Thales deposits liquidity into marketplaces and receive fees from traders (revenue). The funds collected are used to buyback and burn the THALES governance token.

Thales is a non-custodial exchange for parimutuel contracts built on Optimism, Arbitrum and Polygon. Thales was founded by Danijel Gornjakovic and was launched in December 2021.

THALES tokenholders own and govern the protocol. Thales’ investors include Framework Ventures, Apollo Capital, etc.

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Derivative exchanges

Thales

# Thales Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is defined as the average amount of fees paid by an individual active user on Thales over a fixed 24-hour window. The metric is calculated by dividing total daily fees by active users (daily). The average daily cost incurred by a user when interacting with Thales products—including options trading, sports markets, and speed markets—is reflected by this metric. A standardized measure of user monetization and protocol usage intensity is provided to institutional investors.

## 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: Options trading fee extraction

- **Purpose**: Capture the total fees generated from options trading on Thales
- **Logic**: Asset transfers are parsed where the destination address corresponds to a SafeBox contract address and the source address corresponds to a Thales Market contract address. Specific ad-hoc, non-recurring transfers to Optimism SafeBox contracts are excluded using a transaction hash denylist. Collected fee amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `block_timestamp`, `transaction_hash`, `token_address`, `market_address`, `amount`

### Component B: Active user tracking

- **Purpose**: Identify active users (daily) interacting with Thales contracts
- **Logic**: Distinct user addresses are extracted from various contract events across supported chains. Specifically, `BoughtFromAmm` and `SoldToAMM` events are parsed from `ThalesAMM`, `RangedMarketsAMM`, and `SportsAMM` contracts. Additionally, `ParlayMarketCreated` events are parsed from `ParlayAMM` contracts, and `MarketCreated` events are parsed from `SpeedMarketsAMM` contracts. User addresses are extracted from the `buyer`, `seller`, `account`, or `user` fields depending on the event type. Active users (daily) are aggregated by taking the daily count of unique user addresses.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`, `user_type`

### Component C: Average fees per user calculation

- **Purpose**: Calculate the final average fees paid per active user
- **Logic**: Total daily fees (Component A) are divided by the active users (daily) (Component B) for each day. If no activity is recorded, values are zero-filled.
- **Key fields**: `timestamp`, `fees`, `user_dau`, `afpu`

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

ThalesTHALES

Average fees per user (AFPU)

Average fees per user (AFPU)

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