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# Shadow Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the fees paid per active user over a fixed 24-hour window for Shadow. The metric is utilized to reflect how much an individual user pays for the protocol's services on a daily basis across both the Constant Product and Concentrated Liquidity products. Daily financial contribution and unit economics are evaluated through this metric to assist institutional investors in analyzing user monetization. The calculation is performed by dividing total daily fees by active users (daily).

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily fees aggregation

- **Purpose**: Aggregate total daily fees collected across all protocol products
- **Logic**: Daily fees are aggregated by summing the upstream Fees metric across all products and chains for each day. Both supply-side fees (liquidity provider rewards and trading fees) and protocol revenue (protocol fee splits) are included in this aggregation.

### Component B: active users (daily) aggregation

- **Purpose**: Retrieve the total number of unique active users (daily)
- **Logic**: active users (daily) are retrieved from the upstream Active users (daily) metric, specifically using the project-level aggregation dimension. The unique count of addresses executing trades or flash loans across the protocol within a 24-hour window is represented by this metric.

### Component C: Average fees per user calculation

- **Purpose**: Calculate the final average fees paid per user
- **Logic**: The total daily fee amount is divided by the daily active user count for each day. If there are no active users or fees for a given day, the metric is zero-filled to ensure continuity.

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

ShadowSHADOW

Average fees per user (AFPU)

Average fees per user (AFPU)

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