Liquidity providers deposit funds into Balancer and receive trading fees from traders (supply-side fees). In addition, Balancer provides liquidity providers with additional yield using boosted pools.

Balancer is a non-custodial exchange protocol built on Ethereum. Balancer was founded by Fernando Martinelli and launched in 2018.

BAL tokenholders own and govern the protocol. They currently take a cut of the total trading and yield fees (revenue). Balancer's investors include DeFiance Capital, Three Arrows Capital, Alameda Research, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Balancer

# Balancer Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Balancer measures the count of unique user addresses that interact with the Balancer protocol each day across multiple blockchain networks. This metric captures two types of user activity: trading (token swaps) and flashloan usage. The calculation identifies distinct users who either execute trades through Balancer pools or take flashloans from the protocol's Vault contracts, providing insight into the protocol's daily user engagement and adoption.

## 2. Data sources

The metric relies on the following raw blockchain data sources:
- **Balancer V2 Vault swap events**: Parsed `Vault_Swap_event` logs from Balancer V2 protocol deployments across Arbitrum, Avalanche, Base, Ethereum, Gnosis, Optimism, and Polygon networks
- **Balancer V2 Vault flashloan events**: Parsed `Vault_FlashLoan_event` logs from the same blockchain networks, capturing flashloan activities initiated directly from Vault contracts
- **Transaction records**: Blockchain transaction data from each network to map contract interactions back to the actual user addresses who initiated the activities
- **Event log metadata**: Block timestamps, transaction hashes, log indices, and other metadata from parsed blockchain events

## 3. Step-by-step calculation

### Component A: Trade user identification
- **Purpose**: Identify users who executed token swaps through Balancer pools
- **Logic**: Parse `Vault_Swap_event` logs from Balancer V2 contracts across seven blockchain networks. Filter out pool join and exit operations by excluding swaps where either `tokenIn` or `tokenOut` equals the pool address (extracted from the first 42 characters of `poolId`). Join with transaction records to identify the actual user address from the transaction sender (`from_address`) rather than using contract addresses. Generate unique identifiers by concatenating formatted block numbers and log indices. Truncate block timestamps to daily boundaries for aggregation.
- **Key fields**: `user_address` from transaction sender, `tokenIn` and `tokenOut` addresses, `amountIn` and `amountOut` values, daily timestamp boundary, chain identifier

### Component B: Flashloan user identification  
- **Purpose**: Identify users who utilized Balancer's flashloan functionality
- **Logic**: Parse `Vault_FlashLoan_event` logs from Balancer V2 Vault contracts across the same seven blockchain networks. These events capture flashloans taken directly from the protocol's Vault rather than individual pool contracts. Join with transaction records to map the user address from the transaction sender. Extract token addresses, loan amounts, and fee amounts from the event data. Apply the same timestamp truncation and ID generation logic as trade events.
- **Key fields**: `user_address` from transaction sender, `token` address for flashloan, `amount` borrowed, `feeAmount` charged, daily timestamp boundary, chain identifier

### Final aggregation
- **Combining components**: Union trade users (labeled as 'Trader') with flashloan users (labeled as 'Flashloan Trader') into a single dataset, preserving user type distinctions
- **Chain filtering**: Exclude Optimism chain data to prevent double-counting, as Optimism users are calculated separately towards Beethoven X protocol metrics
- **Time aggregation**: Group users by daily timestamp boundaries created through timestamp truncation to day level
- **Final calculation**: Count distinct user addresses per day across all included chains and user types, treating each unique address as one daily active user regardless of how many transactions they performed that day

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

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

BalancerBAL

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown