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# pump.fun Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the daily revenue generated per active trader on pump.fun. This metric is calculated by dividing daily protocol revenue by active users (daily). User monetization efficiency and revenue concentration across the pump.fun trading platform are assessed using ARPU. Actual trading data from Solana are used, and different fee calculation methodologies are applied based on data availability periods.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: active users (daily) calculation

- **Purpose**: Unique traders who executed transactions on pump.fun each day are counted.
- **Logic**: All buy and sell transactions are extracted from Solana DEX data filtered to the pump.fun program account. Unique transaction signers (wallet accounts that initiated trades) are identified and grouped by day. Each unique signer is treated as one active user regardless of transaction count or volume traded.
- **Key fields**: `signer`, `block_timestamp`, `instruction_type`

### Component B: Revenue calculation (pre-May 2025)
- **Purpose**: Protocol revenue from trading fees is estimated using a volume-based calculation.
- **Logic**: Total trading volume is calculated by summing SOL amounts from buy transactions (using the `base_amount` field) and sell transactions (using the `quote_amount` field). The pump.fun 1% fee structure is applied by multiplying trading volume by 0.99 (to get net volume) and then by 0.01 (to get the 1% fee). SOL amounts are converted to USD using end-of-day price feeds. This approach is used for periods before direct fee data was available.
- **Key fields**: `base_amount`, `quote_amount`, `base_mint_address`, `quote_mint_address`

### Component C: Revenue calculation (post-May 2025)
- **Purpose**: Actual protocol revenue is calculated from direct fee data.
- **Logic**: Fee amounts are extracted directly from `TradeEvent` from pump.fun programs, which contain `fee` (protocol fee) and `creator_fee` (creator fee) fields. For revenue calculation, only the protocol `fee` amounts are summed, excluding creator fees. The quote asset is identified using the `quote_mint` field, defaulting to the native SOL mint account if null or set to the default public key. Amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `fee_amount`, `creator_fee_amount`, `token_address`, `block_timestamp`

### Component D: Trading volume calculation (supporting data)
- **Purpose**: Daily trading volumes are calculated to support fee estimation in the pre-May 2025 period.
- **Logic**: Buy and sell transactions are separated, and relevant volume amounts are extracted. For buy transactions, `base_amount` (SOL received) is used. For sell transactions, `quote_amount` (SOL paid) is used. Transactions are filtered to ensure only SOL trades are included by verifying that token accounts match the SOL mint account. Volumes are summed by day, and raw amounts are converted using token decimal precision.
- **Key fields**: `instruction_type`, `base_amount`, `quote_amount`, `base_mint_address`, `quote_mint_address`

### Component E: Final aggregation and ARPU calculation

- **Purpose**: Daily revenue and active users are combined to calculate the final average revenue per user.
- **Logic**: Daily totals for both active users (daily) and revenue are aggregated. Timestamps are truncated to daily boundaries to ensure consistent daily grouping. Daily revenue is divided by active users (daily) to calculate the average revenue per user (ARPU). In cases where active users (daily) equal zero, the ARPU is set to zero.
- **Key fields**: `revenue`, `user_dau`

*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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