Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Pharaoh

# Pharaoh Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the total revenue generated by Pharaoh per active user over a 24-hour window. This metric provides a benchmark for the protocol's monetization efficiency on Avalanche by comparing the total value captured from swap fees and voting incentives against the daily trading population. Average revenue per user (ARPU) is calculated by dividing daily revenue by the number of active users (daily), reflecting the protocol's ability to generate value from its individual participants.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts; `FeesCollected` events from `FeeCollector` contracts; `VotesIncentivized` events from `FeeDistributor` contracts; and `feeChangeV1`, `PairCreated`, `PoolCreated`, and `FeeAdjustment` events from `PharaohCommandCenter`, `Factory`, and `RamsesV3Factory` contracts, covering Avalanche
- **External data**: End-of-day price feeds for assets and asset metadata

## 3. Step-by-step calculation

### Component A: Active user identification

- **Purpose**: Identify the unique daily participants interacting with Pharaoh products
- **Logic**: Unique addresses are extracted from the `from_address` of transactions associated with `Swap` events across all protocol versions, including Legacy Pair, Concentrated Liquidity Pool, and Concentrated Liquidity Pool V3. These addresses are aggregated into a daily count to represent the number of active users (daily).
- **Key fields**: `user_address` (trader identification), `block_timestamp` (timing)

### Component B: Revenue aggregation

- **Purpose**: Calculate the total protocol revenue from all fee-generating activities
- **Logic**: Revenue is aggregated from three primary sources. For Legacy Pair (V1), swap volumes are multiplied by fee rates parsed from `feeChangeV1` and `PairCreated` events. For Concentrated Liquidity Pool (V2), revenue is extracted directly from the distributed and treasury amounts within `FeesCollected` events. For Concentrated Liquidity Pool V3, revenue is derived by applying fee tiers (established in `PoolCreated` and `FeeAdjustment` events) to swap volumes extracted from pool contracts. Finally, reward amounts from `VotesIncentivized` events are added to the total. All asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_tier`, `fee_percentage`, `amount` (incentives)

### Component C: Average revenue per user calculation

- **Purpose**: Calculate the final daily ARPU value
- **Logic**: The total daily revenue is divided by the number of active users (daily) for each 24-hour period. If no revenue or users are recorded for a specific day, the value is set to zero to ensure a continuous time series. Calculations are performed at daily granularity with UTC day boundaries.
- **Key fields**: `revenue`, `user_dau` (daily count)

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

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Average revenue per user (ARPU)

Average revenue per user (ARPU)

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