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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Thales

# Thales Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average daily revenue generated per active user on the Thales protocol. Thales is a decentralized options and derivatives trading platform deployed across Arbitrum, Base, Optimism, and Polygon. The metric is calculated by dividing daily protocol revenue by the number of daily active users, providing insight into user monetization effectiveness and platform economics.

## 2. Data sources

The calculation relies on several blockchain data sources:

- **Parsed Thales protocol events**: Trading events from various Automated Market Maker (AMM) contracts including `BoughtFromAmm`, `SoldToAMM`, `ParlayMarketCreated`, and `MarketCreated` events across ThalesAMM, RangedMarketsAMM, SportsAMM, ParlayAMM, and SpeedMarketsAMM contracts on Arbitrum, Base, Optimism, and Polygon
- **Token transfer events**: Transfer events tracking fee flows from Market contracts to SafeBox fee collection contracts across all supported chains
- **End-of-day price feeds**: Token price data for converting fee amounts to USD values
- **Token metadata**: Decimal precision information for proper amount calculations
- **Contract address mappings**: Predefined relationships between Market contracts (fee generators) and SafeBox contracts (fee collectors) for each chain

## 3. Step-by-step calculation

### Component A: Daily active user counting
- **Purpose**: Identifies and counts unique users who interact with Thales protocol each day
- **Logic**: Extracts user addresses from all Thales trading events across supported chains. Events include option purchases (`BoughtFromAmm`), option sales (`SoldToAMM`), parlay bet creation (`ParlayMarketCreated`), and speed market creation (`MarketCreated`) from various AMM contract types. Users are classified as either `Buyer` or `Seller` based on the specific event type. The system truncates event timestamps to daily boundaries and counts distinct user addresses using HyperLogLog for efficient aggregation across multiple dimensional breakdowns including project-level, chain-level, user-type-level, and product-level views.
- **Key fields**: `user_address` (the wallet address of the trader), `block_timestamp` (truncated to day), `chain` (blockchain where activity occurred), `user_type` (Buyer or Seller classification)

### Component B: Revenue calculation from trading fees
- **Purpose**: Captures protocol revenue from options trading fees collected by Thales
- **Logic**: Identifies fee collection by tracking token transfers from Market contracts to their corresponding SafeBox contracts. Each chain has predefined Market-SafeBox address pairs that define valid fee transfer relationships. The system filters token transfers to only include those where the sender is a Market contract and the recipient is the associated SafeBox contract on the same chain. Specific transactions identified as ad-hoc non-recurring transfers are excluded via a denylist. All fee amounts are converted to USD using end-of-day price feeds and adjusted for token decimal precision. Since Thales provides 100% of the liquidity in their AMM system, all collected trading fees represent protocol revenue.
- **Key fields**: `amount` (fee amount in native token), `token_address` (token used for fee payment), `block_timestamp` (when fee was collected), `chain` (blockchain where fee was collected)

### Final aggregation
- **Combining components**: Daily revenue totals are calculated by summing all USD-converted fees collected each day across all chains and products. Daily active users are counted using the HyperLogLog aggregation of distinct user addresses for each day
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment based on token metadata to ensure accurate conversion calculations
- **Time aggregation**: Both revenue and user data are aggregated to daily boundaries using timestamp truncation, ensuring consistent time alignment between numerator and denominator
- **Final calculation**: ARPU is calculated by dividing the total daily revenue (sum of all USD-converted fees) by the number of daily active users (distinct count of user addresses) for each day. Days with zero users are handled by filling with zero ARPU values to maintain complete time series data

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

ThalesTHALES

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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