Liquidity providers deposit funds into Ramses and stake their LP tokens to receive RAM tokens in proportion to their share of the votes (token incentives).

Ramses is a non-custodial exchange protocol built on Arbitrum. Ramses was founded by pseudonyms Dog and North in 2023.

RAM tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

github

twitter

discord

etherscan

website

Exchanges (DEX)

Ramses Exchange

# Ramses Exchange Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the daily average trading fees generated per active user on the Ramses decentralized exchange. This metric answers the key business question: "How much fee revenue does each active trader generate on average?" The calculation divides total daily trading fees by the number of daily active users (traders who executed at least one swap).

## 2. Data sources

The calculation uses several types of blockchain and external data:

- **Blockchain events**: Parsed Arbitrum event logs including `Swap` events from Ramses v1 Legacy Pairs and v2 Concentrated Liquidity Pools, `Claim` events from v1 pairs, and `FeesCollected` events from v2 fee collectors
- **Factory events**: `PairCreated` events from Ramses v1 Factory and `PoolCreated` events from Ramses v2 Factory to identify trading pairs and token configurations  
- **Transaction data**: Arbitrum transaction records to map contract interactions to user wallet addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimal precision and symbols

## 3. Step-by-step calculation

### Component A: Fee collection tracking
- **Purpose**: Captures all trading fees collected across Ramses v1 and v2 protocols
- **Logic**: Monitors two types of fee collection events. For v1 Legacy Pairs, tracks `Claim` events where liquidity providers claim accumulated fees, capturing `amount0` and `amount1` in the respective tokens. For v2 Concentrated Liquidity Pools, tracks `FeesCollected` events from the fee collector contract, summing `feeDistAmount0` plus `treasuryAmount0` for token0 and `feeDistAmount1` plus `treasuryAmount1` for token1. Both protocols store the collecting pool/pair address and the fee amounts in raw token units
- **Key fields**: `account_address` (trading pair/pool), `token0_amount`, `token1_amount`, `block_timestamp`

### Component B: Trading pair metadata
- **Purpose**: Provides token configuration and metadata for each trading pair
- **Logic**: Combines factory creation events from both protocol versions to build a comprehensive directory of trading pairs. For v1, uses `PairCreated` events with `pair` address and token addresses. For v2, uses `PoolCreated` events with `pool` address and token addresses. Joins with token metadata to retrieve decimal precision for each token and creates readable pair names by concatenating token symbols
- **Key fields**: `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee amount processing
- **Purpose**: Converts raw token amounts to standardized USD values
- **Logic**: Takes fee collection events and joins with trading pair metadata to identify tokens and their decimal precision. Adjusts raw token amounts by dividing by 10 raised to the token's decimal places to get actual token quantities. Joins with end-of-day price feeds for both token0 and token1 to get USD prices. Multiplies adjusted token amounts by their respective USD prices and sums both tokens to get total fee value per event. Aggregates daily by summing all fee values across all trading pairs
- **Key fields**: `fees` (total USD value), `timestamp` (daily), `chain`, `product_id`, `account_address`

### Component D: User activity tracking  
- **Purpose**: Identifies daily active users based on trading activity
- **Logic**: Monitors `Swap` events from both Ramses v1 Legacy Pairs and v2 Concentrated Liquidity Pools on Arbitrum. For each swap event, extracts the transaction hash and joins with Arbitrum transaction data to get the `from_address` as the actual user wallet address (since swap events only contain the immediate contract caller). Truncates timestamps to daily boundaries and identifies unique user addresses per day across all protocol versions and trading pairs
- **Key fields**: `user_address`, `timestamp` (daily), `chain`, `product_id`

### Component E: User aggregation
- **Purpose**: Counts distinct daily active users with efficient deduplication
- **Logic**: Uses HyperLogLog (HLL) probabilistic data structure to count unique users efficiently while handling users active across multiple products or chains. Creates separate aggregations for different dimensional breakdowns including total project level, by chain, by user type, and by product. Applies the extract function to convert HLL sketches to actual user counts
- **Key fields**: `user_dau` (distinct user count), `dimensions`, `chain_id`, `product_id`

### Final aggregation
- **Combining components**: The `calculate_arpu` macro divides total daily fees by daily active users. Uses the fees from the processed fee data and user counts from the HLL-aggregated user data, matching by date and dimensional attributes
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token price feeds, with separate conversions for token0 and token1 amounts before summing
- **Time aggregation**: All calculations operate on daily boundaries using timestamp truncation. Missing days are filled with zero values for both fees and users using the `fill_zeros` strategy
- **Final calculation**: AFPU equals total daily fees in USD divided by the count of daily active users, producing an average fee per user value in USD for each day

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

Ramses ExchangeRAM

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape