Lenders deposit funds into Radiant Capital and receive interest payments from borrowers (supply-side fees).

Radiant Capital is a non-custodial omni-chain lending protocol built on Layer Zero. Radiant Capital was founded by an anonymous team and launched in 2022 on Arbitrum.

RDNT tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Radiant Capital

# Radiant Capital Average fees per user (AFPU) Methodology

## 1. Overview

AFPU (Average Fees Per User) measures the average fee revenue generated per daily active user on the Radiant lending protocol. This metric answers the business question: "How much fee revenue does each user generate on average per day?" The calculation divides total daily fees (including both protocol revenue and supply-side fees paid to lenders) by the number of distinct daily active users across all supported chains.

## 2. Data sources

The AFPU calculation relies on several key data sources:

- **Radiant LendingPool contract events**: Parsed `Borrow`, `Deposit`, `FlashLoan`, `Repay`, and `Withdraw` events from Radiant v1 and v2 contracts across Ethereum, Arbitrum, and BSC networks
- **Fee distribution events**: V2 protocol uses `MiddleFeeDistribution_NewTransferAdded_event` (Arbitrum, BSC) and `MultiFeeDistribution_NewTransferAdded_event` (Ethereum) to track fee distributions
- **Token transfer events**: V1 protocol fee tracking through token transfers to specific fee recipient addresses (`0xc2054a8c33bfce28de8af4af548c48915c455c13` and `0xf90c69d16599a5c657a05fe76cd22fd9cab44598`)
- **End-of-day token price feeds**: Used for converting v1 token-denominated fees to USD values
- **Token metadata**: Symbol and decimal information for proper fee amount calculations
- **Radiant market configuration**: Asset addresses, market addresses, and token mappings across different protocol versions and chains

## 3. Step-by-step calculation

### Component A: Daily active user calculation
- **Purpose**: Count distinct users who interact with Radiant lending markets each day
- **Logic**: Extract user addresses from all lending-related events (`Borrow`, `Deposit`, `FlashLoan`, `Repay`, `Withdraw`) across Radiant v1 and v2 contracts on Ethereum, Arbitrum, and BSC. Events include different user parameters (`user`, `initiator`, `repayer`) depending on the event type. Users are classified by activity type (Borrower, Depositor, Repayer, Withdrawer) but aggregated into a single daily count using HyperLogLog for efficient distinct counting across all chains and user types.
- **Key fields**: `user_address` from various event parameters, `block_timestamp` for daily aggregation, `chain` for multi-chain support

### Component B: V1 fee calculation  
- **Purpose**: Calculate protocol fees from Radiant v1 operations
- **Logic**: Identify token transfers sent to hardcoded Radiant fee recipient addresses. Match transferred tokens against Radiant market tokens using the markets dimension table. Apply decimal corrections based on token specifications, then convert token amounts to USD using end-of-day price feeds. For v1, 100% of collected fees represent protocol revenue (no supply-side fee sharing).
- **Key fields**: `amount` (token transfer value), `token_address` (transferred token), `block_timestamp` for daily aggregation

### Component C: V2 fee calculation
- **Purpose**: Calculate protocol fees from Radiant v2 operations with fee splitting
- **Logic**: Extract fee data from `MiddleFeeDistribution_NewTransferAdded_event` and `MultiFeeDistribution_NewTransferAdded_event` contracts. The `lpUsdValue` parameter contains the total fee amount already denominated in USD. Apply fee splits: 75% allocated as protocol revenue, 25% allocated as supply-side fees paid to lenders. No additional currency conversion needed since fees are already in USD.
- **Key fields**: `lpUsdValue` (USD fee amount), `asset` (market identifier), `block_timestamp` for daily aggregation

### Component D: Total fee aggregation
- **Purpose**: Combine all fee components into total daily fees
- **Logic**: Sum protocol revenue (v1: 100% of fees, v2: 75% of fees) and supply-side fees (v1: 0% of fees, v2: 25% of fees) for each day and chain. This creates the complete fee picture including both protocol earnings and payments to lenders. Fees are aggregated across all chains and token types within each day.
- **Key fields**: `revenue` (protocol portion), `fees_supply_side` (lender portion), combined into total `fees`

### Final aggregation
- **Combining components**: Join daily fee totals with daily active user counts on timestamp and chain dimensions. Both metrics use the same daily time boundaries and chain groupings for consistent alignment.
- **Currency conversion**: V1 fees are converted to USD using end-of-day price feeds during the fee calculation phase. V2 fees are already in USD format from the source events.
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation. Missing days are filled with zeros to ensure complete time series data.
- **Final calculation**: Divide total daily fees by daily active user count using the standard ARPU calculation methodology. The result represents the average fee revenue generated per user per day across the entire Radiant protocol ecosystem.

*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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