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GMGN

# GMGN Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average amount of fees paid by an individual active user of GMGN over a 24-hour period. This metric reflects the average monetization of the user base and the cost of the service for an individual trader on a daily basis. As GMGN operates as a trading bot, these fees represent the value captured from trade executions and are denominated in USD.

## 2. Data sources

- **Blockchain events**: Native asset transfers to designated fee accounts, including native inflows on Ethereum, BSC, Base, and Monad, and native SOL transfers on Solana
- **External data**: End-of-day price feeds for native assets including ETH, BNB, SOL, and MON
- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Fee extraction from EVM chains

- **Purpose**: Capture trading fees generated on Ethereum, BSC, Base, and Monad
- **Logic**: Native asset transfers are identified where the recipient is the designated GMGN fee account. Only transfers classified as call inflows are included. Values are extracted and normalized by decimal precision.
- **Key fields**: `value` (transfer amount), `account_address` (fee recipient), `block_timestamp` (timing)

### Component B: Fee extraction from Solana

- **Purpose**: Capture trading fees generated on Solana
- **Logic**: Native SOL transfers are identified where the recipient matches a predefined list of GMGN fee accounts. Transactions are filtered to exclude any transfers where the transaction signer is also one of the fee accounts to prevent the inclusion of internal movements. Values are normalized by decimal precision.
- **Key fields**: `amount` (SOL quantity), `to_address` (fee recipient), `transaction_signer` (user identification)

### Component C: Active user identification

- **Purpose**: Determine the daily count of unique users contributing to fee generation
- **Logic**: Unique transaction signers are extracted from the fee-generating events on Solana. For EVM chains, user counts are currently excluded from the daily active user aggregate in the calculation of this metric to maintain data integrity where user addresses cannot be definitively mapped from native flows.
- **Key fields**: `signer` (unique user address)

### Component D: USD conversion and aggregation

- **Purpose**: Normalize fee values into a common currency for calculation
- **Logic**: Daily fee totals per asset and chain are multiplied by end-of-day asset prices. Values are aggregated to the project level with UTC day boundaries.

### Component E: Final AFPU calculation

- **Purpose**: Produce the average fee value per individual user
- **Logic**: Total daily fees in USD are divided by the count of active users (daily). The resulting value represents the average daily fee contribution per user. In the event of missing data, values are filled with zeros to ensure a continuous time series.

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

GMGN

Average fees per user (AFPU)

Average fees per user (AFPU)

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