Liquidity providers deposit funds into QuickSwap and receive trading fees from traders (supply-side fees).

QuickSwap is a non-custodial exchange protocol built on Polygon. QuickSwap was founded by Nick Mudge & Sameep Singhania and launched in 2020.

QUICK tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

github

twitter

discord

etherscan

website

Exchanges (DEX)

QuickSwap

# QuickSwap Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average amount of fees paid by an individual active user on QuickSwap within a 24-hour period. This metric provides insight into the unit economics of the protocol by relating total fee generation to the size of the active user base. It is calculated by dividing the total daily fees by the number of active users (daily) across QuickSwap V2 and QuickSwap V3. The metric reflects the average cost of service for users engaging in swaps and flash loans on the platform.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts, `Swap`, `Flash`, `Fee`, and `CommunityFee` events from `Pool` contracts, and `PairCreated`, `Pool`, or `PoolCreated` events from `Factory` and `AlgebraFactory` contracts, covering Polygon, Base, and Manta
- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **External data**: End-of-day price feeds for traded assets

## 3. Step-by-step calculation

### Component A: Trading and flash loan volume tracking

- **Purpose**: Capture the gross value of all swaps and flash loans as the basis for fee calculation.
- **Logic**: `Swap` events are parsed from `Pair` and `Pool` contracts, and `Flash` events are parsed from `Pool` contracts. For each event, the change in token balances is calculated. To mitigate the impact of price manipulation or low-liquidity outliers, the USD value of a trade is determined by taking the minimum USD value of the two assets involved in the transaction. Volumes associated with denylisted trading pairs are excluded from the calculation.
- **Key fields**: `token0_amount`, `token1_amount`, `account_address`

### Component B: Fee tier determination

- **Purpose**: Identify the applicable fee percentage for each transaction across different protocol versions.
- **Logic**: For QuickSwap V2, a constant fee tier of 0.3% is applied to all volumes. For QuickSwap V3, fee tiers are dynamically extracted from `Fee` events from `Pool` contracts or identified via `Pool` and `PoolCreated` events from `AlgebraFactory` and `Factory` contracts. These tiers are normalized by decimal precision to represent a percentage of the transaction volume.
- **Key fields**: `fee_tier`, `protocol_fee_tier`

### Component C: Total fees calculation

- **Purpose**: Calculate the total USD value of fees generated by the protocol.
- **Logic**: Daily fees are calculated by multiplying the daily trading and flash loan volumes by their respective fee tiers. For QuickSwap V2, the constant 0.3% rate is applied to all volumes. For QuickSwap V3, the specific tier associated with each pool is used. All amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `fees`, `trading_volume`, `flash_loan_volume`

### Component D: Active users (daily) identification

- **Purpose**: Count the number of unique users interacting with the protocol.
- **Logic**: Transaction signers are identified by joining `Swap` and `Flash` events with native blockchain transaction data. The `from_address` of the transaction is used as the unique user identifier. Active users (daily) are calculated as the distinct count of these addresses per UTC day across all supported chains and products.
- **Key fields**: `user_address`, `transaction_hash`

### Component E: Average fees per user (AFPU) calculation

- **Purpose**: Derive the final average fee metric.
- **Logic**: The total daily fees are divided by the count of active users (daily). The resulting value represents the average USD amount paid in fees per unique user over a 24-hour window. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

QuickSwapQUICK

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape