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

SyncSwap is a non-custodial exchange protocol built on zkSync Era (originally a fork of Uniswap). SyncSwap was founded by an anonymous team in 2023.

The SyncSwap team owns and governs the protocol. They currently take a cut of the trading fees paid by the users (revenue).

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SyncSwap

# SyncSwap Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average fee revenue generated per daily active user on the SyncSwap decentralized exchange. This metric is calculated by dividing total daily fee revenue by the number of distinct daily active users. AFPU provides insight into user engagement quality and revenue efficiency, showing how much fee revenue each active user generates on average for the protocol.

## 2. Data sources

The calculation uses several types of raw blockchain data from zkSync Era:

- **Trading events**: Parsed `Swap` events from SyncSwap's `ClassicPool` and `StablePool` contracts, containing token amounts, user addresses, and transaction details
- **Flash loan events**: Parsed `FlashLoan` events from SyncSwap's `Vault` contract, including fee amounts and user addresses  
- **Transaction records**: zkSync Era transaction data providing user addresses and transaction metadata
- **Pool configuration events**: `PoolCreated` events from `StablePoolFactory` and `ClassicPoolFactory` contracts establishing trading pairs and initial fee structures
- **Fee update events**: `SetPoolSwapFee` and `SetPoolProtocolFee` events from `FeeManager` contract tracking dynamic fee tier changes
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimals and symbols

## 3. Step-by-step calculation

### Component A: Trading fee calculation

- **Purpose**: Calculate fees generated from trading activity on SyncSwap pools
- **Logic**: Extract trading data from `Swap` events on Classic and Stable pools, calculating token amounts exchanged and identifying users. Apply decimal corrections using token metadata. Join with trading pair dimensions to get pool information and fee tiers. Apply dynamic fee tier updates by matching transaction timing with fee update events using time-based joins. Convert token amounts to USD using end-of-day price feeds, taking the minimum USD value between token pairs to filter price manipulation. Calculate trading fees by multiplying USD trading volume by the applicable fee tier for each pool
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` (token amounts), `sender` (contract user), transaction `from_address` (end user), pool `fee_tier`, and `protocol_fee_tier`

### Component B: Flash loan fee calculation  

- **Purpose**: Calculate fees generated from flash loan activity
- **Logic**: Extract flash loan data from `FlashLoan` events from the Vault contract. Apply decimal corrections using token metadata for both loan amounts and fee amounts. Convert fee amounts to USD using end-of-day price feeds. Sum daily flash loan fees by token and convert to USD equivalent
- **Key fields**: `amount` (flash loan amount), `feeAmount` (fee charged), `recipient` (contract user), transaction `from_address` (end user), and `token` address

### Component C: Daily active user calculation

- **Purpose**: Count distinct daily active users across all SyncSwap activities  
- **Logic**: Identify unique user addresses from both trading and flash loan activities on each day. Use `UNION DISTINCT` to combine users from trading events and flash loan events, avoiding double-counting users who perform multiple activity types. Apply HyperLogLog sketching for efficient distinct counting across different dimensional breakdowns including chain, product type, and user type
- **Key fields**: `user_address` from both trading and flash loan fact tables, aggregated by `timestamp` truncated to day

### Component D: Fee aggregation

- **Purpose**: Combine all fee sources into total daily fee revenue
- **Logic**: Sum trading fees and flash loan fees for each day. Trading fees are calculated as trading volume multiplied by pool-specific fee tiers (accounting for dynamic updates). Flash loan fees are directly captured from event data. Both fee types are converted to USD using end-of-day price feeds
- **Key fields**: Combined `fees` from trading volume calculations and flash loan `fees` from event data

### Final aggregation

- **Combining components**: Total daily fees are divided by total daily active users to calculate AFPU. The calculation uses the `calculate_arpu` macro which performs the division of the fees metric by the user DAU metric
- **Currency conversion**: All fees are converted to USD using end-of-day token price feeds matched by date, token address, and chain
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation to day level, with gap-filling applied to ensure continuous time series
- **Final calculation**: AFPU equals total daily fee revenue in USD divided by the count of distinct daily active users, where users are identified from both trading and flash loan activities

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

SyncSwap

Average fees per user (AFPU)

Average fees per user (AFPU)

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