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

# Holdstation Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average revenue generated per active user on Holdstation DeFutures, a perpetual trading protocol on zkSync Era. This metric divides daily protocol revenue by daily active users to understand revenue efficiency and user monetization. ARPU helps assess the protocol's ability to generate revenue from its user base and track changes in user value over time.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Trading execution events**: Parsed `LimitExecuted` and `MarketExecuted` events from the zkSync Era HSTradingCallbacks contract, capturing when traders execute limit and market orders
- **Fee charging events**: Multiple parsed events from zkSync Era contracts including `AgencyFeeCharged`, `DevGovFeeCharged`, `LpFeeCharged`, `NftBotFeeCharged`, `ReferralFeeCharged`, `SssFeeCharged`, and `UsdcVaultFeeCharged` events from HSTradingCallbacks contract
- **Funding fee events**: Parsed `FeesCharged` events from the zkSync Era HSPairInfos contract capturing funding and rollover fees
- **Token price data**: End-of-day price feeds for USDC token conversion to USD
- **Token metadata**: USDC token contract information including decimal places for proper amount calculation

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count unique traders who execute trades on Holdstation DeFutures each day
- **Logic**: Extract trader addresses from `LimitExecuted` and `MarketExecuted` events on zkSync Era. These events are emitted when traders execute limit or market orders on the Holdstation DeFutures perpetual trading platform. The `trader` parameter contains the wallet address of each trader. Group data by day using timestamp truncation and count distinct users using HyperLogLog algorithm for efficient aggregation across multiple dimensions including chain, user type, and product
- **Key fields**: `trader` (user wallet address), `block_timestamp` (event timestamp), `transaction_hash` (transaction identifier)

### Component B: Protocol revenue calculation  
- **Purpose**: Aggregate daily revenue generated by the Holdstation DeFutures protocol from various fee streams
- **Logic**: Collect revenue from multiple fee types charged through different events. Include Agency, DevGov, Staking, Referral, and Vault fees as protocol revenue since these go to Holdstation. Exclude LP and NFT bot fees as these are supply-side payments. Add funding and rollover fees from position management. All fees are denominated in USDC. Convert USDC amounts to USD using end-of-day price feeds and correct for USDC's 6 decimal places. Group by day and sum total revenue amounts
- **Key fields**: `valueUsdc` (fee amount in USDC), `rolloverFees` and `fundingFees` (position management fees), `block_timestamp` (fee timestamp), `token_address` (USDC contract address)

### Final aggregation
- **Combining components**: Join daily active users and daily revenue data by date, ensuring both metrics cover the same time periods
- **Currency conversion**: Convert USDC fee amounts to USD using end-of-day price conversion rates and adjust for USDC's 6 decimal precision
- **Time aggregation**: Use daily boundaries based on timestamp truncation to day level, ensuring consistent aggregation periods
- **Final calculation**: Divide total daily protocol revenue by total daily active users to calculate average revenue per user for each day. Apply zero-filling strategy to maintain complete time series by setting ARPU to zero for days with no activity

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

HoldstationHOLD

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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