Liquidity providers deposit funds into Holdstation DeFutures and receive trading fees from traders (supply-side fees).

Holdstation DeFutures is a non-custodial perpetual exchange protocol built on zkSync Era. Holdstation DeFutures was founded by Hoai Nam and Trung Banh, and launched in 2023.

HOLD tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Holdstation's investors include ViaBTC Capital, Kryber, K300 Ventures, etc.

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# Holdstation Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fees generated per active user on the Holdstation DeFutures perpetual trading platform. This metric answers the business question: "How much fee revenue does each active user generate on average?" The calculation divides total daily fees (including both protocol revenue and supply-side fees) by the number of daily active users.

## 2. Data sources

- **Blockchain events**: Parsed zkSync Era event logs from Holdstation DeFutures smart contracts, specifically HSTradingCallbacks and HSPairInfos contract events
- **Fee events**: Trading fee events including `AgencyFeeCharged`, `DevGovFeeCharged`, `LpFeeCharged`, `NftBotFeeCharged`, `ReferralFeeCharged`, `SssFeeCharged`, `UsdcVaultFeeCharged`, and `FeesCharged` events
- **User activity events**: `LimitExecuted` and `MarketExecuted` events from the HSTradingCallbacks contract that capture perpetual trading activity
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Token data**: USDC token information on zkSync Era (address: `0x3355df6d4c9c3035724fd0e3914de96a5a83aaf4`)

## 3. Step-by-step calculation

### Component A: Trading fees collection
- **Purpose**: Captures all fee-generating events from Holdstation DeFutures perpetual trading platform
- **Logic**: Extracts fee-charging events from zkSync Era HSTradingCallbacks and HSPairInfos contracts. Events are categorized into revenue components (Agency, Dev & Governance, Staking, Referral, Vault fees that go to the protocol) and supply-side components (LP and NFT bot fees that go to liquidity providers and automated market makers). Trading fees are captured from various execution events, while funding and rollover fees are tracked separately from pair information events
- **Key fields**: `valueUsdc` for trading fees, `rolloverFees` and `fundingFees` for funding charges, `trader` address for user identification, and component classification for fee categorization

### Component B: User activity tracking  
- **Purpose**: Identifies and counts unique daily active users on the platform
- **Logic**: Processes `LimitExecuted` and `MarketExecuted` events from the HSTradingCallbacks contract to identify active traders. Each event contains a trader parameter with the wallet address of the user executing the trade. Events are aggregated daily to count distinct active users using HyperLogLog for efficient computation across multiple dimensional breakdowns
- **Key fields**: `trader` address from trading execution events, `block_timestamp` for daily aggregation, and user classification as 'Trader' type

### Component C: Revenue calculation
- **Purpose**: Aggregates protocol revenue from trading activities
- **Logic**: Sums fee amounts from revenue components (Agency, Dev & Governance, Staking, Referral, Vault) while excluding supply-side components. Applies decimal correction for USDC token amounts and converts to USD using end-of-day price feeds. Daily aggregation groups all revenue-generating events by timestamp, chain, and product dimensions
- **Key fields**: `revenue_amount` containing protocol fees, `token_address` for price conversion, and `timestamp` truncated to daily boundaries

### Component D: Supply-side fees calculation
- **Purpose**: Aggregates fees paid to liquidity providers and NFT bots
- **Logic**: Sums fee amounts from supply-side components (LP and NFT bot fees) plus funding and rollover fees that accrue to liquidity providers. Applies same decimal correction and USD conversion process as revenue calculation. These fees represent the supply-side portion that doesn't constitute protocol revenue
- **Key fields**: `lp_bot_amount` containing supply-side fees, funding and rollover fee amounts, and same dimensional grouping as revenue

### Component E: Total fees aggregation
- **Purpose**: Combines protocol revenue and supply-side fees into total platform fees
- **Logic**: Joins revenue and supply-side fee calculations on timestamp and chain dimensions, then sums both components to calculate total daily fees generated by the platform. This represents the complete fee pool that users collectively generate
- **Key fields**: `revenue` plus `fees_supply_side` summed as total `fees`, with consistent daily timestamp and dimensional alignment

### Component F: Daily active users aggregation
- **Purpose**: Creates final count of distinct daily active users with dimensional breakdowns
- **Logic**: Aggregates user activity data using HyperLogLog to efficiently count distinct users across various dimensions (project-level, chain-level, user-type-level, product-level). Applies zero-filling strategy to ensure consistent daily time series data
- **Key fields**: `user_dau` containing distinct user count, `dimensions` for breakdown categorization, and `timestamp` for daily aggregation

### Final aggregation
- **Combining components**: The `calculate_arpu` macro divides total daily fees by daily active users to produce the Average Fees Per User metric
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds after correcting for USDC token decimals (6 decimals)
- **Time aggregation**: Daily boundaries are established by truncating `block_timestamp` to day level, ensuring consistent 24-hour periods for both fee and user calculations
- **Final calculation**: AFPU = Total Daily Fees (USD) ÷ Daily Active Users, where both numerator and denominator are calculated for the same daily time period and dimensional breakdown

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

HoldstationHOLD

Average fees per user (AFPU)

Average fees per user (AFPU)

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