monetization efficiency per user. The calculation combines revenue from trading fees and governance voting bribes, divided by users who engage in either trading or flash loan activities.

## 2. Data sources

- **Linea blockchain swap events**: Parsed `Swap` events from Etherex v2 Pair contracts and Etherex v3 Pool contracts capturing trading activity
- **Linea blockchain flash loan events**: Parsed `Flash` events from Etherex v3 Pool contracts
- **Linea blockchain transaction records**: Transaction data linking contract interactions to user wallet addresses
- **Factory configuration events**: Parsed events from PairFactory and PoolFactory contracts setting fee tiers and protocol fee splits over time
- **Governance voting events**: Parsed `VotesIncentivized` events from FeeDistributor contracts capturing bribe payments
- **End-of-day token price feeds**: Daily USD price data for token valuation
- **Token metadata**: Token decimals, symbols, and contract addresses for proper normalization

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count distinct users who interact with the protocol each day
- **Logic**: Extract user addresses from both trading activities and flash loan activities. For trades, identify the transaction sender (`from_address`) who initiated the swap. For flash loans, identify the transaction sender who initiated the flash loan. Combine both user sets and count distinct addresses per day using HyperLogLog for efficient aggregation. Users are classified as 'Trader' user type regardless of activity.
- **Key fields**: `user_address` from transaction records, `block_timestamp` for daily grouping

### Component B: Trading fee revenue calculation
- **Purpose**: Calculate protocol revenue from trading fees
- **Logic**: Extract swap events from both v2 and v3 protocols on Linea. For v2 pairs, calculate token amount changes using `amount0In - amount0Out` and `amount1In - amount1Out`. For v3 pools, use direct `amount0` and `amount1` values. Convert raw token amounts by dividing by 10^decimals. Calculate USD values for both tokens in each trade using end-of-day price feeds. Use the lesser of the two USD amounts to prevent price manipulation attacks. Apply time-based fee configurations where `fee_tier` represents the trading fee percentage and `fee_split` represents the protocol's portion. Calculate trading fees as: Trading Volume USD × Fee Tier × Fee Split.
- **Key fields**: `amount0`, `amount1` for token quantities, `fee_tier` for trading fees, `fee_split` for protocol portion

### Component C: Voting bribe revenue calculation  
- **Purpose**: Calculate protocol revenue from governance voting incentives
- **Logic**: Extract `VotesIncentivized` events from FeeDistributor contracts capturing bribe payments made to incentivize voting. Convert xREX token addresses to REX for consistent pricing. Apply decimal correction by dividing amounts by 10^token_decimals. Convert to USD using end-of-day price feeds. Sum all bribe amounts by day.
- **Key fields**: `amount` for bribe quantities, `token_address` for bribe token identification

### Component D: Pool fee configuration tracking
- **Purpose**: Track changing fee parameters over time for accurate revenue calculation
- **Logic**: Monitor fee tier changes from `SetPairFee`, `PoolCreated`, and `FeeAdjustment` events. Track protocol fee split changes from `SetPairFeeSplit` and `SetPoolFeeProtocol` events. Create time intervals where each configuration is valid using block numbers and timestamps. For v2 pairs without explicit fee settings, default to 0.3% (3000 basis points). Join trading events with the appropriate fee configuration based on block ordering.
- **Key fields**: `fee_tier` and `fee_split` with validity time ranges

### Final aggregation
- **Combining components**: Sum trading fee revenue and voting bribe revenue to get total daily revenue. Use HyperLogLog to get distinct daily active user counts across all activities.
- **Currency conversion**: All revenue components converted to USD using end-of-day price feeds matched by timestamp, token address, and chain
- **Time aggregation**: Data aggregated to daily boundaries using `timestamp_trunc(block_timestamp, day)`
- **Final calculation**: ARPU = Total Daily Revenue ÷ Daily Active Users. Days with zero users result in null ARPU values. Days with zero revenue result in zero ARPU values. Missing days are filled with zeros using the fill_zeros strategy.

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

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