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.

github

twitter

discord

etherscan

website

Derivative exchanges

Opyn

# Opyn Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Opyn protocol. ARPU is calculated by dividing total daily revenue by the number of daily active users. This metric helps assess the monetization efficiency and user value generation of the derivatives protocol. For Opyn, the current ARPU is zero since the protocol does not charge fees, making this a baseline metric that would capture future revenue if fees are introduced.

## 2. Data sources

The calculation uses the following raw data sources:

- **Ethereum contract events**: Parsed events from Opyn's core contracts including `Controller` events (`OpenVault`, `MintShort`, `BurnShort`), `FlashZen` events (`FlashWithdraw`, `FlashDeposit`), and `CrabStrategy` V1 and V2 events (`FlashDeposit`, `FlashWithdraw`)
- **Ethereum function calls**: Transaction traces from `ShortHelper` contract calls (`openShort`, `closeShort`)
- **Trading data**: Opyn Squeeth token mint transactions for volume tracking
- **Token metadata**: Contract addresses and token specifications for the oSQTH token
- **End-of-day price feeds**: Token price data for USD conversion of trading volumes
- **Chain availability data**: Ethereum network operational status and data availability windows

## 3. Step-by-step calculation

### Component A: User identification and classification
- **Purpose**: Identify all users interacting with Opyn protocol and classify them by activity type
- **Logic**: Extract user addresses from multiple Opyn contract interactions on Ethereum. Parse `Controller` contract events to identify vault operators (`sender` from `OpenVault`) and option traders (`sender` from `MintShort` and `BurnShort` events). Parse `FlashZen` contract events to identify Bull strategy users (`to` from `FlashWithdraw` as Bull Withdrawer, `from` from `FlashDeposit` as Bull Depositor). Parse `CrabStrategy` V1 and V2 contract events to identify Crab strategy users (`depositor` from `FlashDeposit` as Crab Depositor, `withdrawer` from `FlashWithdraw` as Crab Withdrawer). Parse `ShortHelper` function calls to identify short position managers (`from_address` from `openShort` and `closeShort` calls). Each interaction assigns a specific user type label for categorization.
- **Key fields**: `user_address` (the interacting wallet), `user_type` (classification like Vault Opener, Short Minter, Crab Depositor), `block_timestamp` (interaction time), `transaction_hash` (unique transaction identifier)

### Component B: Daily active user aggregation  
- **Purpose**: Count distinct users per day across different dimensions using efficient algorithms
- **Logic**: Truncate all timestamps to daily boundaries. Group user interactions by day, chain, user type, and product. Use HyperLogLog algorithm to count distinct users efficiently, which provides approximate but highly accurate counts for large datasets. Create multiple aggregation levels: total project users, users by chain, users by user type, and users by product. The HyperLogLog approach allows combining user counts across different dimensions without double-counting users who performed multiple interaction types on the same day.
- **Key fields**: `user_dau` (distinct user count), `timestamp` (daily boundary), `dimensions` (aggregation level), `chain_id`, `user_type`, `product_id`

### Component C: Revenue calculation
- **Purpose**: Calculate total daily protocol revenue from fees
- **Logic**: Currently set all revenue values to zero as Opyn does not charge protocol fees. The revenue model maintains the same timestamp structure as other components to ensure consistent time series alignment. Reference the trading volume timestamps to establish the correct date range for revenue data. This structure allows for future fee implementation without changing the underlying calculation framework.
- **Key fields**: `revenue` (set to 0), `timestamp` (daily boundary), `chain_id`, `product_id`

### Final aggregation
- **Combining components**: The ARPU macro divides daily revenue by daily active users for each day, chain, and product combination. Since revenue is zero, this calculation yields zero ARPU for all time periods.
- **Currency conversion**: Not applicable for current zero-revenue scenario, but framework exists for USD conversion when fees are introduced
- **Time aggregation**: Daily boundaries are used consistently across all components. Missing days are filled with zeros to maintain complete time series.
- **Final calculation**: ARPU = Daily Revenue ÷ Daily Active Users. Currently this equals 0 ÷ DAU = 0 for all periods. The calculation framework applies chain availability filters to ensure data is only reported for periods when Ethereum data is complete and reliable.

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

OpynOSQTH

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape