Pool delegates create a pool and attract funding, from which they receive a portion of the establishment fee and the interest accrued. Liquidity providers add liquidity to the pool and receive a portion of the interest (supply-side fees).

Maple is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for institutional borrowers. Maple was founded by Sid Powell and Joe Flanagan and launched in 2021.

MPL token holders govern and own the protocol. They currently take a cut of the establishment fee (revenue). Maple’s investors include Framework Ventures, One Block Capital, Stani Kulechov etc.

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Lending

Maple Finance

# Maple Finance Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated by dividing the total daily fees by the number of active users (daily) over a fixed 24-hour window. The economic activity of individual users across the protocol's lending services is reflected by this metric. Fees and user interactions are captured across multiple products, including Maple Institutional, Maple Finance syrupUSDC, Maple Finance syrupUSDT, Maple Finance syrupUSDG, and Other Maple pools. The average financial contribution made by each active participant to the protocol on a daily basis is represented by this metric.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **Blockchain events**: `ServiceFeesPaid` events from `FeeManager` contracts, `ClaimedFundsDistributed` events from `LoanManager` contracts, `FundsDistributed` events from `FTLoanManager` contracts, `Claim` and `Initialized` events from `Pool` contracts, `RewardPaid` events from `MplRewards` contracts, and ERC-20 asset transfers, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Fee and revenue extraction

- **Purpose**: Capture all protocol fees and revenues generated across Maple Finance contracts.
- **Logic**: Supply-side fees are extracted from multiple smart contract events. For fixed-term loans, `delegateServiceFee` and `partialRefinanceDelegateServiceFee` are summed from `ServiceFeesPaid` events emitted by `FeeManager` contracts, and `netInterest` is extracted from `FundsDistributed` events emitted by `FTLoanManager` contracts. For open-term loans, fees are calculated from `ClaimedFundsDistributed` events emitted by `LoanManager` contracts by subtracting management fees from gross interest, or by summing delegate fees for third-party pools. For V1 pools, interest and pool delegate portions are summed from `Claim` events emitted by `Pool` contracts. Protocol revenues are captured from ERC-20 asset transfers to designated treasury addresses and combined with off-chain OTC revenues.
- **Key fields**: `delegateServiceFee`, `partialRefinanceDelegateServiceFee`, `netInterest`, `grossInterest`, `delegateManagementFee`, `platformManagementFee`, `stakeLockerPortion`, `poolDelegatePortion`, `amount`, `token_address`

### Component B: Active user tracking

- **Purpose**: Identify and aggregate unique active users (daily) interacting with the protocol.
- **Logic**: User addresses are extracted from transaction events. Depositors and withdrawers are identified via ERC-20 asset transfers to and from Maple pool contracts, which are mapped using `Initialized` events from `Pool` contracts. Reward claimers are identified from `RewardPaid` events emitted by `MplRewards` contracts and from ERC-20 asset transfers originating from designated reward accounts. Unique user addresses are aggregated daily to determine the active users (daily).
- **Key fields**: `user_address`, `block_timestamp`, `from_address`, `to_address`

### Component C: USD normalization and aggregation

- **Purpose**: Convert fee and revenue amounts to USD and aggregate daily metrics.
- **Logic**: Raw fee and revenue amounts are normalized by decimal precision using asset metadata. Normalized values are converted to USD using end-of-day price feeds. Daily totals for both fees and active users are aggregated using UTC day boundaries.
- **Key fields**: `timestamp`, `fees`, `user_dau`

### Component D: Average fees per user calculation

- **Purpose**: Calculate the final average fees paid per active user.
- **Logic**: Total daily fees (the sum of supply-side fees and protocol revenue) are divided by the active users (daily) for each day. If no activity is recorded, the metric is filled with zeros.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

Maple FinanceSYRUP

Average fees per user (AFPU)

Average fees per user (AFPU)

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