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pump.fun

# pump.fun Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) for pump.fun is calculated as the average daily fees generated per active user on the platform. User monetization efficiency is assessed by dividing total daily fees by the number of unique users who traded on that day. A hybrid approach is used to adapt to changes in the fee tracking methodology of pump.fun over time.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade data extraction

- **Purpose**: Extract all trading activity from the pump.fun platform
- **Logic**: Solana DEX trades are filtered to include only those executed by the pump.fun program. Transaction details are extracted, including signer accounts, asset amounts, instruction types (Buy/Sell), and timestamps. Decimal corrections are applied using asset metadata to convert raw asset amounts.
- **Key fields**: `transaction_id`, `block_timestamp`, `signer`, `base_mint_address`, `quote_mint_address`, `base_amount`, `quote_amount`, `instruction_type`

### Component B: Fee calculation (hybrid approach)
- **Purpose**: Calculate total daily fees using different methodologies based on data availability
- **Logic**: For dates before May 13, 2025, fees are calculated as 1% of total trading volume (trading volume multiplied by 0.99 and then by 0.01), representing the fee structure of pump.fun. For dates from May 13, 2025 onwards, fees are extracted directly from `TradeEvent` from the pump.fun program by summing the `fee` and `creator_fee` fields. If the `quote_mint` field is null or matches the default public key, the asset account is defaulted to the SOL mint account; otherwise, the specified `quote_mint` account is used. Fee amounts are kept in native units and normalized by decimal precision using asset metadata, then converted to USD using end-of-day price feeds and aggregated by day.
- **Key fields**: `fee`, `creator_fee`, `quote_mint`, `trading_volume`, `timestamp`

### Component C: Trading volume calculation

- **Purpose**: Calculate SOL trading volume for the legacy fee calculation method
- **Logic**: For Buy transactions, the `base_amount` is summed where the base asset is SOL. For Sell transactions, the `quote_amount` is summed where the quote asset is SOL. Consistent volume measurement is ensured regardless of trade direction, always capturing the SOL side of each trade. Volumes are aggregated by day and converted to USD.
- **Key fields**: `base_amount`, `quote_amount`, `instruction_type`, `token_address`

### Component D: Daily active user calculation

- **Purpose**: Count unique users who traded on pump.fun each day
- **Logic**: Distinct signer accounts are extracted from all pump.fun trades and grouped by day. All users are classified as 'Trader' type since all activity involves trading. Distinct counts are aggregated across multiple dimensions including project-level, chain-level, user-type, and product-level breakdowns.
- **Key fields**: `signer`, `block_timestamp`, `user_type`

### Component E: Average fees per user calculation

- **Purpose**: Calculate the average fees paid per active user on a daily basis
- **Logic**: Daily fees data and active users (daily) data are joined on the timestamp at the day level. Average fees per user (AFPU) is calculated by dividing total daily fees (in USD) by the active users (daily) count. Missing days are filled with zeros during the finalization process.
- **Key fields**: `fees`, `user_dau`, `afpu`, `timestamp`

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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