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Trevee

# Trevee Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is measured as the average value paid by an individual active user to utilize Trevee’s services over a 24-hour period. This metric reflects the daily economic contribution per user across products including `Trevee scETH`, `Rings scUSD`, and `Rings scBTC`. AFPU is calculated by dividing the total daily fees generated from yield claims, quest creations, voting incentives, and gauge revenue by the number of unique active users (daily).

## 2. Data sources

- **Fees**: Derived from the Fees metric, covering Ethereum and Sonic
- **Active users (daily)**: Derived from the Active users (daily) metric, covering Ethereum and Sonic

## 3. Step-by-step calculation

### Component A: Fee aggregation

- **Purpose**: Captures all protocol-related fee generation events to establish the total daily value paid by users
- **Logic**: Fees are aggregated from four primary sources. Yield-related fees are extracted from `YieldClaimed` events from `scETHAccountant` and `scUSDAccountant` contracts, with performance fee rates applied based on `PerformanceFeeUpdated` events. Quest-related fees are captured from `createRangedQuest` and `createFixedQuest` function calls across Quest contracts for `Rings scBTC`, `Trevee scETH`, `Rings scUSD`, `veBAL`, `veCRV`, and `veFXN`. Voting incentives are identified via `BudgetDeposited` events from Voter contracts. Finally, gauge revenue is tracked through ERC-20 token transfers to the protocol's designated revenue address. All fee amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `protocol_fees`, `total_reward_amount`, `performance_fee_rate`, and `amount`

### Component B: Active user identification

- **Purpose**: Identifies the unique number of participants interacting with the protocol on a daily basis
- **Logic**: active users (daily) are identified by tracking unique wallet addresses participating in core protocol actions. These actions include `Enter` and `Exit` events from `Rings scBTC`, `Trevee scETH`, and `Rings scUSD` contracts, as well as `Deposit` and `Withdraw` events from `wstkscBTC`, `wstkscETH`, `wstkscUSD`, `veBTC`, `veETH`, and `veUSD` contracts. Users are aggregated at a daily granularity based on UTC timestamps to determine the total count of unique active users (daily).
- **Key fields**: `user_address`, `block_timestamp`, and `user_type`

### Component C: Average fees per user calculation

- **Purpose**: Derives the final AFPU metric by combining fee and user data
- **Logic**: The total daily fees in USD are divided by the count of unique active users (daily). This calculation is performed at a daily granularity. In instances where no activity is recorded for a specific day, values are filled with zeros to maintain a continuous time series. The final values are filtered based on chain availability and validated against project metadata.
- **Key fields**: `fees` and `user_dau`

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

TreveeTREVEE

Average fees per user (AFPU)

Average fees per user (AFPU)

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