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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is a measurement of the revenue generated per active user over a fixed 24-hour window. The monetization efficiency of the protocol is reflected by this metric, specifically regarding the relationship between yield generation and user activity. For Falcon Finance, protocol revenue is derived from fees associated with Falcon USD and Falcon Finance sUSDf, which is then compared against the daily activity of depositors and withdrawers.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Protocol revenue tracking

- **Purpose**: Aggregates total daily revenue from staking and NFT-related yields
- **Logic**: Data is captured from two primary on-chain streams on Ethereum. First, Falcon USD transfers to the staking rewards distributor are tracked to represent yield. Second, `FeesCollected` events from `FalconPosition` contracts are parsed to capture NFT staking yield, which is denominated in Falcon Finance sUSDf shares. All amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. Protocol revenue is defined as 100% of these collected fees.

### Component B: Active user tracking

- **Purpose**: Identifies the daily unique participants interacting with the protocol
- **Logic**: Unique wallet addresses are extracted from Falcon USD mint and redemption transactions on Ethereum. Depositors are identified through ERC-20 `Transfer` events where the sender is the null address. Withdrawers are identified through ERC-20 `Transfer` events where the recipient is either the null address or the dead address. These unique addresses are aggregated by day to determine the count of active users (daily).

### Component C: Final metric aggregation

- **Purpose**: Calculate the average revenue generated per individual user
- **Logic**: The total daily revenue is divided by the count of active users (daily) for each 24-hour window. Daily granularity is maintained using UTC day boundaries. If no activity is recorded for a specific day, the metric value is set to zero.

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

Falcon FinanceFF

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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