Liquidity providers deposit funds into liquidity pools with different liquidity management strategies and receive trading fees from traders (supply-side fees).

Maverick is a non-custodial exchange protocol built on  Ethereum, Binance Smart Chain, Base, and zkSync Era. Maverick was founded by Alvin Xu and Bob Baxley in March 2023.

MAV tokenholders own and govern the protocol. Currently, the protocol does not take a cut of the trading fees. Maverick's investors include Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.

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Maverick Protocol

# Maverick Protocol Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average fee revenue generated per daily active user on the Maverick DEX protocol. This metric answers the business question: "How much fee revenue does each active user generate on average per day?" The calculation divides total daily fees by the number of daily active users, providing insight into user monetization efficiency across the decentralized exchange.

## 2. Data sources

- **Pool creation events**: Parsed `PoolCreated` events from Maverick Factory contracts on Ethereum, BSC, Base, and zkSync Era containing pool addresses, token pairs, and fee tier configurations
- **Swap events**: Parsed `Swap` events from Maverick Pool contracts across all supported chains capturing trade amounts, directions, and pool addresses
- **Transaction records**: Blockchain transaction data from Ethereum, BSC, Base, and zkSync Era to identify user addresses (`from_address`) for each swap
- **End-of-day price feeds**: Daily token price data in USD for converting trading volumes to standardized currency values
- **Token metadata**: Token information including symbols and decimal places for proper amount calculations and trading pair naming

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establish available trading pools with their fee structures
- **Logic**: Extract all `PoolCreated` events from Maverick Factory contracts across supported chains. Parse pool addresses, token pair addresses (tokenA and tokenB), fee tiers, and protocol fee ratios. Convert fee values from 18-decimal format to standard decimal representation. Join with token metadata to add decimal places and symbols for proper pair naming
- **Key fields**: `poolAddress`, `tokenA`, `tokenB`, `fee` (converted to `fee_tier`), `protocolFeeRatio`, token `decimals` and `symbol` values

### Component B: Trade data processing
- **Purpose**: Capture individual swap transactions with user attribution
- **Logic**: Process `Swap` events from Maverick Pool contracts, extracting trade amounts (`amountIn`, `amountOut`), trade direction (`tokenAIn` boolean), and pool addresses. Join with blockchain transaction data to identify user addresses from the `from_address` field. Split trade amounts into token0 and token1 based on trade direction, applying appropriate positive/negative signs to represent the direction of each token flow
- **Key fields**: `amountIn`, `amountOut`, `tokenAIn`, `user_address` (from transaction `from_address`), `token0_amount`, `token1_amount`

### Component C: Volume calculation and USD conversion
- **Purpose**: Convert raw token amounts to standardized USD trading volumes
- **Logic**: Aggregate absolute token amounts daily by user and trading pair. Apply decimal corrections using token metadata to convert from raw blockchain units to human-readable amounts. Join with end-of-day price feeds for both tokens in each pair. Calculate USD values for both token sides and use the minimum value between the two to prevent price manipulation attempts. This anti-manipulation approach ensures volume calculations aren't inflated by trades involving tokens with unreliable or manipulated prices
- **Key fields**: `token0_amount` and `token1_amount` (decimal-corrected), `price_usd` (from price feeds), final `trading_volume` (minimum of both token USD values)

### Component D: Fee calculation
- **Purpose**: Determine fee revenue generated from each trade
- **Logic**: Multiply the USD trading volume for each transaction by the corresponding pool's fee tier. Fee tiers are pool-specific and were established when pools were created. Aggregate these fee amounts daily across all pools and chains to get total daily fee revenue
- **Key fields**: `trading_volume`, `fee_tier`, calculated `fees`

### Component E: Daily active user counting
- **Purpose**: Count unique users who traded on each day
- **Logic**: Extract unique user addresses from all trading activity, grouping by day. Use HyperLogLog (HLL) aggregation functions to efficiently count distinct users across multiple dimensions including overall project level, individual chains, user types, and product levels. HLL provides approximate but highly scalable distinct counting for large datasets
- **Key fields**: `user_address` (from trades), aggregated `user_dau` counts

### Final aggregation
- **Combining components**: The daily fees from Component D are divided by the daily active users from Component E using the `calculate_arpu` macro
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds, with anti-manipulation logic applied during volume calculation
- **Time aggregation**: Daily boundaries are established using timestamp truncation to day level, ensuring consistent 24-hour periods across all calculations
- **Final calculation**: AFPU = Total Daily Fees (USD) ÷ Daily Active Users, where fees include all trading fee revenue generated across all pools and chains, and DAU represents unique user addresses that executed at least one trade

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

Maverick ProtocolMAV

Average fees per user (AFPU)

Average fees per user (AFPU)

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