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

Zyberswap is a non-custodial exchange protocol built on Arbitrum. Zyberswap was founded by anonymous team and launched in 2023.

ZYB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Zyberswap

# Zyberswap Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) measures the daily revenue generated per active user on the Zyberswap decentralized exchange. This metric answers the question: "How much revenue does each user generate on average per day?" The calculation divides daily protocol fee revenue by the number of daily active users, providing insight into user monetization efficiency across Zyberswap's v2 and v3 protocols on Arbitrum.

## 2. Data sources

The calculation utilizes several types of blockchain data and external feeds:

**Blockchain events**: 
- Parsed Arbitrum `Pair_Swap_event` logs from Zyberswap v2 contracts capturing trading activity
- Parsed Arbitrum `AlgebraPool_Swap_event` logs from Zyberswap v3 contracts capturing trading activity  
- Parsed Arbitrum `AlgebraPool_Flash_event` logs from v3 contracts capturing flash loan activity
- Parsed Arbitrum `SwapFlashLoan_TokenSwap_event` logs from v2 contracts capturing flash loan activity
- Parsed Arbitrum `SwapDeployer_NewSwapPool_event`, `Factory_PairCreated_event`, and `AlgebraFactory_Pool_event` logs establishing trading pair configurations
- Parsed Arbitrum `AlgebraPool_Fee_event` logs tracking dynamic fee updates for v3 pools
- Parsed Arbitrum `AlgebraPool_CommunityFee_event` logs tracking protocol fee changes for v3 pools

**Transaction data**: Arbitrum transaction records providing user addresses and transaction metadata

**External data**: End-of-day token price feeds for USD conversion and token metadata including decimal places and symbols

## 3. Step-by-step calculation

### Component A: Daily active users calculation

**Purpose**: Count unique users who performed trading or flash loan activities each day

**Logic**: Extract user addresses from two types of activities. For trading activities, collect `user_address` fields from both v2 `Pair_Swap_event` logs and v3 `AlgebraPool_Swap_event` logs. For flash loan activities, collect user addresses from v2 `SwapFlashLoan_TokenSwap_event` logs and v3 `AlgebraPool_Flash_event` logs. Join swap events with Arbitrum transaction records to get the originating user address (`from_address` field). Apply time filtering to include only transactions from 2023-01-23 onwards. Truncate timestamps to daily boundaries and classify all users as "Trader" type. Use HyperLogLog aggregation to efficiently count distinct users across multiple dimension breakdowns including project-level, chain-level, user-type-level, and product-level. Fill missing days with zero values.

**Key fields**: `user_address` from transaction records, `block_timestamp` for daily aggregation, `chain` for network identification, `user_type` set to "Trader"

### Component B: Daily revenue calculation  

**Purpose**: Calculate protocol fee revenue generated from trading activities

**Logic**: Extract trading data from both protocol versions with different fee structures. For v2 trades, parse `Pair_Swap_event` logs and calculate net token flows using `amount0In` minus `amount0Out` and `amount1In` minus `amount1Out` fields. For v3 trades, parse `AlgebraPool_Swap_event` logs using direct `amount0` and `amount1` fields. Apply version-specific fee logic: v2 uses fixed 0.25% trading fee with 0.10% protocol fee, while v3 uses dynamic fees from `AlgebraPool_Fee_event` logs and dynamic protocol fees from `AlgebraPool_CommunityFee_event` logs. Join with trading pair dimension data to get token addresses and decimal information. Correct token amounts by dividing by 10 raised to the token's decimal places. Convert corrected amounts to USD using end-of-day price feeds, selecting the minimum USD value between the two tokens in each pair to prevent price manipulation. Calculate protocol fees by multiplying trading volume by the protocol fee rate. Aggregate to daily totals by truncating timestamps to daily boundaries.

**Key fields**: `token0_amount` and `token1_amount` for trade sizes, `fee_tier` and `protocol_fee_tier` for fee calculations, `trading_volume` for USD-converted volumes

### Component C: Trading pair configuration

**Purpose**: Provide token pair mappings and metadata for volume calculations

**Logic**: Collect trading pair creation events from multiple sources. For v2, parse `SwapDeployer_NewSwapPool_event` logs with multiple token pair combinations from pooled token arrays and `Factory_PairCreated_event` logs. For v3, parse `AlgebraFactory_Pool_event` logs. Extract pool addresses, token addresses, and create bidirectional token pair mappings. Join with token metadata to get decimal places and symbols for each token. Generate human-readable pool names by concatenating token symbols.

**Key fields**: `account_address` for pool identification, `token0_address` and `token1_address` for token pairs, `token0_decimals` and `token1_decimals` for amount correction

### Final aggregation

**Combining components**: The revenue and DAU calculations are performed independently and then joined by date. Both metrics are aggregated to daily totals with the same time truncation logic ensuring alignment.

**Currency conversion**: USD conversion occurs during revenue calculation using end-of-day price feeds. Token amounts are first corrected for decimal places, then multiplied by token prices. The minimum USD value between the two tokens in each trade is used to prevent price manipulation.

**Time aggregation**: All timestamps are truncated to daily boundaries using `timestamp_trunc(block_timestamp, day)`. Data is filtered to include only transactions from 2023-01-23 onwards.

**Final calculation**: ARPU is calculated by dividing daily protocol fee revenue by daily active users for each day. Days with missing data are filled with zeros using the fill strategy. The result provides average revenue per user in USD for each day of Zyberswap operation.

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

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Average revenue per user (ARPU)

Average revenue per user (ARPU)

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