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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the SolidLizard decentralized exchange. This metric is calculated by dividing total daily revenue by the number of daily active users (DAU). The calculation focuses specifically on trading fees claimed by liquidity incentive gauges, providing insight into the revenue efficiency per trading user on the platform.

## 2. Data sources

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

- **Swap events**: Parsed Arbitrum `Pair_Swap_event` logs from SolidLizard V1 trading pair contracts containing swap transaction details
- **Fee claim events**: Parsed Arbitrum `Pair_Claim_event` logs from SolidLizard V1 trading pairs showing when fees are claimed
- **Contract creation events**: Parsed `PairFactory_PairCreated_event` and `Voter_GaugeCreated_event` logs that establish relationships between trading pairs and liquidity incentive accounts
- **Transaction data**: Arbitrum transaction records providing user addresses for trading activities
- **Price feeds**: End-of-day token price feeds for USD conversion of token amounts
- **Token metadata**: Token information including symbols and decimal places for proper amount calculations

## 3. Step-by-step calculation

### Component A: Daily active users (DAU)
- **Purpose**: Counts distinct users who performed trades on SolidLizard on each day
- **Logic**: Extracts all swap events from SolidLizard trading pairs on Arbitrum, joins with transaction data to identify the actual user addresses (not just contract addresses), truncates timestamps to daily boundaries, and counts distinct `user_address` values per day. Users are classified as 'trader' type.
- **Key fields**: `user_address` from transaction records, `block_timestamp` truncated to day, `chain` identifier for Arbitrum

### Component B: Trading pair identification
- **Purpose**: Establishes the relationship between trading pair contracts and their underlying tokens
- **Logic**: Processes `PairFactory_PairCreated_event` logs to extract trading pair contract addresses and their associated token addresses. Joins with token metadata to obtain decimal places and symbols for each token in the pair. Creates descriptive names by concatenating token symbols.
- **Key fields**: `account_address` (trading pair contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component C: Fee claims processing
- **Purpose**: Captures and processes all fee claim events from trading pairs
- **Logic**: Extracts `Pair_Claim_event` logs containing raw token amounts claimed as fees. Joins with trading pair dimensions to identify which tokens were claimed. Normalizes token amounts by dividing by 10^decimals to get actual token quantities. Aggregates claims on a daily basis and converts to USD values using end-of-day price feeds for both tokens in each pair.
- **Key fields**: `token0_amount`, `token1_amount` (normalized), `fee_collector_address`, USD-converted `fees`

### Component D: Liquidity incentive account filtering
- **Purpose**: Identifies which fee collectors are official liquidity incentive gauges
- **Logic**: Processes `Voter_GaugeCreated_event` logs to establish the relationship between trading pairs and their associated liquidity incentive accounts (gauges). This creates a filter to ensure only fees claimed by official gauges are counted toward protocol revenue.
- **Key fields**: `incentive_account_address`, `exchange_account_address`

### Component E: Revenue calculation
- **Purpose**: Calculates total daily revenue from trading fees claimed by gauges
- **Logic**: Takes the processed fee claims and filters to include only those where the `fee_collector_address` matches an official liquidity incentive account. Sums the USD-converted fee amounts across all trading pairs and all tokens on a daily basis.
- **Key fields**: Daily aggregated `revenue` in USD

### Final aggregation
- **Combining components**: Revenue and DAU are calculated independently, then combined using the ARPU calculation macro. Both metrics are aggregated to daily granularity using timestamp truncation.
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds, with conversion happening after decimal normalization but before final aggregation
- **Time aggregation**: Data is grouped by daily boundaries using timestamp truncation. Missing days are filled with zeros to ensure continuous time series.
- **Final calculation**: ARPU is calculated as total daily revenue divided by daily active users. The result represents the average USD revenue generated per active trading user each day. Days with zero active users result in zero ARPU to avoid division by zero errors.

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

SolidLizardSLIZ

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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