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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is calculated to measure the daily revenue generated per active user for Orca. The monetization efficiency of individual active users (daily) is reflected by this metric across the core products, Whirlpools and Orca Token Swap V2. Active users (daily) are identified as unique transaction signers executing trades, while protocol revenue is derived from the protocol's share of trading fees. A daily ratio is established by dividing the total daily protocol revenue by the active users (daily).

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Daily active user tracking for Whirlpools and Orca Token Swap V2

- **Purpose**: active users (daily) are identified to establish the user base denominator.
- **Logic**: Trade transactions are parsed from the Solana blockchain. Unique transaction signers are extracted from these trade transactions to represent active users (daily). Only transactions interacting with the Whirlpools program or the Orca Token Swap V2 program are included. The unique signers are aggregated daily using UTC boundaries.
- **Key fields**: `signer` (user identification), `block_timestamp` (timing), `program_id` (program identification)

### Component B: Trading volume and fee rate extraction for Whirlpools and Orca Token Swap V2

- **Purpose**: Trading volumes and fee rates are extracted to determine the total fees generated by the protocol.
- **Logic**: Trade amounts are extracted from swap transactions. For Whirlpools, default fee rates are retrieved from `InitializeFeeTier`, `SetDefaultFeeRate`, `InitializeAdaptiveFeeTier`, and `SetDefaultBaseFeeRate` from `Whirlpool` programs, while pool-specific overrides are retrieved from `SetFeeRate` from `Whirlpool` programs. Default protocol fee shares are retrieved from `InitializeConfig` and `SetDefaultProtocolFeeRate` from `Whirlpool` programs, while pool-specific protocol fee share overrides are retrieved from `SetProtocolFeeRate` from `Whirlpool` programs. Pool metadata, including asset accounts and configurations, is established using `InitializePool`, `InitializePoolV2`, and `InitializePoolWithAdaptiveFee` from `Whirlpool` programs. Alternatively, actual charged fee rates are extracted from `Traded` from `Whirlpool` programs. For Orca Token Swap V2, fee rates are retrieved from `Initialize` from `TokenSwapV2` programs. Trading volumes are calculated by normalizing trade amounts by decimal precision.
- **Key fields**: `amount_0` (asset 0 amount), `amount_1` (asset 1 amount), `trade_fee_rate` (fee rate), `protocol_fee_share` (protocol share)

### Component C: USD conversion and protocol revenue calculation

- **Purpose**: Protocol revenue is calculated to determine the total daily earnings of the protocol.
- **Logic**: Trading volumes are multiplied by the respective trade fee rates and protocol fee shares to calculate the protocol's share of fees. These fee amounts are converted to USD using end-of-day asset prices. The resulting USD values are aggregated daily to calculate total daily protocol revenue.
- **Key fields**: `trading_volume` (volume in USD), `trade_fee_rate` (fee rate), `protocol_fee_share` (protocol share), `price_usd` (asset price)

### Component D: Average revenue per user calculation

- **Purpose**: The average revenue generated per active user is calculated.
- **Logic**: The total daily protocol revenue is divided by the active users (daily) for each day. A safe division function is applied to handle cases where active users (daily) are zero, resulting in an ARPU of zero. The final values are generated with daily granularity using UTC day boundaries.
- **Key fields**: `revenue` (daily protocol revenue), `user_dau` (active users (daily)), `arpu` (average revenue per user)

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

OrcaORCA

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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