github

twitter

discord

website

Exchanges (DEX)

Raydium

# Raydium Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fees generated per active user on the Raydium protocol. This metric answers the question "How much revenue does each user generate for the protocol on average?" and is calculated by dividing total daily fees by the number of daily active users. The calculation covers all Raydium products including CPMM (Constant Product Market Maker), CLMM (Concentrated Liquidity Market Maker), OpenBook AMM, StableSwap, and LaunchLab.

## 2. Data sources

The AFPU calculation relies on the following raw data sources:
- **Solana DEX trade events**: Parsed trading activity from five Raydium program addresses covering all product types
- **Raydium instruction data**: Parsed Solana instruction logs for fee configuration management (`CreateAmmConfig`, `UpdateAmmConfig`), pool creation (`CreatePool`, `Initialize`), and LaunchLab trading events (`TradeEvent`)
- **End-of-day price feeds**: Daily token price data averaged from end-of-day price feeds, requiring 25 hourly data points for inclusion
- **Token metadata**: Token decimal information and chain identifiers for accurate amount normalization
- **Solana transaction data**: Block timestamps, transaction signatures, and signer addresses for temporal ordering and user identification

## 3. Step-by-step calculation

### Component A: Trading fees calculation
- **Purpose**: Calculate fees generated from trading activities across all Raydium products
- **Logic**: Extract trading data from Solana DEX trades filtered by five Raydium program addresses (CPMM, CLMM, OpenBook, StableSwap, LaunchLab). For each trade, multiply the USD trading volume by the applicable fee rate. Fee rates are determined by product type: dynamic rates from pool configurations for CPMM and CLMM products, fixed 0.25% rate for OpenBook, and fixed 0.02% rate for StableSwap. Trading volume is calculated using the token with higher preference (USDC, USDT, or SOL) when available, otherwise using the smaller of the two token amounts to avoid double-counting
- **Key fields**: `trading_volume_usd` (converted from native token amounts), `trade_fee_rate` (from pool configurations or fixed rates), `product_id` (identifies the Raydium product type)

### Component B: Pool creation fees calculation  
- **Purpose**: Calculate revenue from pool creation activities
- **Logic**: Track pool creation events specifically for CPMM products through parsed `Initialize` instruction data. Each CPMM pool creation generates a fixed fee of 0.15 SOL, which is converted to USD using end-of-day SOL prices
- **Key fields**: `fee_amount` (fixed 0.15 SOL per pool), `pool_address` (unique pool identifier), `block_timestamp` (for daily aggregation)

### Component C: LaunchLab fees calculation
- **Purpose**: Calculate fees from Raydium's LaunchLab product which uses a different fee structure
- **Logic**: Extract fee data from parsed `LaunchLab_TradeEvent` instruction logs which contain separate platform, protocol, and share fee components. Convert native token amounts to USD using end-of-day prices and sum platform and protocol fees for total LaunchLab revenue
- **Key fields**: `platform_fee`, `protocol_fee`, `share_fee` (all in native token amounts), `token_address` (for price lookup)

### Component D: Fee configuration management
- **Purpose**: Track dynamic fee rates for CPMM and CLMM products
- **Logic**: Process `CreateAmmConfig` and `UpdateAmmConfig` instruction data to build a temporal history of fee rate changes for each pool configuration. Use temporal ordering based on block slots and instruction indices to apply the correct fee rates to trades. Fee rates include trade fee (charged to users), protocol fee (portion to protocol), and fund fee (portion to liquidity providers)
- **Key fields**: `amm_config` (configuration identifier), `trade_fee_rate`, `protocol_fee_rate`, `fund_fee_rate` (all as basis points requiring division by 1,000,000)

### Component E: Daily active users calculation  
- **Purpose**: Count unique users who performed trading activities each day
- **Logic**: Extract transaction signer addresses from all Raydium trading activities as user identifiers. Count distinct signers per day using HyperLogLog sketches for efficient computation across multiple dimensional breakdowns (project-level, chain-level, user type, product type). All trading users are classified as "Trader" user type
- **Key fields**: `user_dau` (transaction signer address), `timestamp` (truncated to day), `user_type` (always "Trader")

### Final aggregation
- **Combining components**: Sum all fee components (trading fees, pool creation fees, LaunchLab fees) by day to get total daily fees. The fees are already in USD after price conversion steps
- **Currency conversion**: Native token amounts are converted to USD using end-of-day token prices, which are calculated as averages of end-of-day price feeds (requiring 25 hourly data points for daily inclusion)
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: Divide total daily fees in USD by the count of daily active users to get Average Fees Per User. Missing data points are filled with zeros to maintain complete time series continuity

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

RaydiumRAY

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape