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.

github

twitter

discord

etherscan

website

Exchanges (DEX)

Maverick Protocol

# Maverick Protocol Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU (Average Revenue Per User) measures the average revenue generated per daily active user on the Maverick decentralized exchange protocol. The metric is calculated by dividing total daily revenue by the number of daily active users. Currently, Maverick's revenue is set to zero, making this effectively a user activity tracking metric with ARPU values of 0. The calculation covers trading activity across Ethereum, BSC, Base, and zkSync Era networks.

## 2. Data sources

- **Blockchain events**: Parsed `Pool_Swap_event` logs from Maverick DEX smart contracts across Ethereum, BSC, Base, and zkSync Era networks containing swap transaction details
- **Factory events**: Parsed `Factory_PoolCreated_event` logs providing trading pair metadata, fee tiers, and protocol configuration
- **Transaction data**: Transaction records from Ethereum, BSC, Base, and zkSync Era containing user addresses and transaction metadata
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal precision
- **Data types**: Daily trading activity, liquidity pool configurations, user interaction records, and standardized price data

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Establishes the universe of Maverick trading pools and their characteristics
- **Logic**: Processes `Factory_PoolCreated_event` logs from Maverick factory contracts across all supported chains. Extracts pool addresses, token pair information, fee tiers, and protocol fee ratios. Joins with token metadata to get symbol information and decimal precision for proper amount conversion. Creates a comprehensive mapping of all Maverick trading pairs with their operational parameters.
- **Key fields**: `poolAddress`, `tokenA`, `tokenB`, `fee`, `protocolFeeRatio`, token `decimals` and `symbol`

### Component B: Trade event processing
- **Purpose**: Captures all swap transactions and user activity on Maverick pools
- **Logic**: Processes `Pool_Swap_event` logs from Maverick pool contracts. Extracts swap details including token amounts, trade direction, and timing. Joins with transaction records to identify user addresses performing swaps. Calculates token amount changes for both sides of each swap based on trade direction. Applies proper decimal correction using trading pair metadata.
- **Key fields**: `amountIn`, `amountOut`, `tokenAIn` (direction), `transaction_hash`, user addresses

### Component C: Trading volume calculation  
- **Purpose**: Converts raw token amounts to standardized USD trading volumes
- **Logic**: Aggregates daily trading activity by taking absolute values of token amounts and dividing by appropriate decimal precision. Joins with end-of-day token price feeds to convert token amounts to USD values. Applies manipulation protection by taking the minimum USD value between the two tokens in each swap to filter out potential price manipulation. Groups by day, chain, user, and trading pair to create daily volume records.
- **Key fields**: `token0_amount`, `token1_amount`, `trading_volume` in USD, daily timestamps

### Component D: Fee calculation
- **Purpose**: Determines fees generated from trading activity
- **Logic**: Multiplies daily trading volume by pool-specific fee tiers extracted from trading pair data. Calculates total fees that would be generated based on the volume and fee structure. This represents the theoretical fee income from trading activity.
- **Key fields**: `trading_volume`, `fee_tier`, calculated `fees`

### Component E: Daily active user counting
- **Purpose**: Counts unique users interacting with Maverick pools each day
- **Logic**: Identifies distinct user addresses from swap transactions on each day. Uses HyperLogLog data structure to efficiently count unique users while enabling aggregation across different dimensions. Creates breakdowns by project-wide totals, individual chains, user types, and product categories. Applies probabilistic counting to handle large user sets and cross-dimensional aggregations.
- **Key fields**: `user_address`, `timestamp`, `user_dau` counts, dimension breakdowns

### Component F: Revenue determination
- **Purpose**: Establishes protocol revenue for ARPU calculation
- **Logic**: Currently sets revenue to zero for all time periods and dimensions. This reflects that Maverick does not currently generate protocol-level revenue from trading fees, with fees likely going to liquidity providers rather than the protocol itself. Creates zero revenue records matching the fee calculation structure for consistent data schema.
- **Key fields**: `revenue` (hardcoded to 0), matching dimensional structure

### Final aggregation
- **Combining components**: The `calculate_arpu` macro divides daily revenue by daily active user counts for matching time periods and dimensions. Since revenue is zero, this produces ARPU values of 0
- **Currency conversion**: All monetary values are converted to USD using end-of-day token price feeds
- **Time aggregation**: Calculations are performed at daily boundaries with proper timestamp truncation
- **Final calculation**: ARPU = Daily Revenue ÷ Daily Active Users, currently resulting in 0 ÷ Users = 0 across all time periods

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

Maverick ProtocolMAV

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape