Liquidity providers deposit NFTs and funds into Sudoswap and receive trading fees, and creators receive royalties from users (supply-side fees).

Sudoswap is a non-custodial NFT marketplace protocol built on Ethereum. Sudoswap was founded by Owen Shen and launched in 2022.

Team and investors own and govern the protocol. They currently take a cut of the total fees paid by users (revenue).

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Sudoswap

# Sudoswap Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the Sudoswap NFT marketplace. This metric is calculated by dividing the total daily protocol revenue by the number of daily active users. It provides insight into the monetization efficiency and user value on the platform. The calculation combines protocol fees from both Sudoswap V1 and V2 versions, divided by the count of unique daily users who performed NFT trading activities.

## 2. Data sources

- **Parsed Ethereum function calls**: Sudoswap V1 and V2 contract interactions including `swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`, `swapNFTsForToken`, and V2 equivalents from `LSSVMPair` contracts
- **Bonding curve function calls**: Parsed function calls from pricing curve contracts (`ExponentialCurve`, `LinearCurve`, `GDACurve`, `XykCurve`) that provide buy/sell pricing information and fee calculations
- **Pair factory function calls**: Parsed Ethereum function calls from `LSSVMPairFactory` contracts for pair creation events (`createPairERC20`, `createPairETH`, `createPairERC721ETH`, `createPairERC1155ETH`)
- **Royalty engine function calls**: Parsed Ethereum function calls from `RoyaltyEngine` contracts for `getRoyalty` calculations
- **End-of-day token price feeds**: Token pricing data for USD conversion
- **Token metadata**: Token contract information including decimal places for amount normalization

## 3. Step-by-step calculation

### Component A: Daily active users
- **Purpose**: Count unique users who performed NFT trading activities on Sudoswap
- **Logic**: Extract user addresses from various swap function calls across V1 and V2 contracts. V1 sources include `swapTokenForAnyNFTs`, `swapNFTsForToken`, and `swapTokenForSpecificNFTs` function calls, capturing recipients from `nftRecipient` and `tokenRecipient` parameters. V2 adds `LSSVMPairERC721ETH` and `LSSVMPairERC1155ETH` swap functions with similar recipient parameters. All users are classified as 'Trader' type. Apply daily time truncation to group activities by day. Use HyperLogLog aggregation to efficiently count distinct user addresses per day while supporting various dimensional breakdowns.
- **Key fields**: `user_address` from swap function recipients, `block_timestamp` for daily grouping, `user_type` set to 'Trader'

### Component B: V1 protocol revenue  
- **Purpose**: Calculate protocol fees from Sudoswap V1 trading activity
- **Logic**: Extract trading volumes from V1 swap function calls including `swapTokenForSpecificNFTs`, `swapTokenForAnyNFTs`, and `swapNFTsForToken`. For token-to-NFT swaps, use `inputAmount` output parameter. For NFT-to-token swaps, use `outputAmount` and adjust by dividing by (1 - 0.005) to account for the protocol fee. Join with pair dimension data to get token addresses and fee tiers from pair creation events. Apply 0.5% protocol fee rate to all trading volumes. Convert token amounts to USD using end-of-day price feeds and correct for token decimals. Aggregate by day.
- **Key fields**: `trade_amount` from swap outputs, `token_address` from pair metadata, `block_timestamp` for daily aggregation

### Component C: V2 protocol revenue
- **Purpose**: Extract actual protocol fees from Sudoswap V2 advanced trading mechanisms  
- **Logic**: Process V2 swap function calls from `LSSVMPairERC721ETH` and `LSSVMPairERC1155ETH` contracts, extracting trade amounts from various output parameters. Join with pair dimension data to get NFT addresses, bonding curve addresses, pool types, and token addresses from pair creation events. Link with bonding curve buy/sell info tables using trace address matching to get calculated `protocol_fee_amount` and `lp_fee_amount` from curve pricing functions. Join with royalty engine data to get `royalty_amount` calculations. For NFT-to-token swaps (`swapNFTs` type), adjust the final amount by adding `royalty_amount` and `protocol_fee_amount` to the base trade amount. Convert protocol fee amounts to USD using end-of-day price feeds and correct for token decimals. Aggregate by day.
- **Key fields**: `protocol_fee_amount` from bonding curves, `royalty_amount` from royalty engine, `amount` from swap functions, `token_address` from pair metadata

### Final aggregation  
- **Combining components**: Sum V1 volume-based protocol fees with V2 actual protocol fee amounts to get total daily protocol revenue. Count distinct daily active users across all V1 and V2 trading activities using HyperLogLog aggregation.
- **Currency conversion**: Apply end-of-day token price feeds to convert all revenue amounts to USD. Correct token amounts using decimal metadata to normalize from wei to standard token units.
- **Time aggregation**: Truncate all timestamps to daily boundaries. Group revenue and user counts by day.
- **Final calculation**: Divide the total daily protocol revenue in USD by the count of daily active users to calculate the average revenue per user. Apply zero-fill strategy for days with missing data to maintain consistent time series.

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

SudoswapSUDO

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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