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

# Native Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is measured as the revenue generated per active user over a fixed 24-hour window. This metric is calculated to reflect how effectively individual users are monetized on a daily basis across Native products, such as Native Relay. Currently, average revenue per user is recorded as zero because protocol revenue is evaluated as zero. This zero value is reported because the protocol's share of funding fees is set to zero, and trading fees are quoted off-chain and are not recorded on-chain.

## 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 retrieval

- **Purpose**: The retrieval of daily revenue generated by the protocol.
- **Logic**: Daily revenue is retrieved from the upstream Revenue metric. Because the protocol's share of funding fees is currently zero and trading fees are not recorded on-chain, daily revenue is evaluated as zero.

### Component B: Active users (daily) retrieval

- **Purpose**: The retrieval of the daily active user count.
- **Logic**: active users (daily) are retrieved from the upstream Active users (daily) metric. This metric is determined by counting the unique transaction signers interacting with Native contracts on a daily basis.

### Component C: Average revenue per user calculation

- **Purpose**: The calculation of the average revenue generated per user.
- **Logic**: Daily revenue is divided by active users (daily). Since daily revenue is evaluated as zero, the resulting average revenue per user is calculated as zero.

## Why revenue is zero
The protocol's share of the funding fee is recorded on-chain beside the share paid to liquidity providers and is currently zero. The trading fee is quoted into the rate at which an order fills and is not recorded on-chain, meaning it cannot be attributed. Therefore, the zero value is presented as a reported figure rather than an estimate, a placeholder, or missing data.

## What is excluded
The funding fee paid by market makers for liquidity drawn from the vault is recorded on-chain when the vault closes an epoch. This fee is distributed in full to liquidity providers and is excluded from protocol revenue. The trading fee is quoted directly into the rate at which an order fills and is not recorded on-chain, resulting in its exclusion. 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 revenue per user (ARPU)

Average revenue per user (ARPU)

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