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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for ThetaNuts measures the daily revenue generated per active user of the protocol's yield farming vaults. ThetaNuts operates structured product vaults (covered calls and put vaults) across multiple blockchain networks. The ARPU metric divides total daily revenue by the number of daily active users, providing insight into revenue efficiency per user. However, in the current implementation, revenue is set to zero, making ARPU consistently zero.

## 2. Data sources

The calculation uses the following raw data sources:

- **Blockchain events**: Parsed `Deposit` and `Withdraw` events from ThetaNuts vault contracts across Ethereum, Arbitrum, Avalanche, BSC, Fantom, and Polygon networks
- **Premium events**: Parsed `NewEpoch` events from ThetaNuts covered call vaults containing premium amounts
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Vault configuration**: Hardcoded mapping of vault contract addresses to their underlying tokens across supported chains

## 3. Step-by-step calculation

### Component A: Daily active users calculation

- **Purpose**: Count unique users who interact with ThetaNuts vaults each day
- **Logic**: Extract user addresses from `Deposit` and `Withdraw` events across all supported ThetaNuts vault contracts. Events are filtered by contract addresses that match the predefined vault configurations. User addresses are identified from the `from` parameter in these events. The system tracks both "Depositor" and "Withdrawer" user types separately. Daily aggregation uses HyperLogLog (HLL) data structures to efficiently count distinct users across multiple dimensions including total protocol level, by chain, by user type, and by product
- **Key fields**: `block_timestamp` for daily grouping, `from` parameter as user address, contract `address` for vault identification, `chain` for network classification

### Component B: Revenue calculation  

- **Purpose**: Calculate daily revenue from vault premiums, though ultimately set to zero
- **Logic**: Collect premium amounts from `NewEpoch` events emitted by ThetaNuts covered call vaults. These events contain `premium` amounts representing fees collected by the vaults. The premium amounts are joined with vault configuration data to identify the underlying token addresses. Amounts are converted to USD using end-of-day price feeds and corrected for token decimals. However, the final revenue metric explicitly sets all values to 0, regardless of the calculated premium amounts
- **Key fields**: `premium` amount from events, contract `address` for vault matching, `token_address` for price conversion, `block_timestamp` for daily aggregation

### Final aggregation

- **Combining components**: The ARPU calculation divides daily revenue by daily active users using the `calculate_arpu` macro. Since revenue is consistently set to 0, the resulting ARPU is always 0
- **Currency conversion**: Premium amounts undergo USD conversion using end-of-day price feeds and decimal correction before being zeroed out
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU equals daily revenue (0) divided by daily active users, resulting in 0 for all days and dimensions. Missing days are filled with zeros using the forward-fill strategy, and chain availability filters are applied to ensure data quality across supported networks

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

Thetanuts

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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