Falcon Finance deploys deposited collateral into delta-neutral trading strategies (funding rate arbitrage, cross-exchange arbitrage, options, statistical arbitrage) to generate yield for sUSDf holders.

Falcon Finance is a synthetic dollar protocol that issues USDf, an overcollateralized stablecoin backed by collateral managed through delta-neutral hedging strategies. Users stake USDf into sUSDf to earn yield.

Falcon Finance team, founded by Andrei Grachev (co-founder of DWF Labs). Investors include DWF Labs, World Liberty Financial, M2, Monarq.

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Falcon Finance

# Falcon Finance Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average amount of fees contributed by each active user of Falcon Finance over a 24-hour period. This metric provides insight into the individual economic contribution of users interacting with the protocol's core products, including Falcon USD and Falcon Finance sUSDf. AFPU is calculated by dividing total daily fees by the number of active users (daily), reflecting the cost of service for participants engaging in minting, redeeming, or staking activities.

## 2. Data sources

- **Blockchain events**: `FeesCollected` events from `FalconPosition` contracts and ERC-20 `Transfer` events for Falcon USD, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata
- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Fee tracking

- **Purpose**: Capture the total fee revenue generated by the protocol from staking and yield distribution.
- **Logic**: Fee data is aggregated from two primary sources. First, ERC-20 `Transfer` events are parsed where Falcon USD is sent to the staking rewards distributor address, representing yield distributed to Falcon Finance sUSDf holders. Second, `FeesCollected` events are parsed from `FalconPosition` contracts to capture yield generated from NFT staking. All amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.

### Component B: Active user identification

- **Purpose**: Identify the unique set of users interacting with the protocol on a daily basis.
- **Logic**: Active users are defined as addresses participating in the minting or redemption of Falcon USD. "Depositors" are identified by filtering ERC-20 `Transfer` events where the sender is the null address. "Withdrawers" are identified by filtering `Transfer` events where the recipient is either the null address or the dead address. Distinct user addresses are aggregated per day to determine the total count of active users (daily).

### Component C: Average fees per user calculation

- **Purpose**: Determine the final average value by combining fee and user datasets.
- **Logic**: The total daily fee volume in USD is divided by the total number of unique active users (daily). If no users are present for a given day, the value is zero-filled. The calculation is performed at daily granularity using UTC day boundaries.

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

Falcon FinanceFF

Average fees per user (AFPU)

Average fees per user (AFPU)

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