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Seamless Protocol

# Seamless Protocol Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU (Average Revenue Per User) measures the average daily revenue generated per unique active user on Seamless Protocol. This metric answers the business question: "How much revenue does each user generate on average per day?" The calculation divides total daily revenue by the number of daily active users, providing insight into protocol monetization efficiency and user value.

## 2. Data sources

The ARPU calculation relies on several types of blockchain and external data:

- **Lending protocol events**: Parsed Seamless Protocol event logs from Base blockchain, including `Borrow`, `Supply`, `Withdraw`, `Repay`, `FlashLoan`, and `LiquidationCall` events from the lending pool contracts
- **Token transfer events**: Base blockchain `Transfer` events for aTokens and Morpho vault tokens to track fee flows
- **Protocol state data**: Treasury accrual snapshots and cumulative treasury mint amounts from Seamless Protocol state tracking
- **Configuration events**: Protocol parameter changes including reserve factors and liquidation fee factors from pool configurator contracts  
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token decimal places, symbols, and contract addresses for proper amount calculations

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Count unique users who interact with Seamless Protocol each day
- **Logic**: Extract user addresses from parsed Seamless Protocol event logs on Base blockchain. Events tracked include lending operations (`Borrow`, `Supply`, `Withdraw`, `Repay` events using the `user` parameter), flash loans (`FlashLoan` events using the `initiator` parameter), and liquidations (`LiquidationCall` events using both `user` and `liquidator` parameters). Users are categorized by type (Borrower, Depositor, Withdrawer, Repayer, Liquidator) and deduplicated using HyperLogLog aggregation to efficiently count distinct addresses per day.
- **Key fields**: `user_address` from event parameters, `block_timestamp` for daily grouping, `user_type` for categorization

### Component B: Interest revenue calculation  
- **Purpose**: Calculate protocol revenue from lending interest using treasury accruals
- **Logic**: Retrieve daily treasury accrual snapshots from Seamless Protocol state data and cumulative treasury mint amounts. Calculate daily interest revenue as the change in treasury accruals plus any treasury mints for that day. Apply reserve factor adjustments where the protocol retains a percentage (reserve factor) and pays the remainder to suppliers. Daily revenue equals the change in cumulative interest amounts between consecutive days.
- **Key fields**: `treasury_accruals` from state data, `amount` from treasury mint events, `reserve_factor` from configuration events

### Component C: Flash loan fee revenue
- **Purpose**: Calculate revenue from flash loan fees
- **Logic**: Extract flash loan amounts from `FlashLoan` events on the lending pool contracts. Apply a fixed fee rate of 0.04% (0.0004) to the `premium` amount from each flash loan event. Aggregate fees by day and convert token amounts to USD using end-of-day price feeds.
- **Key fields**: `premium` amount from flash loan events, fixed fee rate of 0.0004

### Component D: Liquidation fee revenue
- **Purpose**: Calculate protocol revenue from liquidation fees
- **Logic**: Identify liquidation transactions from `LiquidationCall` events, then track corresponding aToken transfers from liquidated users to the protocol treasury. Match liquidation events to aToken transfer events by transaction hash, user address, and collateral token. Apply liquidation protocol fee factors to determine the protocol's share of liquidation penalties. Fee revenue equals the transfer amount multiplied by the liquidation factor.
- **Key fields**: `collateralAsset` and `user` from liquidation events, `amount` from aToken transfers, `liquidation_factor` from configuration events

### Component E: Morpho vault performance fees  
- **Purpose**: Track performance fees from Seamless Protocol's Morpho vault integrations
- **Logic**: Monitor token transfers to specific fee recipient addresses (hardcoded as `0x82c30b9db2e3b92ace4e1593b32890dcf8612d03`) from Morpho vault tokens. Use vault address mappings to substitute underlying token addresses for price lookups when vault tokens aren't directly priced. Adjust amounts for decimal differences between vault tokens and their underlying assets.
- **Key fields**: `value` from transfer events, `to_address` matching fee recipients, vault-to-underlying token mappings

### Final aggregation
- **Combining components**: Sum all revenue components (interest revenue, flash loan fees, liquidation fees, Morpho performance fees) by day, chain, and product to get total daily revenue
- **Currency conversion**: Convert all token amounts to USD using end-of-day price feeds, applying proper decimal corrections based on token metadata (typically dividing by 10^decimals)
- **Time aggregation**: Group all data by daily boundaries using timestamp truncation to day level, applying fill-forward logic for missing configuration values
- **Final calculation**: Divide total daily revenue (USD) by daily active user count using the `calculate_arpu` macro, which performs: ARPU = Total Daily Revenue ÷ Daily Active Users. Apply zero-filling strategy for days with no activity to maintain continuous time series.

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

Seamless ProtocolSEAM

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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