Zerion shows an aggregated view of a wallet's total crypto holdings. Through Zerion’s interface users are able to swap, send and borrow crypto assets.

Zerion is a non-custodial DeFi aggregator built on Ethereum and other adjacent blockchains. Zerion was founded by Evgeny Yurtaev, Alexey Bashlykov and Vadim Koleoshkin and launched in 2016.

Zerion owns and governs the platform. They currently charge a swap fee on the transactions that they route (revenue). Zerion’s investors include Gnosis, Wintermute, Blockchain Ventures etc.

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Zerion

# Zerion Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average daily protocol fees generated per active user on the Zerion trading platform. This metric is calculated by dividing total daily protocol fees by the number of daily active users. AFPU provides insight into user monetization effectiveness and the average fee contribution per user across Zerion's multi-chain trading infrastructure.

## 2. Data sources

- **Blockchain events**: Parsed `Router_Executed_event` logs from Zerion's smart contracts across seven blockchains (Arbitrum, Avalanche, BSC, Fantom, Gnosis, Optimism, and Polygon)
- **Transaction data**: Blockchain transaction timestamps and block data from the supported chains
- **External data**: End-of-day token price feeds for USD conversion and token metadata including symbols and decimal configurations
- **User activity data**: Sender addresses from trading events to identify active users
- **Fee data**: Protocol fee amounts collected from trading activities

## 3. Step-by-step calculation

### Component A: Daily active users calculation
- **Purpose**: Identify and count unique daily active users across all supported chains
- **Logic**: Extract sender addresses from `Router_Executed_event` logs using the `sender` parameter. All users are classified as 'Trader' type. Truncate block timestamps to daily boundaries and count distinct user addresses per day. Use HyperLogLog aggregation to handle potential cross-chain address deduplication efficiently
- **Key fields**: `sender` (user address), `block_timestamp` (for daily aggregation), `chain` (for chain-specific breakdowns)

### Component B: Daily protocol fees calculation  
- **Purpose**: Calculate total daily protocol fees collected from trading activities
- **Logic**: Extract protocol fee amounts from `Router_Executed_event` logs using the `protocolFeeAmount` parameter. Apply decimal corrections based on token configurations and convert amounts to USD using end-of-day price feeds. Handle native asset mapping for exception addresses (0xeeee...eeee maps to chain-specific native tokens like ETH, AVAX, BNB). Aggregate fees by day across all chains and trading pairs
- **Key fields**: `protocolFeeAmount` (fee amount), `outputToken` (fee token address), `block_timestamp` (for daily aggregation)

### Component C: Trading pair enrichment
- **Purpose**: Enhance trading data with token pair information and account names
- **Logic**: Join trading events with token metadata to create readable trading pair names. Map token addresses to symbols, handling special cases where exception addresses represent native chain assets. Generate account names by concatenating token symbols with hyphens (e.g., 'ETH-USDC')
- **Key fields**: `real_token_0_address`, `real_token_1_address` (actual token addresses), token symbols from metadata

### Final aggregation  
- **Combining components**: Use the calculate_arpu macro to divide daily aggregated fees by daily active user counts on a per-day basis
- **Currency conversion**: All fees are converted to USD using end-of-day price feeds with proper decimal adjustments applied during the conversion process
- **Time aggregation**: Both user counts and fees are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU equals total daily protocol fees in USD divided by the count of distinct daily active users, with the finalize_metric_afpu macro standardizing the output schema and applying zero-filling for dates with no activity

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

Zerion

Average fees per user (AFPU)

Average fees per user (AFPU)

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