# Active users (monthly) Methodology

## 1. Overview

The number of unique addresses performing revenue-generating transactions on Aave V4 within a 30-day rolling window is measured by active users (monthly). This metric is utilized as a key indicator of user adoption, protocol utility, and overall transactional activity. Unique addresses interacting with the lending and borrowing pools of Aave V4 are tracked to analyze user engagement across different market actions. These actions are categorized into supplying assets, withdrawing assets, borrowing, repaying loans, and executing liquidations.

## 2. Data sources

- **Blockchain events**: `Borrow`, `Repay`, `Supply`, `Withdraw`, and `LiquidationCall` events from `Spoke` contracts, covering Ethereum, Avalanche, Base, Optimism, and Arc

## 3. Step-by-step calculation

### Component A: Aave V4 user interaction extraction

- **Purpose**: Active user addresses are extracted from Aave V4 smart contract events.
- **Logic**: `Borrow`, `Repay`, `Supply`, and `Withdraw` events are parsed from `Spoke` contracts to extract the `user` address. Additionally, `LiquidationCall` events are parsed from `Spoke` contracts to extract the `liquidator` address. These addresses are classified by their respective interaction types, such as Borrower, Repayer, Depositor, Withdrawer, and Liquidator.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user` (from borrow, repay, supply, and withdraw events), and `liquidator` (from liquidation events)

### Component B: Aave V4 monthly deduplication and aggregation

- **Purpose**: The monthly count of unique active addresses is calculated.
- **Logic**: All extracted user and liquidator addresses are consolidated into a unified dataset. Transaction timestamps are aggregated over a 30-day rolling window. For each 30-day window, chain, and interaction type, the number of unique addresses is aggregated to determine the active users (monthly).
- **Key fields**: `timestamp` (30-day rolling window), `chain`, `user_type`, and `user_address` (representing the unique active user)

*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 V4

Active users (monthly)

Active users (monthly)

Chain breakdown