Honeypop is an AMM and concentrated liquidity layer on Scroll, built for efficient swaps and real yield. It will also feature a Morpho-powered money market, enabling seamless lending and borrowing.

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Exchanges (DEX)

Honeypop

# Honeypop Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the daily revenue generated per active user on the Honeypop decentralized exchange. This metric is calculated by dividing total daily fees collected from trading and flash loan activities by the number of distinct daily active users. AFPU helps assess the monetization efficiency and user value generation of the Honeypop protocol.

## 2. Data sources

- **Scroll blockchain swap events**: Parsed `Pool_Swap_event` logs from Honeypop v1 pools containing token exchange amounts and user addresses
- **Scroll blockchain flash loan events**: Parsed `Pool_Flash_event` logs from Honeypop v1 pools containing flash loan amounts and user addresses  
- **Scroll blockchain factory events**: Parsed `Factory_PoolCreated_event` logs containing pool creation data with fee tier information
- **Scroll transaction records**: Transaction data providing user addresses (`from_address`) for event attribution
- **End-of-day token price feeds**: Daily token prices in USD for volume and fee calculations
- **Token metadata**: Token symbols and decimal precision data for amount normalization

## 3. Step-by-step calculation

### Component A: Daily active user counting
- **Purpose**: Count distinct users who interact with Honeypop pools through trading or flash loans
- **Logic**: Extract user addresses from both swap events and flash loan events on Scroll blockchain. The `user_address` is derived from the transaction `from_address` field. Users are classified as 'Trader' type regardless of activity. Count distinct users per day across both activity types to avoid double counting users who perform both trades and flash loans on the same day.
- **Key fields**: `user_address` from transaction records, `block_timestamp` for daily grouping, `chain` for Scroll identification

### Component B: Trading volume calculation  
- **Purpose**: Calculate USD trading volumes from swap activities to determine trading fees
- **Logic**: Extract `Pool_Swap_event` logs containing `amount0` and `amount1` token quantities. Normalize amounts by dividing by token decimals (10^decimals). Convert normalized amounts to USD using end-of-day price feeds matched by timestamp, token address, and chain. To prevent price manipulation attacks, use the lesser USD value between the two tokens in each swap. Aggregate daily trading volume by timestamp, chain, version, and fee tier.
- **Key fields**: `amount0` and `amount1` for token quantities, `token0_address` and `token1_address` for price lookups, `fee_tier` for fee calculations

### Component C: Flash loan volume calculation
- **Purpose**: Calculate USD flash loan volumes from flash loan activities to determine flash loan fees  
- **Logic**: Extract `Pool_Flash_event` logs containing `amount0` and `amount1` flash loan quantities. Normalize amounts using token decimals and convert to USD using end-of-day price feeds. Unlike trading volumes, sum both token USD values to get total flash loan volume (no minimum logic applied). Aggregate daily flash loan volume by timestamp, chain, account address, and fee tier.
- **Key fields**: `amount0` and `amount1` for flash loan quantities, token addresses for price conversion, `fee_tier` for fee calculations

### Component D: Fee tier identification
- **Purpose**: Determine fee percentages for each trading pair to calculate fees from volumes
- **Logic**: Extract fee tier information from `Factory_PoolCreated_event` logs during pool creation. Convert fee values from integer format to decimal percentages by dividing by 10^6 (e.g., 3000 becomes 0.003 for 0.3%). Associate fee tiers with specific pool addresses and token pairs for volume-to-fee calculations.
- **Key fields**: `fee` parameter from pool creation events, `pool` address for matching with trading activities

### Final aggregation
- **Combining components**: Calculate total daily fees by multiplying trading volumes by their respective fee tiers, plus flash loan volumes by their respective fee tiers. Sum all fee components to get total daily fees across all pools and activities.
- **Currency conversion**: All volumes converted to USD using end-of-day price feeds joined on exact timestamp, token address, and chain matches
- **Time aggregation**: Data aggregated to daily granularity using timestamp truncation to day boundaries
- **Final calculation**: AFPU equals total daily fees divided by distinct daily active users, providing average fee revenue generated per user per day

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

Honeypop

Average fees per user (AFPU)

Average fees per user (AFPU)

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