Liquidity providers deposit funds into Thetanuts and receive option premiums from traders (supply-side fees).

Thetanuts is a non-custodial DeFi Options Vault (DOV) protocol built on Ethereum, Fantom, Polygon, and other blockchains. Thetanuts was founded by Dexter Song and launched in Dec 2021.

Thetanuts team own and govern the protocol. Their investors include Deribit Exchange, QCP Capital, Jump Crypto, etc.

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Thetanuts

# Thetanuts Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) for Thetanuts measures the average revenue generated per daily active user from options premiums. This metric answers the business question: "How much revenue does each active user generate on average per day?" The calculation divides daily total fees (from options premiums) by the number of unique daily active users across all Thetanuts covered call vaults.

## 2. Data sources

The calculation uses the following raw data sources:
- **Blockchain events**: Parsed `NewEpoch`, `Deposit`, and `Withdraw` events from Thetanuts covered call contracts across six blockchains (Ethereum, Arbitrum, Avalanche, BSC, Fantom, and Polygon)
- **Premium events**: `NewEpoch` events contain the `premium` field representing options premium amounts collected by vaults
- **User activity events**: `Deposit` and `Withdraw` events contain user addresses (`_from` field) identifying active participants
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal normalization
- **Vault configuration**: Static mapping of vault contract addresses to their underlying token addresses across supported chains

## 3. Step-by-step calculation

### Component A: Fee calculation
- **Purpose**: Calculate total daily fees in USD from options premiums across all Thetanuts vaults
- **Logic**: Extract premium amounts from parsed `NewEpoch` events emitted by Thetanuts covered call contracts across Ethereum, Arbitrum, Avalanche, BSC, Fantom, and Polygon. Join these premium events with vault dimension data using the contract address to identify the underlying token for each vault. Convert premium amounts from native token units to USD using end-of-day price feeds and apply decimal correction based on token metadata. Aggregate all premiums by day using daily timestamp boundaries
- **Key fields**: `premium` amounts from NewEpoch events, `account_address` for vault identification, `token_address` for price conversion, `timestamp` truncated to day boundaries

### Component B: Daily active user calculation  
- **Purpose**: Count unique daily active users across all Thetanuts vaults and chains
- **Logic**: Extract user addresses from both `Deposit` and `Withdraw` events emitted by Thetanuts covered call contracts. Users are identified by the `_from` field in these events and classified as either "Depositor" or "Withdrawer" types. Apply daily timestamp boundaries and use HyperLogLog functions to deduplicate users across multiple dimensions including chain, user type, and product. This handles cases where the same user performs multiple actions or interacts across different chains on the same day
- **Key fields**: `_from` addresses from Deposit/Withdraw events, event types for user classification, `timestamp` truncated to day boundaries

### Final aggregation
- **Combining components**: Join the daily fee totals with daily active user counts by matching on the same date dimension
- **Currency conversion**: All fees are converted to USD using end-of-day price feeds with proper decimal adjustment for each token
- **Time aggregation**: Both fees and user counts use daily boundaries defined by truncating timestamps to day level
- **Final calculation**: Divide total daily fees by the count of unique daily active users to produce the average fees per user. Apply a fill-zeros strategy to populate missing data points with zero values rather than null

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

Thetanuts

Average fees per user (AFPU)

Average fees per user (AFPU)

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