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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on Uniswap Labs' platforms. This metric is calculated by dividing daily revenue (collected as interface fees) by the number of daily active users (traders who generated those fees). ARPU helps evaluate the monetization efficiency of Uniswap's fee-generating features across traditional AMM swaps and UniswapX Dutch auctions.

## 2. Data sources

- **Token transfer events**: Parsed `Transfer` events from Ethereum, Arbitrum, Avalanche, Base, BSC, Polygon, and Optimism capturing fee payments from router contracts to collector addresses
- **Transaction records**: Blockchain transaction data from all supported chains to identify user addresses who initiated fee-generating transactions
- **UniswapX events**: Parsed `Fill` events from the UniswapX Dutch order reactor on Ethereum for auction-based fee collection
- **Price feeds**: End-of-day token price feeds for USD conversion of fee amounts
- **Token metadata**: Token decimal information for accurate amount calculations

## 3. Step-by-step calculation

### Component A: Swap fee collection
- **Purpose**: Captures interface fees from traditional AMM swap transactions across multiple chains
- **Logic**: Identifies token transfers from specific Uniswap router contract addresses to designated collector addresses. The router addresses include universal router contracts and other Uniswap routing infrastructure. Collector addresses are fee destination wallets controlled by Uniswap Labs. Data is filtered to the period from July 1, 2023 to December 25, 2025, when the UNIfication proposal ended interface fees
- **Key fields**: `block_timestamp` for daily aggregation, `transaction_hash` for transaction linking, `user_address` from transaction sender, `token_address` and `amount` for fee values

### Component B: Dutch auction fee collection  
- **Purpose**: Captures fees from UniswapX Dutch auction order fills on Ethereum
- **Logic**: Extracts token transfers to collector addresses that occur within UniswapX `Fill` event transactions. Uses the UniswapX Dutch order reactor `Fill` events to identify qualifying transactions, then finds associated fee transfers to collector addresses within those same transactions
- **Key fields**: `swapper` address from `Fill` events as `user_address`, `block_timestamp`, `transaction_hash`, `token_address` and transfer `amount` for fees

### Component C: Fee aggregation and filtering
- **Purpose**: Combines both fee sources and applies data quality filters
- **Logic**: Union of swap fees and Dutch auction fees with duplicate removal using `union distinct`. Excludes specific denylisted tokens including addresses `0x63b420fb3294ba1d300ce5d3ba4bbca0f4fe5e3b`, `0xe4351fc54b6100d3f1741f321a959d45d69c23b1`, and `0xa5be544049f2b4a9db97cf8852c8c99fca30ea2b` to filter out problematic tokens
- **Key fields**: All fee transaction details with standardized schema including `business_line` as "Exchange AMM", `version` as "v3", and user classification

### Component D: Revenue calculation
- **Purpose**: Converts collected fees to USD revenue amounts
- **Logic**: Takes aggregated fee amounts, corrects for token decimal places using token metadata, and converts to USD using end-of-day price feeds. Groups by day using `timestamp_trunc` to create daily revenue totals. Applies chain availability filters to ensure consistent data coverage
- **Key fields**: Daily `timestamp`, `chain_id`, USD-converted `fees` amount renamed as `revenue`

### Component E: User identification
- **Purpose**: Identifies daily active users who generated fee revenue
- **Logic**: Extracts distinct `user_address` values from fee-generating transactions grouped by day. Classifies all users as "Trader" type since they participated in revenue-generating activities. Uses HyperLogLog sketches for efficient distinct user counting across multiple dimensional breakdowns including project-level, chain-level, and product-level aggregations
- **Key fields**: Daily `timestamp`, `user_address` for deduplication, `chain`, `user_type` as "Trader"

### Final aggregation
- **Combining components**: Revenue (daily fee totals in USD) is divided by daily active users (distinct trader count) using the `calculate_arpu` macro
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token prices before revenue calculation
- **Time aggregation**: Both revenue and users are aggregated to daily boundaries using `timestamp_trunc` with day granularity
- **Final calculation**: ARPU = Daily Revenue (USD) ÷ Daily Active Users (distinct count), resulting in average USD revenue generated per active trader per day

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

Uniswap Labs

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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