Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.

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Orca

Orca | Data Breakdown

# Orca Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average fee amount paid per active user over a fixed 24-hour window. This metric is utilized to evaluate user transaction costs and protocol monetization efficiency across the Whirlpools and Orca Token Swap V2 products. By dividing total daily fees by active users (daily), insights into individual user contribution to protocol volume and fee generation are provided. The resulting values are normalized and denominated in USD to facilitate cross-project comparisons.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Whirlpools fee tracking

- **Purpose**: Capture trading fees generated from Whirlpools pools
- **Logic**: Trade data is parsed from the Whirlpools program (`whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc`). Modeled fee rates are determined by parsing `SetFeeRate`, as well as default fee rates from `InitializeFeeTier`, `SetDefaultFeeRate`, `InitializeAdaptiveFeeTier`, and `SetDefaultBaseFeeRate` from the `Whirlpool` program. Protocol fee shares are determined from `SetProtocolFeeRate`, `InitializeConfig`, and `SetDefaultProtocolFeeRate` from the `Whirlpool` program. For pool accounts and days where actual charged fees are available, fee rates and protocol fee shares are extracted directly from `Traded` in the program logs, where both base and variable fees on adaptive fee pools are captured. Trading fees are calculated by multiplying the trade volume by the determined trade fee rate.
- **Key fields**: `pool_address`, `amount_0`, `amount_1`, `trade_fee_rate`, `protocol_fee_share`

### Component B: Orca Token Swap V2 fee tracking

- **Purpose**: Capture trading fees generated from Orca Token Swap V2 pools
- **Logic**: Trade data is parsed from the Orca Token Swap V2 program (`9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP`). Fee rates are retrieved by parsing `Initialize` from the `TokenSwapV2` program, where the total trade fee rate is calculated as the sum of the liquidity provider fee rate and the protocol fee rate. Trading fees are calculated by multiplying the trade volume by this combined trade fee rate.
- **Key fields**: `pool_address`, `amount_0`, `amount_1`, `lp_fee_rate`, `protocol_fee_rate`

### Component C: Active users tracking

- **Purpose**: Identify the daily count of unique active users interacting with Orca
- **Logic**: Transaction signers are extracted from trade records associated with both the Whirlpools and Orca Token Swap V2 programs. The active users (daily) metric is calculated by aggregating these signers and taking the count of distinct user accounts for each 24-hour UTC window.
- **Key fields**: `signer`, `block_timestamp`, `product_id`

### Component D: USD conversion and average fee calculation

- **Purpose**: Normalize fee values to USD and calculate the average fees paid per active user
- **Logic**: Trading volumes and fees are normalized by asset decimal precision and converted to USD using end-of-day asset prices. Total daily fees in USD are aggregated across all products. Finally, the average fees per user (AFPU) is calculated by dividing the total daily fees by the active users (daily) count. A daily granularity with UTC day boundaries is maintained, and any missing days are filled with zeros.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

OrcaORCA

Average fees per user (AFPU)

Average fees per user (AFPU)

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