# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is a metric that represents the number of unique addresses that make a revenue-generating transaction with a project, specifically Aave V2, over a 30-day rolling window. This metric is utilized to evaluate user engagement, adoption, and the overall transaction activity within the Aave V2 lending pools. By analyzing unique interacting addresses, the utility and market demand of Aave V2 can be assessed across different user roles, such as depositors, withdrawers, borrowers, repayers, and flash loan initiators.

## 2. Data sources

- **Blockchain events**: `Borrow`, `Deposit`, `FlashLoan`, `Repay`, and `Withdraw` events from `LendingPool` and `AMMLendingPool` contracts, covering Ethereum, Avalanche, and Polygon

## 3. Step-by-step calculation

### Component A: User address extraction

- **Purpose**: Extract the addresses of users performing transactions on Aave V2.
- **Logic**: Transaction events are parsed from `LendingPool` and `AMMLendingPool` contracts. For `Borrow`, `Deposit`, `Repay`, and `Withdraw` events, the `user` field is extracted for the identification of the active participant. For `FlashLoan` events, the `initiator` field is extracted for the identification of the address that triggered the flash loan. Each extracted address is classified by its corresponding user type, such as borrower, depositor, repayer, or withdrawer, for maintaining context on the nature of the interaction.
- **Key fields**: `user` (for borrow, deposit, repay, and withdraw actions), `initiator` (for flash loans), and `transaction_hash`

### Component B: Monthly unique address aggregation

- **Purpose**: Aggregate the extracted addresses to calculate active users (monthly).
- **Logic**: The extracted user addresses are grouped by 30-day rolling window using UTC boundaries. Duplicate addresses within the same 30-day rolling window are removed, ensuring each address is counted only once per 30-day window. The final metric is represented by the monthly count of unique active addresses interacting with Aave V2 across all supported chains.
- **Key fields**: `block_timestamp` (for monthly truncation) and `user_address` (for distinct counting)

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

Lending

Lenders deposit funds into Aave and receive interest payments from borrowers (supply-side fees).

Aave is a non-custodial lending protocol built on Ethereum and other adjacent blockchains. Aave was founded by Stani Kulechov and launched in 2017.

AAVE tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Aave’s investors include ParaFi Capital, Framework Ventures, Three Arrows Capital, etc.

Aave V2

Active users (monthly)

Active users (monthly)

Chain breakdown