Overcollateralized borrowers deposit funds into Abracadabra and receive MIM stablecoin.

Abracadabra is a non-custodial stablecoin protocol built on Ethereum and other adjacent blockchains. Abracadabra was founded by Daniele Sestagalli and launched in 2021.

SPELL tokenholders own and govern the protocol. Currently, the interest and borrowing fees paid by borrowers (revenue) are shared between tokenholders and the project treasury.

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Abracadabra.money

# Abracadabra.money Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) measures the number of unique wallet addresses that interact with Abracadabra protocol on a given day. This metric captures user engagement across Abracadabra's core lending platform and its Beam v1 cross-chain bridge functionality. The calculation aggregates user activity from multiple blockchain networks where Abracadabra operates, counting each unique address only once per day regardless of how many transactions they perform.

## 2. Data sources

The calculation uses the following raw blockchain data sources:

- **Abracadabra Cauldron events**: Parsed `LogBorrow` and `LogRepay` events from Abracadabra's lending contracts across Ethereum, Arbitrum, Avalanche, BSC, and Fantom networks
- **LayerZero bridge events**: Parsed `SendToChain` events from `LzIndirectOFTV2` and `LzProxyOFTV2` contracts across Ethereum, Arbitrum, Avalanche, Base, BSC, Fantom, and Polygon networks for Beam v1 cross-chain functionality  
- **Token transfer events**: Blockchain token transfer records from all supported chains, used to identify actual user addresses for bridge transactions
- **Transaction metadata**: Blockchain transaction records containing timestamps, transaction hashes, and block information for temporal aggregation

## 3. Step-by-step calculation

### Component A: Core lending platform users
- **Purpose**: Identifies users actively borrowing or repaying on Abracadabra's lending platform
- **Logic**: Extracts user addresses from Cauldron `LogBorrow` and `LogRepay` events across five blockchain networks. The `LogBorrow` events capture users taking out loans against collateral, while `LogRepay` events capture users repaying their outstanding debt. Each event contains the user's wallet address in the `from` field, along with transaction timestamp and hash for aggregation purposes.
- **Key fields**: User address from `from` field, block timestamp for daily boundaries, transaction hash for deduplication, and chain identifier for multi-chain aggregation

### Component B: Beam v1 bridge users  
- **Purpose**: Identifies users utilizing Abracadabra's Beam v1 cross-chain bridge functionality
- **Logic**: Extracts bridge activity from LayerZero `SendToChain` events, but uses a more complex identification process. First, filters bridge events to only include transactions sent to Abracadabra's wrapper contract addresses (`0x287176dfbec7e8cee0f876fc7b52960ee1784adc` and `0xe1261e47b08a22df93af46889ee504c2aa6dfd4c`). Then joins these bridge events with token transfer records using transaction hash matching to find the actual user addresses that initiated the bridge transactions, since the bridge events only contain the wrapper contract address rather than the end user's address.
- **Key fields**: User address from `from_address` field in token transfers, wrapper contract addresses for filtering, transaction hash for joining events, and chain identifier for multi-chain support

### Component C: User type classification
- **Purpose**: Categorizes users by their activity type for analytics segmentation
- **Logic**: Assigns user type labels based on the event source - `Borrower` for `LogBorrow` events, `Repayer` for `LogRepay` events, and `Bridger` for LayerZero bridge events. Also assigns consistent business classification fields including `stablecoin_issuers` as market sector and `stablecoin_issuer` as business segment for all user types.
- **Key fields**: User type classification, market sector identifier, business segment identifier, and product identifier fields

### Final aggregation
- **Combining components**: Unions all user events from both core lending and bridge activities into a single dataset with standardized fields for chain, user type, addresses, and timestamps
- **Time aggregation**: Truncates block timestamps to daily boundaries using day-level time truncation, ensuring all activity within a 24-hour period is grouped together regardless of specific transaction times
- **Deduplication logic**: Applies distinct filtering on the combination of date, chain, user type, and user address, so each unique wallet address is counted only once per day even if they perform multiple transactions
- **Chain filtering**: Applies chain availability filtering to ensure only supported blockchain networks are included in the final daily active user count, maintaining data quality and consistency across the multi-chain protocol deployment

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

Unique revenue-generating users over a fixed 24-hour window.

Abracadabra.moneySPELL

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown