Uniswap Labs collects fees from trades conducted through its interfaces.

Uniswap Labs, established by Hayden Adams in 2018, is a software development company that specializes in creating products for the Uniswap Protocol. This includes the development and maintenance of various applications like the Uniswap web app, a mobile wallet, and an NFT aggregator.

Uniswap Labs acts as a developer and maintainer of the Uniswap Protocol. The company functions independently from the decentralized governance of the protocol.

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Uniswap Labs

# Uniswap Labs Average fees per user (AFPU) Methodology

## 1. Overview

The Uniswap Labs average fees per user (AFPU) metric measures the average daily fee revenue generated per active user on the Uniswap protocol. This metric is calculated by dividing total daily fees collected by Uniswap Labs by the number of daily active users who generated those fees. AFPU provides insight into user monetization efficiency and helps assess the revenue contribution per user across the Uniswap ecosystem, including both traditional AMM swaps and UniswapX dutch auction trades.

## 2. Data sources

**Blockchain events**: Token transfer events from Ethereum, Arbitrum, Avalanche, Base, BSC, Polygon, and Optimism blockchains, specifically transfers to Uniswap Labs collector addresses from router contracts

**UniswapX events**: Parsed `Fill` events from the `UniswapXDutchOrderReactor` contract on Ethereum, representing completed dutch auction orders

**Transaction data**: Transaction records from all supported chains to identify user addresses initiating fee-generating activities

**External data**: End-of-day token price feeds for USD conversion and token metadata containing decimal place information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Fee collection from AMM swaps
- **Purpose**: Captures interface fees collected from traditional Uniswap v3 DEX swaps across multiple chains
- **Logic**: Identifies token transfers where the sender is a Uniswap router contract and the recipient is a Uniswap Labs collector address. Filters to transfers occurring between July 1, 2023, and December 25, 2025, when interface fees were active according to the UNIfication proposal. Covers seven blockchains with chain-specific router and collector address configurations
- **Key fields**: `block_timestamp` for daily grouping, `transaction_hash` for transaction linking, `user_address` from transaction originator, `token_address` and `amount` for fee value calculation

### Component B: Fee collection from UniswapX dutch auctions  
- **Purpose**: Captures fees from UniswapX dutch auction trades on Ethereum
- **Logic**: Extracts token transfers to collector addresses that occur within transactions containing UniswapX `Fill` events. Uses the transaction allowlist from UniswapX reactor events to ensure only legitimate auction-related transfers are included. Limited to Ethereum and the same July 2023 to December 2025 timeframe
- **Key fields**: `swapper` address from Fill events as user identifier, transfer `value` as fee amount, collector addresses as recipients

### Component C: Data cleaning and combination
- **Purpose**: Combines AMM and UniswapX fees while excluding problematic tokens
- **Logic**: Unions the swap fees and dutch auction fees, filtering out specific denylisted token addresses that could skew results. Maintains transaction-level granularity with log index for precise tracking
- **Key fields**: Combined dataset with `chain`, `user_address`, `token_address`, `amount`, and transaction identifiers

### Component D: Fee USD conversion and aggregation
- **Purpose**: Converts token amounts to USD values and aggregates to daily totals
- **Logic**: Applies end-of-day price feeds to convert token amounts to USD equivalents, correcting for token decimal places to ensure accurate value calculations. Groups by day, chain, and other dimensional attributes while applying a zero-filling strategy for days without activity
- **Key fields**: `timestamp` truncated to day, USD-converted `fees` amounts, dimensional breakdowns by `chain_id` and `product_id`

### Component E: Daily active user identification
- **Purpose**: Counts unique users who generated fees each day
- **Logic**: Extracts distinct user addresses from the same fee-generating transactions used for revenue calculation, ensuring users and revenue are measured consistently. Classifies all users as 'Trader' type and uses HyperLogLog aggregation for efficient distinct counting across large datasets
- **Key fields**: `user_address` as the unique identifier, `timestamp` for daily grouping, `user_type` classification

### Component F: User aggregation with dimensional breakdowns
- **Purpose**: Creates scalable user count aggregations across multiple dimensions  
- **Logic**: Uses HyperLogLog functions to create approximate but highly accurate distinct user counts at project, chain, user type, and product levels. Applies the same zero-filling strategy as fees to maintain consistent daily time series
- **Key fields**: `user_dau` counts aggregated by various `dimensions` including chain, product, and user type breakdowns

### Final aggregation
- **Combining components**: The AFPU calculation divides the daily fee totals by the daily active user counts using a specialized ARPU (Average Revenue Per User) macro that handles the division logic
- **Currency conversion**: All fees are converted to USD using end-of-day price feeds before aggregation, ensuring consistent currency representation
- **Time aggregation**: Both fees and users are aggregated to daily boundaries with timestamp truncation, maintaining alignment between numerator and denominator
- **Final calculation**: Daily AFPU equals total daily fees in USD divided by the count of daily active users, with zero-filling applied to maintain continuous daily time series even when no activity occurs

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

Uniswap Labs

Average fees per user (AFPU)

Average fees per user (AFPU)

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