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Phantom

# Phantom Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average amount of revenue generated per daily active user of the Phantom wallet. This metric is calculated by dividing daily revenue by the number of daily active users, providing insight into the monetization effectiveness per user. The calculation identifies users through their fee-paying activity on the Solana blockchain and captures revenue from fees collected by Phantom's designated fee accounts.

## 2. Data sources

- **Solana native transfer events**: SOL transfer events on the Solana blockchain, specifically transfers directed to Phantom's fee collection accounts
- **Solana SPL token transfer events**: SPL (Solana Program Library) token transfer events where tokens are sent to Phantom's fee accounts
- **End-of-day token price feeds**: Token price data used for converting fee amounts to USD values
- **Token metadata**: Information about token decimal places required for proper amount calculation and conversion

## 3. Step-by-step calculation

### Component A: SOL fee collection
- **Purpose**: Captures native SOL fees paid to Phantom's fee accounts
- **Logic**: Extracts native SOL transfers from Solana blockchain data where the recipient is one of eight specific Phantom fee accounts (`25mYnjJ2MXHZH6NvTTdA63JvjgRVcuiaj6MRiEQNs1Dq`, `9yj3zvLS3fDMqi1F8zhkaWfq8TZpZWHe6cz1Sgt7djXf`, `8psNvWTrdNTiVRNzAgsou9kETXNJm2SXZyaKuJraVRtf`, `CnmA6Zb8hLrG33AT4RTzKdGv1vKwRBKQQr8iNckvv8Yg`, `2rQZb9xqQGwoCMDkpabbzDB9wyPTjSPj9WNhJodTaRHm`, `9gnLg6NtVxaASvxtADLFKZ9s8yHft1jXb1Vu6gVKvh1J`, `wtpXRqKLdGc7vpReogsRugv6EFCw4HBHcxm8pFcR84a`, `D1NJy3Qq3RKBG29EDRj28ozbGwnhmM5yBUp8PonSYUnm`). Filters out transfers where the transaction signer is also one of the fee accounts to exclude internal transfers
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_signer` for user identification, `amount` for fee value, and hardcoded `token_address` as SOL's mint address

### Component B: SPL token fee collection  
- **Purpose**: Captures SPL token fees paid to Phantom's fee accounts
- **Logic**: Extracts SPL token transfers from Solana blockchain data where the token owner recipient is one of the eight Phantom fee accounts. Uses the same account filtering logic as SOL fees, excluding transfers where the transaction signer is a fee account
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_signer` for user identification, `token_address` for token identification, `amount` for fee value

### Component C: Fee aggregation and USD conversion
- **Purpose**: Combines SOL and SPL token fees, converts to USD, and aggregates by day
- **Logic**: Unions SOL and SPL token fee data, truncates timestamps to daily boundaries, groups by day/chain/token, and sums fee amounts. Applies USD conversion using end-of-day price feeds and corrects for token decimal places to get proper dollar amounts
- **Key fields**: `timestamp` truncated to day, `chain_id` set to 'solana', `token_address` for price lookup, `fees` as the USD-converted daily sum

### Component D: User identification and DAU calculation
- **Purpose**: Identifies daily active users based on fee-paying activity
- **Logic**: Extracts unique transaction signers from both SOL and SPL fee data, truncates timestamps to daily boundaries, and creates distinct user records. Uses HyperLogLog aggregation to count unique users across multiple dimensional breakdowns including overall project level, by chain, by user type ('Trader'), and by product ID
- **Key fields**: `timestamp` truncated to day, `user_dau` as the transaction signer address, `user_type` set to 'Trader', `chain` for dimensional breakdown

### Component E: Revenue calculation
- **Purpose**: Transforms aggregated fees into revenue metric
- **Logic**: Takes the USD-converted daily fee totals and relabels them as revenue. No additional calculations are performed - revenue directly equals the fees collected by Phantom's accounts
- **Key fields**: `timestamp` for daily boundary, `revenue` equal to the fees amount, dimensional breakdowns by `chain_id` and `product_id`

### Final aggregation
- **Combining components**: The ARPU calculation divides daily revenue by daily active users using the `calculate_arpu` macro, which performs the mathematical division operation
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token prices and decimal-corrected before the division
- **Time aggregation**: Both revenue and user counts are aggregated to daily boundaries using timestamp truncation to day granularity
- **Final calculation**: ARPU equals daily revenue divided by daily active users, with the result standardized through the `finalize_metric_arpu` macro which ensures consistent schema and fills missing days with zeros

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

Phantom

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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