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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per daily active user on the Radiant Capital lending protocol. This metric is calculated by dividing the daily protocol revenue by the number of daily active users (DAU), providing insight into the monetization efficiency and user value generation of the platform across Arbitrum, BSC, and Ethereum chains.

## 2. Data sources

- **Arbitrum token transfer events**: Token transfer records filtered by specific fee recipient addresses to identify V1 protocol fee collections
- **Parsed lending pool events**: `Borrow`, `Deposit`, `FlashLoan`, `Repay`, and `Withdraw` events from Radiant V1 and V2 lending pools across Arbitrum, BSC, and Ethereum chains
- **Lending pool configuration events**: `ReserveInitialized` events from Arbitrum V1 LendingPoolConfigurator contracts for market identification
- **Fee distribution events**: `NewTransferAdded` events from V2 MiddleFeeDistribution contracts (Arbitrum, BSC) and MultiFeeDistribution contracts (Ethereum)
- **End-of-day token price feeds**: Price data for converting token amounts to USD values
- **Token metadata**: Symbol and decimal information for proper token amount calculations
- **Market configuration data**: Hardcoded V2 market addresses and token mappings for Arbitrum, BSC, and Ethereum

## 3. Step-by-step calculation

### Component A: Revenue calculation

#### V1 revenue tracking
- **Purpose**: Captures protocol fees from Radiant V1 on Arbitrum
- **Logic**: Identifies token transfers to two hardcoded fee recipient addresses (`0xc2054a8c33bfce28de8af4af548c48915c455c13` and `0xf90c69d16599a5c657a05fe76cd22fd9cab44598`). Filters these transfers to only include tokens that represent Radiant market tokens (aTokens) by joining with market configuration data. Corrects token amounts for proper decimals and converts to USD using end-of-day price feeds
- **Key fields**: `block_timestamp` for daily aggregation, `value` for transfer amounts, `token_address` for market identification, `to_address` for fee recipient filtering

#### V2 revenue tracking  
- **Purpose**: Captures protocol fees from Radiant V2 across all supported chains
- **Logic**: Processes `NewTransferAdded` events from fee distribution contracts. On Arbitrum and BSC, uses MiddleFeeDistribution contracts; on Ethereum, uses MultiFeeDistribution contract. Extracts the `lpUsdValue` parameter which represents the fee amount already denominated in USD. Applies a 75% protocol fee split to determine the portion retained by the protocol
- **Key fields**: `block_timestamp` for daily aggregation, `lpUsdValue` for fee amounts (already in USD), `asset` for token identification

### Component B: Daily active users calculation

- **Purpose**: Counts unique users interacting with Radiant lending pools daily
- **Logic**: Aggregates user addresses from multiple lending pool event types across all chains and versions. Captures `Borrow` events (user as borrower), `Deposit` events (user as depositor), `FlashLoan` events (initiator as borrower), `Repay` events (repayer as repayer), and `Withdraw` events (user as withdrawer). Uses HyperLogLog (HLL) algorithm for efficient distinct user counting across different dimensional breakdowns including project-level, chain-level, user type, and product-level aggregations
- **Key fields**: `block_timestamp` for daily boundaries, `user`, `repayer`, or `initiator` addresses depending on event type, `chain` for cross-chain aggregation

### Final aggregation

- **Combining components**: Revenue amounts are summed daily across all V1 and V2 sources, chains, and token types. User counts are merged using HyperLogLog to ensure no double-counting of users who interact across multiple chains or event types on the same day
- **Currency conversion**: V1 token amounts are converted to USD using end-of-day token prices, while V2 amounts are already in USD from the source events
- **Time aggregation**: Both revenue and user data are truncated to daily boundaries using timestamp truncation to day granularity
- **Final calculation**: Daily ARPU is calculated by dividing the total daily revenue (in USD) by the total daily active user count. Days with zero users result in null ARPU values, while missing days are filled with zeros for consistent time series reporting

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

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