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Meteora

# Meteora Arpu Methodology

## 1. Overview

Average revenue per user (ARPU) is measured as the revenue generated per active user over a fixed 24-hour window. The protocol's ability to monetize individual participants across its suite of products, including Meteora DLMM, Meteora Launchpad, and Meteora Liquidity Pools, is reflected by this metric. ARPU is calculated by dividing the total daily protocol revenue by the number of unique active users (daily).

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Revenue extraction for Meteora DLMM, Meteora Launchpad, and Meteora Liquidity Pools

- **Purpose**: Capture protocol fees from modern Meteora liquidity products
- **Logic**: Protocol revenue is extracted from specific fee fields within on-chain instructions. For Meteora DLMM, protocol fees are parsed from `Swap` instructions. For Meteora Launchpad, protocol fees are identified via the `swap_result_protocol_fee` field in `EvtSwap` instructions from `DBC` programs, as well as from `EvtWithdrawMigrationFee` instructions when migration fees are withdrawn. For Meteora Liquidity Pools and Meteora Launchpad pools where DAMM V2 is utilized, revenue is captured from the `swap_result_protocol_fee` field in `EvtSwap2` instructions.

### Component B: Revenue derivation for DAMM V1 pools

- **Purpose**: Calculate protocol fees for legacy pools where explicit fee fields are unavailable in swap data
- **Logic**: Because explicit fee amounts are not emitted by DAMM V1 `Swap` instructions, revenue is derived by applying a fee schedule to the input amount of each swap. The applicable fee rates are retrieved from `SetPoolFees` instructions, where the trade fee and protocol fee fractions for specific pools are established over time. For pools without explicit fee instructions, a fallback fee schedule is retrieved from `CreateConfig` instructions. The fee asset is determined by matching the protocol fee account in the `Swap` instruction against the pool configuration accounts defined during the `InitializePool` instruction.

### Component C: Active user tracking

- **Purpose**: Identify and count unique daily participants across the protocol
- **Logic**: Active users (daily) are determined by aggregating unique transaction signers associated with transactions executed by the Meteora DLMM, Meteora Launchpad, or Meteora Liquidity Pools programs. Each unique signer is counted once per 24-hour UTC window, regardless of the number of transactions or products used.

### Component D: Wash trading filtration

- **Purpose**: Exclude inorganic trading activity from DAMM V2 pools to ensure accurate revenue and user metrics
- **Logic**: Daily quote-leg volume and quote-leg reserves are calculated in native units for DAMM V2 (constant-product AMM) pools. Pool-days with a daily turnover (daily volume divided by reserve) greater than 20 are flagged as wash trading. These flagged pool-days are then excluded from both the fee, revenue, and trade datasets before final aggregation.

### Component E: Normalization and ARPU derivation

- **Purpose**: Convert raw values to USD and calculate the final ratio
- **Logic**: All collected fee amounts are normalized by decimal precision and multiplied by end-of-day asset prices to calculate total daily revenue in USD. This total revenue is then divided by the daily count of unique active users. If no activity is recorded for a given day, the metric is set to zero.

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

MeteoraMET

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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