Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

IPOR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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IPOR Protocol

# IPOR Protocol Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for IPOR Protocol measures the daily revenue generated per unique active trader. ARPU is calculated by dividing total daily revenue by the number of daily active users, providing insights into user monetization efficiency for the interest rate derivatives protocol. This metric helps assess the economic value generated per trader engaging with IPOR's swap products.

## 2. Data sources

- **Ethereum blockchain event logs**: Parsed smart contract events from IPOR Protocol v1 contracts (`MiltonDai`, `MiltonUsdc`, `MiltonUsdt`) and v2 contracts (`IporProtocolRouter`, `IporProtocolRouterV2`) capturing swap transactions
- **Interest rate swap events**: Specifically `OpenSwap`, `CloseSwap`, and `SwapUnwind` events containing trader addresses and fee amounts
- **End-of-day token price feeds**: USD exchange rates for DAI, USDC, and USDT tokens used in fee conversions
- **Token metadata**: Token symbols and decimal precision information for amount standardization

## 3. Step-by-step calculation

### Component A: Daily active user identification
- **Purpose**: Identify unique traders interacting with IPOR Protocol daily
- **Logic**: Extract trader addresses from swap events across both IPOR v1 and v2 contracts on Ethereum. For `OpenSwap` events, capture the `buyer` address parameter. For `CloseSwap` events, capture the `liquidator` address parameter. For `SwapUnwind` events, capture the initiating user address. All identified addresses are classified as 'Trader' user type and grouped by day using timestamp truncation to day granularity.
- **Key fields**: `buyer` and `liquidator` addresses from swap events, `block_timestamp` for daily grouping, `chain` identifier set to ethereum

### Component B: Daily active user aggregation  
- **Purpose**: Count distinct daily active users using probabilistic counting for scalability
- **Logic**: Apply HyperLogLog aggregation to deduplicate user addresses within each day, providing approximate but highly accurate distinct user counts. Create dimensional breakdowns by chain, user type, and product for flexible analysis while maintaining overall project-level totals.
- **Key fields**: `user_address` for deduplication, `timestamp` truncated to daily boundaries, dimensional grouping fields

### Component C: Revenue extraction from v1 contracts
- **Purpose**: Calculate fee revenue from IPOR v1 interest rate swap transactions
- **Logic**: Extract fee amounts from `CloseSwap` events using the `incomeFeeValue` parameter, and from `OpenSwap` events by summing `openingFeeTreasuryAmount` and `iporPublicationFee` from the embedded money object. Convert all amounts from 18-decimal token precision to standard decimal format by dividing by 10^18. Process DAI, USDC, and USDT token variants across the v1 contract suite.
- **Key fields**: `incomeFeeValue` for closing fees, `openingFeeTreasuryAmount` and `iporPublicationFee` for opening fees, `asset` for token identification

### Component D: Revenue extraction from v2 contracts  
- **Purpose**: Calculate fee revenue from IPOR v2 interest rate swap transactions
- **Logic**: Extract fee amounts from `OpenSwap` events by summing `openingFeeTreasuryAmount` and `iporPublicationFee` from the amounts object. Extract fees from `SwapUnwind` events using `unwindFeeTreasuryAmount`. Convert all amounts from 18-decimal precision to standard decimal format. Process transactions from both `IporProtocolRouter` and `IporProtocolRouterV2` contracts.
- **Key fields**: `openingFeeTreasuryAmount` and `iporPublicationFee` for opening fees, `unwindFeeTreasuryAmount` for unwind fees, `asset` for token identification

### Component E: Revenue USD conversion and aggregation
- **Purpose**: Standardize all fee revenue into USD and aggregate by day
- **Logic**: Join fee amounts with end-of-day token price feeds to convert DAI, USDC, and USDT denominated fees to USD values. Aggregate converted amounts by day, chain, business line, and token to create daily revenue totals. Apply absolute value to ensure all fee amounts are treated as positive revenue regardless of sign in the raw events.
- **Key fields**: `amount` in token terms, `symbol` for price feed matching, converted `revenue` in USD

### Final aggregation
- **Combining components**: The ARPU calculation divides the daily USD revenue totals by the daily active user counts for the corresponding day
- **Currency conversion**: All revenue is converted to USD using end-of-day exchange rates before the ARPU calculation
- **Time aggregation**: Both revenue and user metrics are aggregated to daily boundaries using timestamp truncation to ensure alignment
- **Final calculation**: ARPU equals daily revenue in USD divided by daily active users, with missing days filled with zero values to maintain continuous time series data

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

IPOR ProtocolIPOR

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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