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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Toucan Protocol

# Toucan Protocol Average revenue per user (ARPU) Methodology

## 1. Overview

ARPU (Average Revenue Per User) measures the average daily revenue generated per daily active user for the Toucan Protocol. This metric is calculated by dividing daily revenue by daily active users (DAU). Toucan Protocol operates carbon tokenization infrastructure on Polygon and Celo networks, where users can redeem Base Carbon Tonnes (BCT) and Nature Carbon Tonnes (NCT) tokens. The protocol generates revenue through redemption fees that flow to treasury addresses.

## 2. Data sources

- **Redemption events**: Parsed `BCT_Redeemed_event` and `NCT_Redeemed_event` logs from Toucan v1 smart contracts on Polygon and Celo networks
- **Token transfers**: ERC20 token transfer events on Polygon and Celo blockchains, specifically transfers directed to Toucan treasury addresses
- **Treasury addresses**: Six hardcoded Toucan treasury addresses across Polygon and Celo networks (ecosystem fund and BCT/NCT retirement pool addresses)
- **Token pricing**: End-of-day token price feeds for BCT and NCT tokens for USD conversion
- **Token metadata**: Token decimal information for amount normalization
- **Denylist data**: Curated list of scam tokens on Polygon network to exclude from revenue calculations

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculate daily revenue from redemption fees collected by Toucan treasury addresses
- **Logic**: Track all ERC20 token transfers flowing into six specific Toucan treasury addresses across Polygon and Celo networks. These addresses include ecosystem fund addresses and BCT/NCT retirement pool addresses on both chains. Filter out any transfers involving tokens from the denylisted scam token list. For cross-chain consistency, map Celo BCT and NCT token addresses to their Polygon equivalents for pricing purposes. Convert all amounts to USD using end-of-day price feeds and correct for token decimal places. Aggregate transfers by day and apply zero-filling for dates with no activity.
- **Key fields**: `block_timestamp` for daily aggregation, `to_address` filtered to treasury addresses, `token_address` for price lookup, `value` for transfer amounts, `chain` for network identification

### Component B: Daily active users (DAU) calculation
- **Purpose**: Count unique users who performed redemption activities daily
- **Logic**: Extract user addresses from `BCT_Redeemed_event` and `NCT_Redeemed_event` logs on Toucan v1 contracts across Polygon and Celo networks. The user address is identified from the `account` parameter in the Redeemer role within these events. Use HyperLogLog (HLL) data structure to efficiently count distinct users across multiple dimensional breakdowns including project-level, chain-level, user-type level, and product-level aggregations. Group events by day and apply zero-filling for dates with no user activity.
- **Key fields**: `block_timestamp` for daily grouping, `account` as the user identifier from redemption events, `chain` for network identification, `user_type` set to 'Redeemer'

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts by date and applicable dimensions
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day token price feeds, with proper decimal correction applied based on token metadata
- **Time aggregation**: Both revenue and user metrics are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: ARPU is calculated by dividing the daily revenue amount by the daily active user count. Days with zero users result in null ARPU values rather than division errors. Missing dates are filled with zeros to maintain consistent time series data.

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

Toucan Protocol

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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