We currently only track the Squeeth product. Overcollateralized borrowers mint Squeeth (oSQTH), a power perpetual token that tracks the price of ETH squared.

Opyn builds derivatives and options infrastructure. Opyn was founded by Nick Sawinyh, Zubin Koticha and Alexis Gauba and launched in 2019.

Opyn team & investors own and govern the protocol. They do not currently charge a fee for Squeeth mints (revenue). Opyn’s investors include Paradigm, Dragonfly Capital, etc.

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Opyn

# Opyn 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 Opyn protocol. This metric answers the business question: "How much fee revenue does each active user generate on average?" The calculation divides total daily fees by the number of daily active users. However, for Opyn specifically, fees are currently set to zero in Token Terminal's methodology, making AFPU always equal to zero regardless of user activity levels.

## 2. Data sources

- **Ethereum event logs**: Parsed events from Opyn's Controller contract including `OpenVault`, `MintShort`, and `BurnShort` events that track vault operations and short position management
- **Flash operation events**: Parsed `FlashDeposit` and `FlashWithdraw` events from FlashZen contract for Bull strategy operations
- **Crab strategy events**: Parsed `FlashDeposit` and `FlashWithdraw` events from both CrabStrategyV1 and CrabStrategyV2 contracts for Crab strategy operations  
- **Transaction traces**: Ethereum transaction data capturing `openShort` and `closeShort` function calls to ShortHelper contract
- **End-of-day price feeds**: Token price data for USD conversion of trading volumes (used for validation but not in final AFPU calculation)
- **Token metadata**: Decimal precision data for proper amount normalization

## 3. Step-by-step calculation

### Component A: User activity identification
- **Purpose**: Identifies all unique daily active users across different Opyn protocol interactions
- **Logic**: Extracts user addresses from multiple types of blockchain events and function calls. Events include vault opening (`OpenVault`), short position minting and burning (`MintShort`, `BurnShort`), flash deposits and withdrawals for both Bull and Crab strategies (`FlashDeposit`, `FlashWithdraw` from FlashZen, CrabStrategyV1, and CrabStrategyV2 contracts). Function calls include direct short position management through ShortHelper contract (`openShort`, `closeShort`). Each interaction type is classified with a specific user type label such as Vault Opener, Short Minter, Bull Depositor, Crab Withdrawer, etc.
- **Key fields**: User addresses are extracted from different event parameters - `sender` for vault and short operations, `depositor`/`withdrawer` for strategy operations, `from_address` for function calls. Block timestamps are truncated to daily boundaries for aggregation.

### Component B: Daily active user aggregation  
- **Purpose**: Counts distinct daily active users using HyperLogLog for accurate aggregation across user types
- **Logic**: Groups all user interactions by day and applies HyperLogLog initialization and merging to count unique users. Creates multiple dimensional breakdowns including project-level totals, chain-level breakdowns, user-type breakdowns, and product-level breakdowns. Uses HyperLogLog extraction to get final distinct user counts for each dimension and day.
- **Key fields**: `user_dau` contains the final distinct user count, `timestamp` provides daily boundaries, dimensional fields like `chain_id`, `user_type`, and `product_id` enable different aggregation levels.

### Component C: Fee calculation
- **Purpose**: Calculates total daily fees generated by the protocol
- **Logic**: For Opyn, all fees are hardcoded to zero as a business rule reflecting that the protocol currently does not charge fees to users. The fee calculation references trading volume data only to ensure proper timestamp alignment but sets all fee values to zero regardless of trading activity.
- **Key fields**: `fees` field contains zero values for all time periods, `timestamp` provides daily alignment with user activity data.

### Final aggregation
- **Combining components**: The ARPU calculation macro divides total daily fees by daily active users using a standard division operation. Since fees are always zero, this results in zero regardless of the user count.
- **Currency conversion**: Not applicable since fees are zero, though the underlying infrastructure supports USD conversion using end-of-day price feeds
- **Time aggregation**: Daily boundaries are maintained throughout the calculation with timestamp truncation ensuring consistent daily aggregation across all components
- **Final calculation**: AFPU equals total daily fees divided by daily active users. Given that Opyn fees are currently zero in Token Terminal's methodology, AFPU is always zero regardless of user activity levels. The calculation preserves the dimensional structure allowing for breakdowns by chain, user type, and product while maintaining the zero result.

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

OpynOSQTH

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape