Toucan receives fees when liquid carbon reference tokens are redeemed for carbon credits and when off-chain carbon credits are bridged on-chain (revenue).

Toucan is an infrastructure protocol that bundles illiquid carbon credits to liquid carbon reference tokens, and bridges off-chain carbon credits on-chain. Toucan is currently built on Polygon and was founded by Raphaël Haupt in 2020.

Toucan team & investors own and govern the protocol. Toucan’s investors include USV, Earthshot Ventures, etc.

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Infrastructure

Toucan Protocol

# Toucan Protocol 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 Toucan carbon credit protocol. This metric answers the business question: "How much fee revenue does Toucan generate per active user on average?" The calculation divides total daily fees by the number of daily active users, providing insight into user monetization efficiency across the Toucan protocol's carbon token redemption activities on Polygon and Celo networks.

## 2. Data sources

- **Blockchain events**: Parsed Toucan protocol redemption events (`BCT_Redeemed_event` and `NCT_Redeemed_event`) from Polygon and Celo networks, capturing user redemption activities for Base Carbon Tonne and Nature Carbon Tonne tokens
- **Transaction data**: Polygon and Celo token transfer events filtered to Toucan protocol treasury addresses, including ecosystem fund and pool retirement addresses
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal standardization
- **Protocol data**: Hardcoded Toucan treasury addresses for fee collection tracking and denylist of scam tokens to exclude from calculations

## 3. Step-by-step calculation

### Component A: User activity tracking
- **Purpose**: Identifies and counts daily active users based on carbon token redemption activities
- **Logic**: Extracts user addresses from Toucan redemption events on both Polygon and Celo networks. The system captures the `account` parameter from `BCT_Redeemed_event` and `NCT_Redeemed_event` logs, representing users who redeem Base Carbon Tonne and Nature Carbon Tonne tokens. User addresses are truncated to daily timestamps and processed through HyperLogLog aggregation for efficient distinct counting across multiple dimensions including chain, user type, and product
- **Key fields**: `account` addresses from redemption events, `block_timestamp` for daily aggregation, `chain` for network identification, `user_type` categorized as 'Redeemer'

### Component B: Fee collection tracking  
- **Purpose**: Captures redemption fees flowing to Toucan protocol treasury addresses
- **Logic**: Monitors token transfer events to specific Toucan addresses across Polygon and Celo networks, including ecosystem fund addresses and BCT/NCT pool retirement addresses. The system filters transfers to these predetermined treasury addresses and excludes denylisted scam tokens. For standardization, Celo token addresses are mapped to their Polygon equivalents during processing while preserving the original chain information
- **Key fields**: `value` amounts from token transfers, `token_address` for fee token identification, `to_address` filtered to Toucan treasury addresses, `account_address` and `account_name` for categorizing different fee collection points

### Component C: Fee processing and USD conversion
- **Purpose**: Standardizes fee amounts across different tokens and chains into USD values
- **Logic**: Applies decimal correction based on token metadata and converts amounts to USD using end-of-day price feeds. The system temporarily standardizes all data to 'polygon' chain identifier for consistent price lookup while maintaining the actual chain in a separate field. Fees are aggregated by day and categorized by business line as 'Asset management' under the infrastructure market sector
- **Key fields**: `amount` values after decimal correction, `revenue` in USD terms, `real_chain` preserving actual blockchain, `timestamp` truncated to daily boundaries

### Final aggregation
- **Combining components**: Daily user counts from component A are matched with daily fee totals from component C using the ARPU calculation macro, which divides total fees by total active users for each day
- **Currency conversion**: All fees are converted to USD using end-of-day price feeds with proper decimal adjustment based on token specifications  
- **Time aggregation**: Both users and fees use daily timestamp truncation ensuring consistent time boundaries for the division calculation
- **Final calculation**: AFPU equals total daily fees in USD divided by the count of distinct daily active users, with zero-filling applied for days with no activity to maintain continuous time series data

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

Toucan Protocol

Average fees per user (AFPU)

Average fees per user (AFPU)

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