Native Relay streams Core prices to wallets and aggregators and routes their orders into Native, while Native Pro exposes the Core matching engine to institutions over direct, exchange-grade interfaces. Trades settle non-custodially through NativeRouter and CreditVault contracts deployed on each supported EVM chain. Native applies standard maker and taker fees on Native Core: 0% on stablecoin and softpeg markets, 0.1% taker and 0.02% maker on majors and RWAs, and 0.001% taker with 0% maker on selected markets. Integration partners routing through Native Relay negotiate a customized additional Relay fee, typically set at zero or minimal, on top of the standard maker and taker rates.

Native is a non-custodial trading infrastructure for on-chain spot markets that decouples pricing logic from asset settlement. Native Core is an on-chain sovereign state machine where price discovery and central limit order book matching are finalized, while Native Pool consists of distributed smart contracts on EVM chains that custody assets and enforce settlement. Rather than pricing trades through AMM pools, Native matches orders in its own engine and exports the resulting liquidity to integrating chains and distribution surfaces.

Native serves wallets, aggregators and intent platforms that route order flow into Native to source on-chain liquidity, institutions and professional market makers that integrate through Native Pro, and liquidity providers that supply the permissionless vaults used for settlement.

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# Native Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is measured as the average fees per active user over a fixed 24-hour window for Native. The daily fees generated relative to active users are reflected by this metric, with the funding fees paid by market makers rather than traders. It is calculated by dividing the total daily fees by the number of active users (daily). User monetization and the economic efficiency of the Native Relay product are evaluated through this metric.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Funding fee extraction

- **Purpose**: To capture the funding fees paid by market makers.
- **Logic**: `EpochUpdated` events are parsed from `CreditVault` contracts. The `fundingFee` is extracted from the accrued funding fees array nested within the event data. These fees are defined as the funding fees debited from market maker positions when an epoch is closed by a vault.
- **Key fields**: `fundingFee` (supply-side fee amount), `token` (asset address)

### Component B: Active user tracking

- **Purpose**: To identify unique active users (daily) interacting with the protocol.
- **Logic**: `RFQTrade` events are parsed from `NativeRFQPool` contracts across the protocol's deployed pool contracts. To determine the actual trader, each trade transaction is joined with transaction metadata to extract the transaction signer address. This ensures that the actual user is captured rather than router-mediated settlement contracts. Unique signer addresses are aggregated daily to determine the active users (daily).
- **Key fields**: `transaction_hash`, `from_address` (signer address)

### Component C: USD conversion and fee aggregation

- **Purpose**: To normalize fee values to USD.
- **Logic**: Collected funding fees are aggregated by day, asset, and chain. The fee amounts are normalized by decimal precision and multiplied by end-of-day asset prices to convert them to USD.
- **Key fields**: `timestamp`, `price_usd`

### Component D: Average fees per user calculation

- **Purpose**: To calculate the final average fees per active user.
- **Logic**: The total daily USD-denominated fees 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`

## What is excluded
The fee recorded on-chain is defined as the funding fee paid by market makers for liquidity drawn from the vault, which is charged when an epoch is closed by the vault and distributed in full to liquidity providers. The fee is paid by the market maker, never by the trader. The trading fee is quoted into the rate at which an order is filled, is not recorded on-chain, and is excluded from this metric. Additionally, a widget fee is charged on some routed orders and paid to a recipient set per order; this fee is excluded because it is not retained by the protocol.

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

Native

Average fees per user (AFPU)

Average fees per user (AFPU)

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