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).

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Ramses Exchange

# Ramses Exchange Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU measures the average daily revenue generated per active user on the Ramses decentralized exchange. This metric answers the business question: "How much revenue does each active trader generate on average?" The calculation divides total daily revenue by the number of daily active users (DAU), providing insight into user monetization and trading value per participant.

## 2. Data sources

The ARPU calculation relies on several key data sources from the Arbitrum blockchain where Ramses operates:

- **Ramses V1 swap events**: Parsed `Swap` events from Ramses V1 `LegacyPair` contracts containing trade execution data
- **Ramses V2 swap events**: Parsed `Swap` events from Ramses V2 concentrated liquidity `Pool` contracts 
- **Ramses V1 fee collection events**: Parsed `Claim` events from V1 `LegacyPair` contracts when fees are claimed
- **Ramses V2 fee collection events**: Parsed `FeesCollected` events from V2 `FeeCollector` contracts containing both fee distribution and treasury amounts
- **Arbitrum transaction records**: Transaction data to identify user addresses executing swaps
- **Trading pair metadata**: Factory contract events (`PairCreated` for V1, `PoolCreated` for V2) containing token addresses and pair information
- **Token metadata**: Token symbols and decimal places for proper amount normalization
- **End-of-day token price feeds**: Daily USD prices for revenue conversion

## 3. Step-by-step calculation

### Component A: Daily active users (DAU)

- **Purpose**: Count distinct users who executed trades each day across Ramses V1 and V2
- **Logic**: Extract all swap events from both Ramses versions on Arbitrum since launch date (March 14, 2023). Join swap events with Arbitrum transaction records to obtain the `from_address` as the user address. For V1, calculate token amount changes using `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For V2, use `amount0` and `amount1` directly from the events. Truncate all timestamps to daily boundaries and count distinct user addresses per day using HyperLogLog aggregation for efficiency
- **Key fields**: `user_address` from transaction records, `block_timestamp` truncated to day, `chain` (arbitrum), `product_id` (legacypair for V1, concentratedliquiditypool for V2)

### Component B: Revenue calculation

- **Purpose**: Calculate total daily revenue from trading fees collected by the protocol
- **Logic**: Extract fee collection events from both versions with different mechanics. For V1, use `Claim` events from `LegacyPair` contracts containing `amount0` and `amount1` fee amounts. For V2, use `FeesCollected` events from `FeeCollector` contracts, summing `feeDistAmount0` plus `treasuryAmount0` and `feeDistAmount1` plus `treasuryAmount1`. Join with trading pair metadata from factory events to get token addresses and decimal places. Correct token amounts by dividing by 10^decimals. Convert corrected amounts to USD using end-of-day price feeds for both tokens in each pair. Sum USD values across all pairs daily
- **Key fields**: `token0_amount` and `token1_amount` from fee events, `token0_address` and `token1_address` from trading pairs, `decimals` for normalization, `price_usd` for conversion

### Component C: Protocol fee share application  

- **Purpose**: Apply protocol-specific revenue recognition rules
- **Logic**: Ramses V1 recognizes 100% of collected fees as protocol revenue. Ramses V2 applies a protocol fee share of 80%, meaning the protocol retains 80% of collected fees as revenue while 20% goes to other parties. Multiply V2 fee amounts by 0.8 before final aggregation
- **Key fields**: `version` field to distinguish V1 vs V2 treatment, `fees` amounts adjusted by protocol share

### Final aggregation

- **Combining components**: Daily revenue totals and daily active user counts are calculated independently, then joined by date for division
- **Currency conversion**: All token amounts converted to USD using end-of-day price feeds matched by date, token address, and chain
- **Time aggregation**: Both metrics use daily boundaries (timestamp truncated to day) with data filtered from March 14, 2023 launch date
- **Final calculation**: ARPU = Daily Revenue ÷ Daily Active Users, with missing days filled with zeros to ensure complete time series coverage across all dimensional breakdowns (project-level, chain-level, product-level, user-type-level)

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

Ramses ExchangeRAM

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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