Mantra is a Decentralized Exchange (DEX), initially built on Ethereum and upgraded to the Mantra Chain, a blockchain built on the Cosmos SDK.

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MANTRA

# MANTRA Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average value of fees generated per active user (daily) on the MANTRA ecosystem. Daily revenue generated per user is reflected by this metric. Total daily fees collected across all MANTRA products, including Mantra Chain, Mantra Zone, and Mantra EVM, are divided by the number of unique active users (daily) engaging with these services.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **Blockchain events**: `message` and `wasm` events from Mantra Chain, and transaction records from Mantra EVM, covering Mantra and Mantra EVM
- **External data**: End-of-day price feeds for the MANTRA asset, OM asset, and other ecosystem assets used in fee payments

## 3. Step-by-step calculation

### Component A: Mantra Chain fee collection

- **Purpose**: Calculate fees collected from general Mantra Chain activity
- **Logic**: Transaction fees and tips are extracted from Mantra Chain transaction records. Prior to the v7.0.0 migration (block 13,000,000), amounts are normalized by decimal precision (6) and converted to USD using price feeds for the OM asset. Following the migration, amounts are normalized by decimal precision (18) and converted to USD using price feeds for the MANTRA asset. All transaction fees are aggregated by day to get total daily chain fees in USD.
- **Key fields**: `transaction_fee`, `transaction_tip`, `block_timestamp`

### Component B: Mantra Zone fee collection

- **Purpose**: Calculate fees collected from DEX swap operations on Mantra Zone
- **Logic**: `wasm` events are parsed from Mantra Chain message events where the contract address matches the Mantra Zone contract (`mantra1466nf3zuxpya8q9emxukd7vftaf6h4psr0a07srl5zw74zh84yjqagspfm`) and the action is `execute_swap_operations`. Fee amounts are extracted from attributes including `swap_fee`, `protocol_fee`, and `burn_fee`. The fee asset is identified from swap details and amounts are normalized by decimal precision. Each fee component is converted to USD using end-of-day price feeds matched by date and asset. All components are summed by day to get total daily DEX fees in USD.
- **Key fields**: `swap_fee`, `protocol_fee`, `burn_fee`, `fee_token`, `block_timestamp`

### Component C: Mantra EVM fee collection

- **Purpose**: Calculate fees generated from activity on Mantra EVM
- **Logic**: Fees on Mantra EVM are calculated as the product of gas used and the effective gas price for each transaction. Amounts are normalized by decimal precision (18) and converted to USD using end-of-day price feeds for the native asset. Fees are aggregated at a daily granularity.
- **Key fields**: `gas_used`, `effective_gas_price`, `block_timestamp`

### Component D: Mantra Chain user identification

- **Purpose**: Count unique users interacting with Mantra Chain
- **Logic**: User addresses are extracted from Mantra Chain `message` events. The `sender` field from attributes identifies the user address for each transaction. Addresses are deduplicated by day to count unique active users (daily) on the Mantra Chain product.
- **Key fields**: `sender` from `event_attributes`, `block_timestamp`

### Component E: Mantra Zone user identification

- **Purpose**: Count unique users performing DEX operations on Mantra Zone
- **Logic**: User addresses are extracted from the same Mantra Zone swap events used for fee calculation. The `sender` field identifies users initiating swap operations. Addresses are deduplicated by day to count unique active users (daily) of the Mantra Zone product.
- **Key fields**: `sender` from swap event attributes, `block_timestamp`

### Component F: Mantra EVM user identification

- **Purpose**: Count unique users interacting with Mantra EVM
- **Logic**: Unique user addresses are identified from the `from_address` field in transaction records on Mantra EVM. These addresses are deduplicated daily to determine unique active users (daily) for the Mantra EVM product.
- **Key fields**: `from_address`, `block_timestamp`

### Component G: Final aggregation

- **Purpose**: Combine fees and users to calculate the final average
- **Logic**: Mantra Chain, Mantra Zone, and Mantra EVM fees are summed to determine total daily fees in USD. Active users (daily) are aggregated across Mantra Chain, Mantra Zone, and Mantra EVM activities, ensuring each unique address is counted only once per day regardless of product usage. Total daily fees in USD are divided by the count of unique active users (daily) to calculate the average fees per user.
- **Key fields**: `fees`, `active users (daily)`, `timestamp`

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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