Synapse allows users to send tokens from one chain to another almost immediately by using AMMs deployed across 16+ EVM and non-EVM blockchains. 

Synapse is a cross-chain liquidity network that enables fully non-custodial transfers between EVM and non-EVM compatible chains and L2 systems. Synapse was launched in 2021.

SYN tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid by the users (revenue). Synapse’s investors include CMS Holdings, Alameda Research, Primitive Ventures, etc.

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Synapse

# Synapse Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the Synapse cross-chain bridge protocol. This metric is calculated by dividing total daily revenue by the number of daily active users. ARPU helps evaluate the protocol's ability to monetize its user base and track revenue efficiency across its multi-chain bridge operations. The calculation covers all bridge activities across Ethereum, Arbitrum, Avalanche, Base, BSC, Fantom, Optimism, and Polygon networks.

## 2. Data sources

The calculation relies on several key data sources:

- **Synapse bridge contract events**: Parsed events from Synapse bridge contracts across 8 blockchains including `TokenMint`, `TokenWithdraw`, `TokenDeposit`, `TokenRedeem`, `TokenMintAndSwap`, `TokenWithdrawAndRemove`, `TokenRedeemAndSwap`, `TokenRedeemAndRemove`, and `TokenRedeemV2` operations
- **CCTP events**: Cross-Chain Transfer Protocol events including `CircleRequestFulfilled` and `CircleRequestSent` for USDC transfers via Circle's infrastructure
- **End-of-day token price feeds**: Daily closing prices for tokens used in bridge operations to enable USD conversion
- **Token metadata**: Decimal precision and contract information for accurate token amount calculations
- **nToken mapping data**: Static mappings between Synapse's native tokens (nUSD, nETH) and their underlying asset addresses for price conversion purposes

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Identifies and counts unique users who performed bridge operations each day
- **Logic**: Extracts user addresses from all Synapse bridge events across supported blockchains. Users are identified from the `to`, `recipient`, or `sender` address fields depending on the event type. All users are classified as 'Trader' type under the 'bridges' market sector. Uses HyperLogLog sketches to efficiently count distinct users across multiple dimensions including project-level, chain-level, user-type-level, and product-level aggregations
- **Key fields**: Processes `to`, `recipient`, and `sender` address fields from bridge events, along with `block_timestamp` for daily aggregation and `chain` for cross-chain tracking

### Component B: Revenue calculation  
- **Purpose**: Calculates total daily revenue from bridge fees collected on destination chains
- **Logic**: Extracts fee amounts from specific bridge events that generate revenue including `TokenMint`, `TokenWithdraw`, `TokenMintAndSwap`, and `CCTP_CircleRequestFulfilled` events. Handles Synapse's native tokens (nTokens) by mapping them to underlying assets using predefined alternative token addresses since nTokens may not have direct price feeds. Converts all fee amounts to USD using end-of-day token prices and applies decimal corrections
- **Key fields**: Extracts `fee` amounts from bridge events, processes `token` addresses with nToken-to-underlying asset mapping, and uses `block_timestamp` for daily aggregation

### Final aggregation
- **Combining components**: The ARPU calculation divides the total daily revenue (in USD) by the number of daily active users for each day
- **Currency conversion**: All revenue is converted to USD using end-of-day token prices, with special handling for nTokens through alternative token address mapping
- **Time aggregation**: Data is aggregated by calendar day using timestamp truncation, with a fill-zero strategy applied to ensure continuous time series data
- **Final calculation**: ARPU equals total daily revenue in USD divided by the count of distinct daily active users, providing the average revenue generated per user per day

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

SynapseSYN

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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