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 revenue per user (ARPU) Methodology

## 1. Overview

ARPU (Average Revenue Per User) measures the average daily revenue generated per active user on SyncSwap, a decentralized exchange on zkSync Era. The metric is calculated by dividing total daily revenue by the number of daily active users, providing insight into user monetization efficiency and protocol economics.

## 2. Data sources

- **zkSync Era swap events**: Parsed `ClassicPool_Swap_event` and `StablePool_Swap_event` logs containing trading activity data including token amounts, user addresses, and pool addresses
- **zkSync Era flash loan events**: Parsed `Vault_FlashLoan_event` logs containing flash loan amounts, fees, and user addresses
- **zkSync Era transaction records**: Transaction data providing user wallet addresses (`from_address`) for activity attribution
- **Pool creation events**: `StablePoolFactory_PoolCreated_event` and `ClassicPoolFactory_PoolCreated_event` logs defining trading pairs and initial fee structures
- **Fee update events**: `FeeManager_SetPoolSwapFee_event` and `FeeManager_SetPoolProtocolFee_event` logs tracking dynamic fee tier changes
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper amount normalization
- **End-of-day price feeds**: Daily USD prices for tokens to enable revenue conversion

## 3. Step-by-step calculation

### Component A: Trading revenue calculation

- **Purpose**: Calculate revenue generated from trading fees on SyncSwap AMM pools
- **Logic**: Extract swap events from both Classic and Stable pools, calculate token amount changes for each trade (`amount0In - amount0Out` and `amount1In - amount1Out`), join with transaction records to identify user wallet addresses, apply decimal corrections using token metadata, convert amounts to USD using end-of-day price feeds, calculate trading volume using the lesser of the two token USD values to prevent price manipulation, apply dynamic fee tiers that can be updated through governance events, and calculate trading fees as `trading_volume * fee_tier * protocol_fee_tier`
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` from swap events, `from_address` from transactions, `fee_tier` and `protocol_fee_tier` from pool and update events

### Component B: Flash loan revenue calculation

- **Purpose**: Calculate revenue generated from flash loan fees
- **Logic**: Extract flash loan events from the Vault contract, capture both the loan `amount` and `feeAmount`, join with transaction records to identify users, apply decimal corrections, convert fee amounts to USD using end-of-day price feeds, and sum all flash loan fees by day
- **Key fields**: `amount` and `feeAmount` from flash loan events, `from_address` from transactions, token `decimals` for normalization

### Component C: Daily active users calculation

- **Purpose**: Count distinct users who performed any SyncSwap activity on each day
- **Logic**: Union user addresses from both trading activities and flash loan activities, use `UNION DISTINCT` to prevent double-counting users who performed both activities, identify users by their wallet addresses (`from_address`), aggregate using HyperLogLog for efficient distinct counting across different dimensional breakdowns (by chain, product, user type), and count distinct users per day
- **Key fields**: `user_address` derived from `from_address` in transaction records, `block_timestamp` for daily aggregation

### Final aggregation

- **Combining components**: Sum trading revenue and flash loan revenue to get total daily revenue for the protocol
- **Currency conversion**: All amounts converted to USD using end-of-day price feeds matched by token address, chain, and timestamp  
- **Time aggregation**: Data aggregated to daily granularity using `timestamp_trunc(block_timestamp, day)`
- **Final calculation**: ARPU calculated as total daily revenue divided by total daily active users, with zero-filling applied for days with no activity to maintain time series continuity

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

SyncSwap

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape