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Trojan

# Trojan Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the Trojan protocol on Solana. The metric is calculated by dividing daily protocol revenue by the number of daily active users (DAU), providing insight into the economic value generated per user interaction. ARPU helps assess the protocol's monetization efficiency and user engagement quality.

## 2. Data sources

The calculation relies on these underlying data sources:
- **Solana native SOL transfers**: Native SOL transfer events directed to Trojan's fee collection addresses
- **Transaction records**: Solana transaction data containing signer information to identify users
- **End-of-day price feeds**: Token price data for converting SOL amounts to USD values
- **Token metadata**: Information about SOL token properties and decimal handling

## 3. Step-by-step calculation

### Component A: Fee collection and revenue calculation

- **Purpose**: Captures all protocol fees and converts them to daily USD revenue
- **Logic**: The system identifies native SOL transfers sent to Trojan's designated fee collection address `9yMwSPk9mrXSN7yDHUuZurAh1sjbJsfpUqjZ7SvVtdco`. These transfers represent fees paid by users for protocol interactions. The SOL amounts are normalized by dividing by 1e9 to convert from native Solana units to standard token units. Daily totals are calculated by truncating timestamps to day boundaries and summing all fee amounts. The SOL values are then converted to USD using end-of-day price feeds
- **Key fields**: `block_timestamp` for timing, `transaction_signer` for user identification, `amount` for fee values, and `to_address` for filtering to fee collection addresses

### Component B: Daily active user calculation

- **Purpose**: Identifies and counts unique users who interact with the protocol daily
- **Logic**: Users are identified as unique transaction signers from the same fee transfer events used in revenue calculation. This ensures that only users who actually paid fees (active traders) are counted. The system extracts distinct signers per day, classifying them as 'Trader' user types. To handle aggregation across multiple dimensions while avoiding double-counting, the calculation uses HyperLogLog sketches that maintain approximate distinct counts. Users are aggregated at project level, chain level, user type level, and product level
- **Key fields**: `signer` for user identification, `block_timestamp` for daily grouping, and `user_type` classification as 'Trader'

### Final aggregation

- **Combining components**: The ARPU calculation divides daily revenue (from Component A) by daily active user count (from Component B) using the `calculate_arpu` macro. Both components use the same underlying fee transfer events, ensuring temporal alignment
- **Currency conversion**: All revenue values are converted to USD using end-of-day token price feeds before the ARPU calculation
- **Time aggregation**: Both revenue and user metrics are aggregated to daily boundaries using timestamp truncation, ensuring consistent time periods for the division
- **Final calculation**: Daily ARPU equals daily USD revenue divided by daily active user count, with missing data filled using a zero-fill strategy to maintain continuous time series

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

Trojan

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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