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XSwap

XSwap | Data Breakdowns

# XSwap Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average amount of fees generated per daily active user on the Xswap decentralized exchange. This metric is calculated by dividing the total daily fees collected by Xswap by the number of unique daily active users. It provides insight into user engagement profitability and the economic efficiency of the platform's fee-generating activities, which include both trading and flash loan services.

## 2. Data sources

- **XDC blockchain event logs**: Parsed `Swap` events from Xswap V2 `Pair` contracts and V3 `Pool` contracts on the XDC blockchain
- **XDC blockchain event logs**: Parsed `Flash` events from Xswap V3 `Pool` contracts on the XDC blockchain  
- **XDC blockchain transaction records**: Transaction data including sender addresses for user identification
- **Factory contract events**: `PoolCreated` events from V3 Factory contracts and `PairCreated` events from V2 Factory contracts for trading pair metadata
- **Token metadata**: Token information including decimal places and symbols for amount normalization
- **External data**: End-of-day token price feeds for USD conversion
- **Denylist data**: Hardcoded list of trading pairs with limited price feed support to exclude from calculations

## 3. Step-by-step calculation

### Component A: Trading volume extraction
- **Purpose**: Extract and process trading activity from Xswap DEX swaps
- **Logic**: Parse `Swap` events from both V2 and V3 Xswap contracts on XDC blockchain. For V2 contracts, calculate token amounts as the difference between `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out`. For V3 contracts, use `amount0` and `amount1` directly. Join with XDC transaction records to identify the `user_address` from the transaction sender. Group trades by daily timestamps
- **Key fields**: `token0_amount`, `token1_amount`, `user_address`, `account_address` (trading pair contract), `block_timestamp`

### Component B: Trading pair metadata enrichment
- **Purpose**: Enrich trading data with token metadata and fee information
- **Logic**: Join trading activities with trading pair dimension data created from Factory contract events. The trading pairs are identified from `PoolCreated` events (V3) and `PairCreated` events (V2) which provide token addresses and fee tiers. Join with token metadata to get decimal places and symbols for both tokens in each pair. Exclude any trading pairs that appear in the denylist due to limited price feed support
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `fee_tier`

### Component C: Trading volume USD conversion
- **Purpose**: Convert raw token amounts to USD trading volume with manipulation protection
- **Logic**: Normalize token amounts by dividing by the appropriate decimal places. Join with end-of-day price feeds to get USD prices for both tokens. To prevent price manipulation, calculate USD value for both tokens separately and take the lesser of the two values as the final trading volume. This protects against inflated prices on low-liquidity tokens. Aggregate volumes daily by summing across all trading pairs and fee tiers
- **Key fields**: `token0_amount`, `token1_amount`, `price_usd`, `trading_volume`

### Component D: Flash loan volume extraction  
- **Purpose**: Extract and process flash loan activity from Xswap V3 pools
- **Logic**: Parse `Flash` events from V3 Xswap `Pool` contracts on XDC blockchain. Extract `amount0` and `amount1` values representing the flash loan amounts for each token. Join with XDC transaction records to identify the `user_address` from the transaction sender. Join with trading pair metadata to get token information and normalize amounts using decimal places. Group by daily timestamps
- **Key fields**: `token0_amount`, `token1_amount`, `user_address`, `account_address`, `block_timestamp`

### Component E: Flash loan volume USD conversion
- **Purpose**: Convert flash loan token amounts to USD volume
- **Logic**: Join normalized flash loan amounts with end-of-day price feeds for both tokens. Calculate USD values by multiplying token amounts by their respective prices. Sum both token USD values to get total flash loan volume per event. Unlike trading volume, flash loan volume does not use manipulation protection since both tokens contribute to the total volume. Aggregate volumes daily
- **Key fields**: `token0_amount`, `token1_amount`, `price_usd`, `flash_loan_volume`

### Component F: Fee calculation
- **Purpose**: Calculate total fees from both trading and flash loan activities  
- **Logic**: Multiply trading volume by the respective trading pair fee tier to get trading fees. Multiply flash loan volume by the fee tier to get flash loan fees. The fee tier represents the percentage fee charged, expressed as a decimal. Sum trading fees and flash loan fees across all pairs and activities to get total daily fees for the protocol
- **Key fields**: `trading_volume`, `flash_loan_volume`, `fee_tier`, `fees`

### Component G: Daily active user calculation
- **Purpose**: Count unique users engaging with Xswap daily
- **Logic**: Extract user addresses from both trading transactions (from swap events) and flash loan transactions. Union these user sets and count distinct `user_address` values per day. Users are identified as "Trader" type regardless of whether they performed swaps or flash loans. Use HyperLogLog data structure for efficient distinct counting across large datasets
- **Key fields**: `user_address`, `user_dau`, `timestamp`

### Final aggregation
- **Combining components**: Total daily fees are divided by the count of daily active users to calculate the average fees per user
- **Currency conversion**: All monetary values are expressed in USD using end-of-day price feeds applied at the volume calculation stage
- **Time aggregation**: Calculations are performed on daily boundaries using timestamp truncation to day granularity  
- **Final calculation**: AFPU equals total daily fees divided by daily active user count. Days with zero users are filled with zero AFPU values to maintain complete time series data

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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