Liquidity providers deposit funds into SolidLizard and stake their LP tokens to receive SLIZ tokens (token incentives).

SolidLizard is a non-custodial exchange protocol built on Arbitrum. SolidLizard was founded by an anonymous team and launched in 2023.

SLIZ tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive SLIZ emissions in respect to their share of votes.

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SolidLizard

# SolidLizard Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average amount of trading fees generated per daily active user on the SolidLizard decentralized exchange. This metric is calculated by dividing the total daily trading fees (in USD) by the number of unique daily active users. AFPU helps assess user monetization efficiency and the revenue contribution per active trader on the platform.

## 2. Data sources

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

- **SolidLizard smart contract events**: Parsed `Pair_Swap_event`, `Pair_Fees_event`, and `PairFactory_PairCreated_event` logs from the SolidLizard v1 protocol deployed on Arbitrum
- **Arbitrum transaction data**: Transaction records used to identify the actual user addresses (from_address) who initiated swap transactions
- **Token metadata**: Information about token symbols, decimal places, and contract addresses for proper amount conversion and display
- **End-of-day price feeds**: Token price data in USD for converting fee amounts from native token units to USD values

## 3. Step-by-step calculation

### Component A: Trading pair identification
- **Purpose**: Identify all SolidLizard trading pairs and their token metadata
- **Logic**: Parse `PairFactory_PairCreated_event` logs to extract trading pair contract addresses and their associated `token0` and `token1` addresses. Join with token metadata to get decimal places and symbols for each token. Create readable pair names by concatenating token symbols (e.g., "USDC-WETH")
- **Key fields**: `account_address` (pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component B: Trading fee collection
- **Purpose**: Calculate total daily trading fees in USD for each trading pair
- **Logic**: Parse `Pair_Fees_event` logs which record fee amounts collected in both `token0` and `token1` for each trading pair. Aggregate fee events by day and trading pair. Correct raw token amounts by dividing by the appropriate token decimals (10^decimals). Convert corrected amounts to USD by multiplying with end-of-day price feeds for each token. Sum the USD values of both token0 and token1 fees to get total fee amount per pair per day
- **Key fields**: `token0_amount`, `token1_amount`, `fees` (total USD value), `account_address`, `fee_collector_address`

### Component C: Daily active user calculation
- **Purpose**: Count unique users who traded on SolidLizard each day
- **Logic**: Parse `Pair_Swap_event` logs to identify all trading activity. Cross-reference swap events with Arbitrum transaction records to get the actual user addresses (from_address) rather than contract addresses. Count distinct user addresses per day using HyperLogLog algorithm for efficient computation. Classify all users as "trader" type and aggregate across multiple dimensions (project-level, chain-level, user-type-level)
- **Key fields**: `user_address`, `user_dau`, `user_type` (always "trader"), `timestamp`

### Component D: Fee metric aggregation  
- **Purpose**: Aggregate all trading fees to project-level daily totals
- **Logic**: Sum all trading fees across all SolidLizard pairs by day to get total daily protocol fees. Apply standardization through the finalize macro which validates data completeness, ensures consistent schema, and fills any missing days with zero values
- **Key fields**: `fees` (total daily protocol fees in USD)

### Final aggregation
- **Combining components**: The `calculate_arpu` macro divides the daily fees metric by the daily active user metric to compute AFPU
- **Currency conversion**: All fees are converted to USD using end-of-day token prices, ensuring consistent currency representation
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU = Total daily fees (USD) ÷ Daily active users, with the `finalize_metric_afpu` macro applying standardization and gap-filling with zeros for days with no activity

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

SolidLizardSLIZ

Average fees per user (AFPU)

Average fees per user (AFPU)

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