Liquidity providers deposit funds into Thruster, receive trading fees from traders (supply-side fees).

Thruster is a non-custodial exchange protocol built on Blast. Thruster was launched in 2024.

Thruster team and investors own and govern the protocol. They currently take a cut of the total trading fees paid by traders, and earn native yield (revenue). Thruster's investors include Mirana Ventures, Manifold, OKX Ventures, etc.

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Thruster

# Thruster Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily fee revenue generated per active user on the Thruster decentralized exchange. This metric is calculated by dividing total daily fees by the number of daily active users, providing insight into revenue efficiency and user monetization. The calculation combines trading fees, flash loan fees, and native yield rebates from the Blast blockchain, divided by the count of unique users who traded or used flash loans each day.

## 2. Data sources

- **Swap events**: Parsed `Swap` events from Thruster v2 (classic AMM) and v3 (concentrated liquidity) trading pair contracts on Blast blockchain
- **Flash loan events**: Parsed `Flash` events from Thruster v3 pool contracts on Blast blockchain
- **Yield claim events**: Parsed `ClaimYieldAll` events from Thruster trading pair contracts for native Blast yield distribution
- **Transaction records**: Blast blockchain transaction data to identify user wallet addresses
- **Trading pair metadata**: `PairCreated` and `PoolCreated` events from Thruster factory contracts containing token addresses, fee tiers, and trading pair configurations
- **Token metadata**: Token decimals and symbols for amount normalization
- **Price feeds**: End-of-day USD price feeds for token valuation and currency conversion
- **Protocol configuration**: `SetYieldCut` events from Thruster factory contracts defining protocol fee sharing ratios

## 3. Step-by-step calculation

### Component A: Trading fee calculation
- **Purpose**: Calculate fees generated from DEX trading activity
- **Logic**: Extract `Swap` events from both Thruster v2 classic AMM pairs and v3 concentrated liquidity pools. For v2 swaps, calculate token amount changes by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For v3 swaps, use `amount0` and `amount1` directly. Correct token amounts for decimals using trading pair metadata, then convert both token amounts to USD using end-of-day price feeds. To prevent price manipulation, use the lesser of the two USD values as the trading volume. Apply the trading pair's `fee_tier` to calculate fees. Apply protocol fee sharing based on yield cut ratios, with special logic for fee switch activation on April 10, 2024.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out` for v2; `amount0`, `amount1` for v3; `fee_tier` from trading pair metadata; protocol fee tier from yield cut updates

### Component B: Flash loan fee calculation  
- **Purpose**: Calculate fees from flash loan usage
- **Logic**: Extract `Flash` events from v3 pool contracts, capturing `amount0` and `amount1` representing the flash loan amounts for both tokens in the pair. Correct amounts for decimals using trading pair metadata and convert both to USD using end-of-day price feeds. Sum both token USD values to get total flash loan volume (unlike trades, both amounts contribute to volume). Apply the pool's `fee_tier` and protocol fee sharing ratio to calculate flash loan fees.
- **Key fields**: `amount0`, `amount1` from flash events; `sender` for user identification; `fee_tier` and protocol fee sharing ratios

### Component C: Native yield claims
- **Purpose**: Capture native yield revenue from Blast blockchain rebates
- **Logic**: Extract `ClaimYieldAll` events from trading pair contracts, which distribute native Blast yield for WETH, USDB, and Gas tokens. These events contain `amountWETH`, `amountUSDB`, and `amountGas` fields representing rebate amounts. Convert each token amount to USD using end-of-day price feeds and sum to get total yield claimed. This revenue is added directly to fees without applying trading fee tiers, as it represents protocol rebates rather than trading fees.
- **Key fields**: `amountWETH`, `amountUSDB`, `amountGas` from claim events; hardcoded token addresses for WETH, USDB, and Gas on Blast

### Component D: Daily active user counting
- **Purpose**: Count unique users who interact with the protocol each day
- **Logic**: Identify users from both trading and flash loan activities by extracting `user_address` from transaction records linked to swap and flash events. Union users from both activity types and deduplicate using HyperLogLog aggregation to count distinct wallet addresses per day. Users are classified as "Trader" type regardless of whether they traded or used flash loans.
- **Key fields**: `user_address` from transaction records; `from_address` as the transaction originator

### Final aggregation
- **Combining components**: Sum all three fee components (trading fees, flash loan fees, and native yield claims) to get total daily fees for the protocol
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds matched by token address, chain, and date. Token amounts are corrected for decimals before USD conversion
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation. Missing days are filled with zero values for both fees and user counts
- **Final calculation**: AFPU = Total Daily Fees ÷ Daily Active Users, where both numerator and denominator are calculated for the same day. The division handles zero user days appropriately and applies zero-filling strategy for missing data points

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

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