Glossary
Glossary: Revenue per Wallet (RPW)
Revenue per wallet (RPW) is protocol or product revenue divided by the number of distinct eligible wallets during the same period, using a documented wallet and revenue definition.
What is Revenue per Wallet?
Revenue per wallet (RPW) is the amount of protocol or product revenue generated per distinct eligible wallet during a defined period. It helps teams compare monetization across time, channels, cohorts, and segments. RPW is not transaction volume, wallet net worth, or the total value moved through a protocol.
Revenue per wallet formula
RPW = eligible revenue ÷ distinct eligible wallets. The numerator may include protocol fees, subscriptions, commissions, or other recognized product revenue. The denominator should use wallets that match the analysis rule, such as transacting wallets or revenue-generating wallets, and both parts must cover the same period.
Revenue per wallet example
A product records $60,000 in eligible revenue from 12,000 distinct transacting wallets during a month. Its monthly RPW is $5. If a campaign cohort produces $8 RPW, the result suggests stronger monetization per wallet, but acquisition cost and retention still determine whether the cohort is more valuable overall.
Common mistakes
Do not substitute transaction volume for revenue or divide by every observed address when only a subset was eligible to generate revenue. Avoid comparing periods with different wallet definitions, revenue recognition rules, currencies, or identity-clustering methods. Median and distribution views can reveal concentration hidden by the average.
Using Revenue per Wallet in practice
Use RPW to compare channels, campaigns, cohorts, product surfaces, and wallet segments on a consistent monetization basis. Pair it with wallet counts, retention, acquisition cost, and revenue concentration so a small number of unusually valuable wallets does not distort the business conclusion.
Related reading
Explore product analytics, Revenue Attribution, Unique Active Wallets, Wallet Cohort, and the RPW monetization guide.
FAQs
How do you calculate revenue per wallet?
Divide eligible product or protocol revenue by the number of distinct eligible wallets for the same period and scope.
Is RPW the same as transaction volume per wallet?
No. Volume measures value moved, while RPW uses revenue retained or recognized by the product or protocol.
Should RPW use all wallets or paying wallets?
Either can be valid, but the denominator must be named explicitly and used consistently when comparing results.
Related Terms
A/B Testing
An experiment that compares two versions of a page, feature, or campaign to see which performs better.
Account Abstraction
Account abstraction is an approach that turns blockchain accounts into programmable smart contract wallets, enabling features like gasless transactions, social recovery, session keys, and paying fees in any token.
Activation Rate
Activation rate is the percentage of new users or wallets that complete a key activation milestone, such as a first transaction, out of all users who signed up or connected within a given period.
Active Users
Active users are distinct users, accounts, visitors, wallets, or wallet clusters that complete a defined meaningful action during a specified period; the chosen identity unit and activity rule determine the result.
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