Immutable operates a full-stack infrastructure platform for web3 gaming that includes blockchains, namely Immutable zkEVM and Immutable X, and other products, such as Passport and Orderbook. Creators & users sell NFTs on Immutable. They receive royalties from secondary sales (supply-side fees).

Immutable is a platform for building web3 games. Immutable was founded by James Ferguson, Robbie Ferguson, Alex Connolly, and launched in 2018. This dashboard includes data from Immutable Orderbook, Immutable zkEVM, and Immutable X.

IMX holders own and govern the protocol. They currently take a cut of the total trading fees paid by NFT buyers on Immutable Orderbook and the total transaction fees paid by transaction senders on Immutable zkEVM (revenue). Immutable's investors include ParaFi Capital, GameStop Digital Ventures, Fabric Ventures, etc.

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# Immutable Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average daily fees generated per active user in the Immutable ecosystem. This metric is used to assess user monetization and revenue efficiency by dividing total daily fees by the number of active users (daily). Fees are combined from blockchain gas usage and NFT marketplace trading across the Immutable zkEVM and Immutable X platforms.

## 2. Data sources

- **Blockchain events**: `NonceChange` events from `Wallet` contracts, plus `OrderFulfilled` and `OrdersMatched` events from `ImmutableSeaport` contracts on Immutable zkEVM, and NFT trading data from Immutable X
- **External data**: End-of-day price feeds for assets and metadata for asset decimal precision
- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: active users (daily) calculation

- **Purpose**: Distinct counts of active users are calculated across the Immutable ecosystem.
- **Logic**: Unique user addresses are identified from transaction senders on Immutable zkEVM and Passport wallet users via `NonceChange` events. Users are classified as either transaction senders or Passport wallet users. Daily distinct counts are aggregated across the ecosystem, handling cross-platform user activity.
- **Key fields**: `user_address`, `block_timestamp`, `user_type`

### Component B: Gas fees calculation

- **Purpose**: Total gas fees paid on Immutable zkEVM are determined.
- **Logic**: For each transaction on Immutable zkEVM, `gas_used` is multiplied by the `effective_gas_price` to calculate the fee in native assets. These amounts are normalized by decimal precision and converted to USD using end-of-day price feeds for the IMX asset.
- **Key fields**: `gas_used`, `effective_gas_price`, `transaction_hash`

### Component C: NFT marketplace fees calculation

- **Purpose**: Fees generated from NFT trading activities are captured.
- **Logic**: Trading volumes are extracted from two primary marketplace sources: Immutable X trades and `OrderFulfilled` events on Immutable zkEVM. A 2% fee rate is applied to these trading volumes to determine the total fees. All fee amounts are converted to USD using end-of-day price feeds.
- **Key fields**: `volume_amount`, `token_address`, `timestamp`

### Component D: Seaport volume extraction

- **Purpose**: NFT trading volumes are parsed from complex marketplace events on Immutable zkEVM.
- **Logic**: For `OrderFulfilled` events, offer and consideration arrays are flattened to identify NFT versus currency assets based on item type identifiers. Trade direction and amounts are determined by analyzing asset types and checking for matched orders in `OrdersMatched` events. Special cases, such as null addresses, are handled by substituting wrapped IMX addresses.
- **Key fields**: `itemtype`, `token`, `amount`, `is_matched`

### Component E: Final aggregation

- **Purpose**: The final average metric is produced.
- **Logic**: Total daily fees (gas plus marketplace) are divided by the total count of active users (daily). All fee sources are summed by day and normalized to USD. Timestamps are truncated to daily boundaries and missing days are filled with zero values to maintain a continuous time series.

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

ImmutableIMX

Average fees per user (AFPU)

Average fees per user (AFPU)

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