Stacks miners batch users' transactions and receive fees from users (supply-side fees). Miners submit transactions to Bitcoin, paying a share of the transaction fees to Bitcoin miners.

Stacks is an smart contract platform for creating decentralized applications on Bitcoin (a blockchain). Stacks was founded by Muneeb Ali and Ryan Shea, and launched in 2021.

STX tokenholders own and govern the protocol. They currently do not take a cut of the total transaction fees paid by users (revenue). Stacks' investors include IOSG Ventures, The Spartan Group, Hashkey Exchange, etc.

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Stacks

# Stacks Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Stacks measures the average revenue generated per daily active user. Since Stacks operates similarly to Bitcoin as a decentralized protocol where transaction fees go directly to miners rather than to the protocol, Stacks' ARPU is effectively zero. The metric is calculated by dividing daily protocol revenue by daily active users, where protocol revenue is consistently zero while daily active users represent unique addresses that initiate transactions each day.

## 2. Data sources

- **Stacks blockchain transaction data**: Transaction records containing sender addresses (`from_address`), fee amounts, block timestamps, and transaction types
- **CoinGecko price data**: Daily STX/USD price feeds using the CoinGecko identifier `blockstack`

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Determines daily protocol revenue for Stacks
- **Logic**: Stacks protocol revenue is explicitly set to zero for all time periods because Stacks operates as a decentralized network where transaction fees are paid to miners rather than to a central protocol. This follows the same economic model as Bitcoin. The revenue component uses the same timestamp structure as the fees metric but sets the `revenue` field to 0 for all records.
- **Key fields**: `timestamp` (daily), `revenue` (always 0), `chain_id` (stacks)

### Component B: Daily active user calculation
- **Purpose**: Counts unique Stacks addresses that initiate transactions each day
- **Logic**: Processes Stacks transaction data, excluding system transactions (coinbase and tenure_change types). Users are identified by the `from_address` field in Stacks' account-based model. Distinct addresses are counted per day to determine the daily active user count.
- **Key fields**: `from_address` (sender address), `timestamp` (daily), `user_dau` (distinct user count)

### Final aggregation
- **Combining components**: Daily revenue (always 0) is divided by daily active user counts to calculate ARPU
- **Currency conversion**: Not applicable since revenue is zero
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU = Daily Revenue / Daily Active Users = 0 / DAU = 0 for all time periods. Missing data points are filled with zeros using the fill_zeros strategy

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

StacksSTX

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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