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

Voltz Protocol is a non-custodial Automated Market Maker (AMM) for Interest Rate Swaps deployed on Ethereum.

Voltz DAO owns and governs the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Voltz’s investors include Framework, Fabric Ventrues etc.

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Voltz

# Voltz Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the average revenue generated per daily active user on the Voltz protocol. Voltz is an interest rate swap protocol operating on Ethereum and Arbitrum that enables users to trade fixed and variable interest rate positions. The ARPU metric is calculated by dividing total daily revenue by the number of daily active users. Notably, Voltz operates with zero recorded revenue, indicating either a fee-free protocol model or that this metric represents net revenue after operational costs.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Voltz protocol contract events**: Parsed events from Voltz V1 smart contracts on Ethereum and Arbitrum, including `Swap`, `Mint`, `Burn`, `FullyCollateralisedSwap`, and `PositionLiquidation` events
- **Ethereum transaction logs**: Raw event logs from Ethereum blockchain containing Voltz protocol interactions
- **Arbitrum transaction logs**: Raw event logs from Arbitrum blockchain containing Voltz protocol interactions  
- **Token metadata**: Information about underlying tokens including decimal places and contract addresses
- **End-of-day price feeds**: Daily token price data for USD conversion calculations
- **Factory contract events**: `IrsInstance` events used to link trading events to underlying token information

## 3. Step-by-step calculation

### Component A: User tracking and DAU calculation

- **Purpose**: Identifies and counts unique daily active users across all Voltz protocol activities
- **Logic**: Users are tracked through three primary interaction types with the protocol. Trading activity is captured from `Swap` events on both chains and `FullyCollateralisedSwap` events on Ethereum, extracting the `recipient` or `trader` addresses. Liquidity provision activity is tracked through `Mint` events, capturing the `owner` addresses as depositors. Liquidity withdrawal activity is monitored via `Burn` events, also using the `owner` addresses as withdrawers. All events are aggregated daily using timestamp truncation, and unique users are counted using HyperLogLog aggregation to handle overlapping activities efficiently. Users are categorized by type (Trader, Depositor, Withdrawer) and aggregated across multiple dimensions including project-level, chain-level, user-type-level, and product-level breakdowns.
- **Key fields**: User addresses from `recipient`, `trader`, and `owner` fields, `block_timestamp` for daily aggregation, `chain` for multi-chain tracking

### Component B: Fee collection and processing

- **Purpose**: Collects all fees generated by the protocol from trading and liquidation activities
- **Logic**: Trading fees are captured from swap events across multiple contract types, extracting the `cumulativeFeeIncurred` amounts. Liquidation fees are collected from `PositionLiquidation` events, using the `liquidatorReward` amounts. Fee events are joined with factory creation events to determine the underlying token addresses and decimal places. Raw fee amounts are normalized by dividing by the appropriate power of 10 based on token decimals. All fees are converted to USD using end-of-day price feeds and aggregated daily. The fee data includes both Ethereum and Arbitrum chains, covering all Voltz V1 protocol versions.
- **Key fields**: `cumulativeFeeIncurred` and `liquidatorReward` for fee amounts, `underlyingToken` and `underlyingTokenDecimals` for normalization, `block_timestamp` for daily boundaries

### Component C: Revenue calculation

- **Purpose**: Determines the net revenue used in the ARPU calculation
- **Logic**: The revenue component explicitly sets all revenue values to 0, indicating that Voltz operates as a fee-free protocol or that this metric represents net revenue after accounting for operational costs, incentives, or other expenses. This zero-revenue approach means the protocol may be subsidizing user activity or operating at a loss during certain periods. Revenue records are created with the same dimensional structure as fees but with amounts set to zero across all time periods, chains, and products.
- **Key fields**: `revenue` amount (always 0), dimensional attributes matching the user data structure

### Final aggregation

- **Combining components**: The ARPU calculation uses a macro that divides total revenue by daily active users. Since revenue is set to zero, the calculation becomes 0 divided by the user count
- **Currency conversion**: While fees are converted to USD using end-of-day price feeds, the revenue override to zero bypasses any currency considerations
- **Time aggregation**: Daily boundaries are established using timestamp truncation to the day level, ensuring consistent time alignment between user and revenue data
- **Final calculation**: ARPU = Total Daily Revenue / Daily Active Users = $0 / DAU = $0 per user, regardless of the actual user count. Missing days are filled with zeros to ensure complete time series data

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

Voltz

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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