Users deposit single assets into wrapper contracts. Flying Tulip deploys these deposits into automated yield strategies (e.g., Aave V3) across Ethereum, Sonic, BNB Chain, Avalanche, and Base, maximizing capital efficiency.

Flying Tulip is a multi-chain yield aggregation protocol that pools user deposits into wrapper contracts and deploys them into automated yield strategies. The protocol supports assets including USDC, wETH, USDT, USDS, USDTb, and USDe, and uses an omnichain FT token to align incentives across its five supported networks.

FT tokenholders own and govern the Flying Tulip protocol. Flying Tulip is a yield aggregation protocol backed by partnerships with major DeFi protocols.

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# Flying Tulip Afpu Methodology

## 1. Overview

Average fees per user (Afpu) measures the average amount of fees generated per active user on a daily basis across all Flying Tulip products. It is calculated by dividing total daily fees by the count of active users (daily), providing a normalized measure of user monetization. This metric reflects the economic intensity of user activity and is used to assess how much value is generated per engaged participant across Flying Tulip USD, Flying Tulip Lend, Flying Tulip Yield, and Flying Tulip Options.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Total daily fees aggregation

- **Purpose**: Produce a single project-level daily fees figure as the numerator for the Afpu calculation.
- **Logic**: Daily fees are sourced from the Fees metric, which covers all Flying Tulip products across Ethereum and Sonic. Fee values are summed across all products and chains to arrive at a single total fees figure per day.

### Component B: Total active users (daily) aggregation

- **Purpose**: Produce a single project-level daily active user count as the denominator for the Afpu calculation.
- **Logic**: The project-level active user count is sourced from the Active users (daily) metric using the project-level dimension, which deduplicates users across all products and chains for each day. This ensures that a user active across multiple products is counted only once in the denominator.

### Component C: Afpu calculation and finalization

- **Purpose**: Compute the average fees per user and finalize the output series.
- **Logic**: Afpu is computed as `fees / active users (daily)` for each day using safe division to handle days where the active user count is zero. The resulting daily values are averaged within each UTC day boundary to produce the final output. Missing days are filled with zeros to ensure a complete time series.

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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