Liquidity providers deposit funds into Uniswap and receive trading fees from traders (supply-side fees).

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Uniswap

# Uniswap Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated as the average USD value of fees paid by an individual active user of Uniswap over a 24-hour window. This metric is calculated to reflect the daily cost of utilizing the protocol's services, including Uniswap V2, Uniswap V3, Uniswap V4, and Unichain. By analyzing the relationship between total fees generated and active users (daily), insights into user behavior, protocol pricing power, and unit economics are provided. This metric is utilized as a key indicator for institutional investors to evaluate user monetization and engagement across different deployments.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Daily active user tracking

- **Purpose**: Identify and aggregate active users (daily) across Uniswap V2, Uniswap V3, Uniswap V4, and Unichain
- **Logic**: active users (daily) are identified by extracting unique user addresses from transaction records. For Uniswap V2 and Uniswap V3, user addresses are extracted from `Swap` events emitted by `Pair` and `Pool` contracts, as well as `Flash` events from Uniswap V3 `Pool` contracts. For Uniswap V4, user addresses are extracted from `Swap` events emitted by `PoolManager` contracts. For Unichain, transaction senders are extracted from native transaction records. These addresses are aggregated daily to determine the total number of active users (daily).
- **Key fields**: `user_address`, `block_timestamp`, `product_id`

### Component B: Fee generation tracking

- **Purpose**: Calculate total daily fees generated across all Uniswap products
- **Logic**: Fees are calculated based on trading volumes, flash loan volumes, and gas fees. For Uniswap V2, Uniswap V3, and Uniswap V4, trading volumes are calculated from `Swap` events, normalized by decimal precision, and multiplied by the respective pool fee tiers. For Uniswap V3, flash loan volumes are extracted from `Flash` events and multiplied by the pool fee tiers. For Unichain, gas fees are calculated from native transaction gas usage and gas prices. All fee amounts are converted to USD using end-of-day asset prices and aggregated daily.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_tier`, `price_usd`, `block_timestamp`

### Component C: Average fees per user calculation

- **Purpose**: Calculate the final average fees paid per active user
- **Logic**: The total daily fees generated across all products are divided by the total number of active users (daily). This division is performed using a safe division function to prevent errors in case of zero active users. The average USD fee paid per user on a daily basis is represented by the resulting value.
- **Key fields**: `fees`, `user_dau`, `afpu`

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

UniswapUNI

Average fees per user (AFPU)

Average fees per user (AFPU)

Competitive landscape