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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures Zerion's average daily revenue generated per active user. This metric is calculated by dividing total daily revenue by the number of daily active users. ARPU provides insights into user monetization effectiveness and revenue concentration across Zerion's multi-chain decentralized exchange aggregation service. The calculation uses trading fees collected from swaps executed through Zerion's v1 router contracts as the revenue source and unique daily traders as the user base.

## 2. Data sources

The calculation relies on several key data sources:

- **Router execution events**: Parsed `Router_Executed` events from Zerion v1 contracts deployed on Arbitrum, Avalanche, BSC, Fantom, Gnosis, Optimism, and Polygon chains
- **Trading data**: Transaction details including input tokens, output tokens, trade amounts, protocol fees, and trader addresses from router contract interactions  
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper amount conversion and display
- **Price feeds**: End-of-day token price feeds for USD conversion of fee amounts
- **Native asset mapping**: Configuration mapping the exception address `0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee` to each chain's native token (ETH, AVAX, BNB, FTM, xDAI, MATIC)

## 3. Step-by-step calculation

### Component A: Trading data extraction
- **Purpose**: Extract all trading activity from Zerion router contracts across supported chains
- **Logic**: Query `Router_Executed` events from Zerion v1 contracts on seven blockchains. Filter out events marked as removed and exclude specific denylisted transactions. Capture key trade details including sender address, input token, output token, trade amounts, and protocol fees. Map the exception address to native chain tokens using predefined configurations. Store both the original token addresses and the mapped addresses for proper token identification.
- **Key fields**: `sender` (trader address), `inputToken` and `outputToken` (token addresses), `absoluteInputAmount` and `absoluteOutputAmount` (trade sizes), `protocolFeeAmount` (fees collected)

### Component B: User activity calculation  
- **Purpose**: Count unique daily active users across all supported chains
- **Logic**: Extract trader addresses from router execution events and group by day. Use HyperLogLog algorithm for efficient distinct counting of user addresses. Aggregate users across multiple dimensions including total project level, individual chains, user types, and products. Apply chain availability filters to ensure data quality. Fill missing days with zero values to maintain consistent time series.
- **Key fields**: `sender` addresses converted to `user_address`, `block_timestamp` truncated to day, `chain` identifier

### Component C: Revenue calculation
- **Purpose**: Calculate total USD revenue from protocol fees collected on trades
- **Logic**: Extract protocol fee amounts from router execution events across all chains. Convert raw token amounts to proper decimal representation using token metadata. Apply end-of-day price feeds to convert fee amounts from native tokens to USD values. Aggregate fees by day, chain, and other dimensions. Apply finalization logic to ensure consistent schema and fill gaps with zeros.
- **Key fields**: `protocolFeeAmount` (raw fee amount), `token_address` (fee token), converted `fees` in USD

### Final aggregation
- **Combining components**: Join daily revenue totals with daily active user counts on the date dimension. Both components are aggregated to the same daily grain before division.
- **Currency conversion**: All fee amounts are converted to USD using end-of-day price feeds, with proper decimal adjustment based on token specifications
- **Time aggregation**: Both revenue and user metrics are truncated to daily boundaries (00:00:00 UTC) for consistent time alignment
- **Final calculation**: ARPU equals total daily revenue in USD divided by total daily active users, with the result representing average revenue generated per user per day. Days with zero users result in zero ARPU values through the fill strategy.

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

Zerion

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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