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Origin Protocol

# Origin Protocol Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per daily active user across Origin Protocol's ecosystem. This metric answers the question "How much fee revenue does each active user generate on average?" and is calculated by dividing total daily fees by the number of daily active users. Origin Protocol operates yield-bearing tokens (Origin Dollar, OETH, superOETHb, OS) and an Automated Rebalancing Module (ARM) across Ethereum, Base, Sonic, and Arbitrum chains.

## 2. Data sources

The AFPU calculation draws from several categories of blockchain data:

- **Origin protocol smart contract events**: Parsed events from Origin vault contracts including `Mint`, `Redeem`, `YieldDistribution`, and `TotalSupplyUpdatedHighres` events across Ethereum, Base, and Sonic chains
- **ARM operation events**: Lido ARM fee collection events (`FeeCollected`) and fee update events (`FeeUpdated`) on Ethereum
- **Token transfer events**: ERC-20 transfer events from Ethereum, Base, Sonic, and Arbitrum blockchains, particularly for Origin tokens and underlying assets like WETH
- **Transaction data**: Function call traces from successful transactions interacting with Origin zapper contracts, ARM contracts, and flipper contracts
- **Fee configuration events**: Dynamic fee rate updates for redeem fees (`RedeemFeeUpdated`) and ARM fees across different chains and tokens
- **End-of-day token price feeds**: USD price data for all relevant tokens to enable consistent cross-token and cross-chain fee aggregation
- **Token metadata**: Decimal precision information for proper amount normalization

## 3. Step-by-step calculation

### Component A: Redeem fee calculation
- **Purpose**: Calculates fees generated from vault redemption operations across all Origin tokens
- **Logic**: Identifies redemption events from Origin vaults on Ethereum (Origin Dollar and OETH vaults), Base (superOETHb vault), and Sonic (OS vault). For each redemption, retrieves the applicable fee rate at the time of redemption by joining with fee configuration events based on block ordering. Calculates the fee amount by multiplying the redemption `value` by the applicable `redeem_fee_rate`. Fee rates are stored as basis points (divided by 10^4) while redemption amounts are in token native precision (divided by 10^18).
- **Key fields**: Uses `value` from redemption events, `redeem_fee_rate` from fee configuration events, and temporal joins based on `id` fields derived from block numbers and log indexes

### Component B: Yield distribution fee calculation  
- **Purpose**: Captures protocol fees from yield distribution events across Origin vaults
- **Logic**: Extracts yield distribution events from all Origin vaults across supported chains. Each event contains both the total yield amount and the protocol fee portion. Uses the `fee` field directly from events for most chains, with special handling for Base chain which uses a fixed 25% fee ratio. Converts amounts from native token precision to USD using end-of-day price feeds.
- **Key fields**: Uses `yield` and `fee` fields from yield distribution events, with chain-specific fee ratio calculations

### Component C: Base rebase yield calculation
- **Purpose**: Calculates rebase yields for superOETHb on Base chain using two different methodologies for different time periods
- **Logic**: For blocks before 24827918, calculates rebase amounts by taking total supply changes and subtracting the cumulative net effect of mints and burns. Uses a rolling calculation where rebase amount equals current total supply minus cumulative mints plus cumulative withdrawals, then calculates the yield portion using an 80/20 split. For the period after block 19148031, uses direct WETH transfers from the dripper contract to the vault as the rebase amount. Applies the same 80/20 fee/yield split with 0.2 as the fee ratio.
- **Key fields**: Uses `total_supply` from supply update events, `amount` from mint and burn functions, and `value` from token transfer events

### Component D: ARM fee calculation
- **Purpose**: Captures fees from Lido ARM operations including both direct fee collections and ERC4626-style revenues
- **Logic**: Combines two types of ARM fees: direct fee collections from `FeeCollected` events and ARM token minting revenues tracked through ERC-20 transfers. For direct collections, uses the `fee` amount from events. For ERC4626 revenues, tracks ARM token transfers from the null address to the zapper contract, representing ARM token minting. Applies dynamic ARM fee rates by joining with fee setting events using temporal block-based joins.
- **Key fields**: Uses `fee` amounts from collection events and `value` from ARM token transfer events, with `protocol_fee_rate` from fee setting events

### Component E: User activity tracking
- **Purpose**: Identifies and counts unique daily active users across all Origin protocol interactions
- **Logic**: Aggregates user addresses from multiple interaction types across supported chains. Includes vault interactions (minting, redeeming), zapper usage, ARM operations (deposits, redemptions), and flipper trading activities. Extracts user addresses from both successful function calls (filtered by status equals true) and event logs. Uses different address fields depending on the interaction type - `addr` for vault events, `sender` for ARM events, `minter` for zapper events, and `from_address` for function calls. Applies HyperLogLog aggregation to handle cross-chain deduplication accurately.
- **Key fields**: Uses various user address fields (`addr`, `sender`, `minter`, `from_address`, `withdrawer`) depending on the specific interaction type

### Final aggregation
- **Combining components**: All fee components are aggregated daily by truncating timestamps to day boundaries and summing fees in USD. User counts are aggregated daily using HyperLogLog merge operations to ensure accurate cross-chain deduplication while maintaining user privacy.
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment applied before conversion. Token amounts are normalized by dividing by 10^18 for most tokens and 10^4 for fee rates stored as basis points.
- **Time aggregation**: Both fees and user counts use day-level timestamp truncation to align time boundaries. Missing days are filled with zeros to ensure consistent time series data.
- **Final calculation**: AFPU equals the total daily fees in USD divided by the daily active user count. The calculation uses the `calculate_arpu` macro which performs this division operation, then applies final metric formatting and validation through the `finalize_metric_afpu` macro with a fill strategy of zeros for missing data points.

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

Origin ProtocolOGN

Average fees per user (AFPU)

Average fees per user (AFPU)

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