Lenders deposit funds into Goldfinch and receive interest payments from borrowers.

Goldfinch is a non-custodial lending protocol built on Ethereum. Goldfinch was founded by Blake West and Michael Sall and launched in 2020.

GFI token holders own and govern the protocol. They currently take a cut of the interest and a withdrawal fee (revenue). Goldfinch’s investors include a16z, Coinbase ventures, Kindred ventures etc.

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# Goldfinch Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Goldfinch measures the average daily revenue generated per active user on the Goldfinch lending protocol. This metric is calculated by dividing daily protocol revenue by daily active users (DAU). The calculation provides insight into the platform's revenue efficiency and user monetization effectiveness in the decentralized credit marketplace.

## 2. Data sources

The ARPU calculation relies on several core data sources:

- **Goldfinch smart contract events**: Parsed Ethereum contract events from both v1 and v2 versions of the Goldfinch protocol, including deposit events (`Pool_DepositMade_event`, `SeniorPool_DepositMade_event`, `TranchedPool_DepositMade_event`), withdrawal events (`Pool_WithdrawalMade_event`, `SeniorPool_WithdrawalMade_event`, `TranchedPool_WithdrawalMade_event`), and fee collection events (`Pool_ReserveFundsCollected_event`, `SeniorPool_ReserveFundsCollected_event`, `TranchedPool_ReserveFundsCollected_event`)
- **USDC token data**: Token metadata for USDC (contract address `0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48`) including decimal precision information
- **Price feeds**: End-of-day token price feeds for USD conversion of USDC amounts
- **Credit pool mapping**: Hardcoded mapping of pool contract addresses to human-readable pool names for categorizing different lending pools (e.g., Almavest baskets, Aspire pools, Cauris pools)

## 3. Step-by-step calculation

### Component A: Daily active users calculation

- **Purpose**: Identifies and counts unique users who interact with Goldfinch lending pools each day
- **Logic**: Extracts user addresses from deposit and withdrawal events across all Goldfinch contract versions. For v1 contracts, user addresses come from the `capitalProvider` parameter in pool events. For v2 contracts, addresses come from `capitalProvider` parameter in SeniorPool events and `owner` parameter in TranchedPool events. Users are classified as either 'Depositor' or 'Withdrawer' based on the event type. The system uses HyperLogLog sketching to efficiently count distinct users across multiple dimensions
- **Key fields**: `user_address` (extracted from event parameters), `user_type` (Depositor/Withdrawer), `block_timestamp` (truncated to daily granularity), `chain` (ethereum), and dimensional breakdowns for `product_id`, `user_type`, and chain-level analysis

### Component B: Revenue calculation

- **Purpose**: Aggregates all fee revenue generated by the Goldfinch protocol from lending operations
- **Logic**: Combines fee collections from two sources: reserve fund collections and withdrawal fees. Reserve collections include fees from both v1 Pool contracts and v2 TranchedPool contracts via `Pool_ReserveFundsCollected_event` and `TranchedPool_ReserveFundsCollected_event`. Withdrawal fees come from v2 SeniorPool contracts via `SeniorPool_ReserveFundsCollected_event`. All fees are collected in USDC tokens. The system maps pool contract addresses to human-readable names using the credit pool dimension table, then converts USDC amounts to USD using end-of-day price feeds and corrects for 6-decimal USDC precision
- **Key fields**: `amount` (fee amount in USDC), `token_address` (USDC contract address), `account_address` (pool contract address), `account_title` (mapped pool name), `block_timestamp` (truncated to daily granularity)

### Final aggregation

- **Combining components**: Revenue and DAU metrics are combined using the protocol's macro system, which matches records by date and applies the ARPU calculation formula
- **Currency conversion**: USDC amounts are converted to USD using end-of-day price feeds, with amounts divided by 10^6 to account for USDC's 6-decimal precision
- **Time aggregation**: Both metrics use daily time boundaries, with timestamps truncated to day granularity using `timestamp_trunc(block_timestamp, day)`
- **Final calculation**: ARPU = Daily Total Revenue (USD) / Daily Active Users (distinct count), with missing days filled with zero values to maintain complete time series continuity. The calculation maintains dimensional breakdowns for chain, user type, and product-level analysis.

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

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Average revenue per user (ARPU)

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