Liquidity providers deposit funds into Sushiswap and receive trading fees from traders (supply-side fees).

Sushiswap is a non-custodial exchange protocol built on Ethereum (originally a fork of Uniswap). Sushiswap was founded by a pseudonym Chef Nomi and launched in 2020.

SUSHI tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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SushiSwap

# SushiSwap 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. It is calculated as total daily fees divided by active users (daily), and reflects how much an individual user pays for the project’s service on a daily basis. Insight into user monetization efficiency is provided by dividing total daily fees collected from trading and flash loan activities on SushiSwap V2 and SushiSwap V3 by the number of unique 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: User identification and counting

- **Purpose**: Identify and count unique active users (daily) across trading and flash loan activities
- **Logic**: User addresses are extracted from transaction originators for both trading and flash loan activities. Users from both activity types are combined to prevent double-counting of users who engage in multiple activities. Timestamps are truncated to daily boundaries, and unique users are aggregated per day.
- **Key fields**: `user_address`, `block_timestamp`

### Component B: Trading volume calculation

- **Purpose**: Calculate USD trading volume from swap events to determine trading fees
- **Logic**: Swap events from both SushiSwap V2 and SushiSwap V3 protocols are processed. For SushiSwap V2, asset amount changes are calculated by subtracting output amounts from input amounts. For SushiSwap V3, direct amount values from swap events are used. Asset amounts are normalized by decimal precision and converted to USD using end-of-day asset prices. The lesser USD value between the two assets in each pair is used to prevent price manipulation. Volumes are aggregated daily per trading pair, excluding denylisted pairs.
- **Key fields**: `amount`, `price_usd`

### Component C: Flash loan volume calculation

- **Purpose**: Calculate USD flash loan volume from SushiSwap V3 flash events to determine flash loan fees
- **Logic**: Flash loan events from SushiSwap V3 pools are processed, as SushiSwap V2 does not support flash loans. Borrowed amounts for both assets are extracted from each flash loan event. Asset amounts are normalized by decimal precision and converted to USD using end-of-day asset prices. Both asset USD values are summed to represent the total borrowed amount. Volumes are aggregated daily per pool, excluding denylisted pairs.
- **Key fields**: `amount`, `price_usd`

### Component D: Fee tier determination

- **Purpose**: Determine the applicable fee percentage for each trading pair and pool
- **Logic**: For SushiSwap V2 pairs, a fixed fee tier of 0.3% (3000 basis points) established at pair creation is applied. For SushiSwap V3 pools, dynamic fee tiers are extracted from pool creation events. Protocol fee updates are aggregated on a daily level by selecting the last tier set on each day and filling it forward to subsequent days. This daily protocol fee tier is then joined to daily trades and flash loans. For SushiSwap V3 protocol fees, the greatest of the two fee tiers is selected when they differ between assets.
- **Key fields**: `fee_tier`, `protocol_fee_tier`

### Component E: Fee calculation

- **Purpose**: Calculate total fee revenue from both trading and flash loan activities
- **Logic**: Trading volumes are multiplied by their respective fee tiers to calculate trading fees. Flash loan volumes are multiplied by their respective fee tiers to calculate flash loan fees. Both fee sources are combined to determine total daily fee revenue.
- **Key fields**: `trading_volume`, `flash_loan_volume`, `fee_tier`

### Component F: Average fees per user calculation

- **Purpose**: Calculate the average daily fees paid per active user
- **Logic**: Total daily fees from both trading and flash loan sources are summed. Unique active users (daily) are counted across all trading and flash loan activities. Daily boundaries are established by truncating block timestamps to the day level. Finally, total daily fees are divided by unique active users (daily) to derive the average fees per user. A fill-zero strategy is applied for days with missing data to maintain a consistent time series.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

SushiSwapSUSHI

Average fees per user (AFPU)

Average fees per user (AFPU)

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