Stakers deposit funds into BENQI and receive a return on investment in the form of staking rewards (supply-side fees).

BENQI Liquid Staking is the liquid staking derivative business line of BENQI. BENQI was founded by an international team of software developers and launched in 2021.

BENQI tokenholders own and govern the BENQI protocol, including the BENQI Liquid Staking business line. They currently take a cut of the total staking rewards earned by the protocol (revenue). BENQI's investors include Dragonfly Capital, Mechanism Capital, Spartan, etc.

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BENQI Liquid Staking

# BENQI Liquid Staking Active users (daily) Methodology

## 1. Overview

The BenQi Liquid Staking Daily Active Users (DAU) metric measures the number of unique user addresses that interact with the BenQi liquid staking protocol on Avalanche each day. This metric captures both depositors who stake AVAX tokens and withdrawers who redeem their liquid staking positions, providing insight into the daily engagement and activity levels within the BenQi liquid staking ecosystem.

## 2. Data sources

- **Avalanche blockchain events**: Parsed event logs from the BenQi StakedAvax contract on Avalanche
- **Liquid staking protocol events**: Specifically `Submitted` events (deposits) and `Redeem` events (withdrawals) from the BenQi liquid staking protocol
- **Transaction metadata**: Block timestamps, transaction hashes, and user addresses from Avalanche blockchain transactions

## 3. Step-by-step calculation

### Component A: User interaction identification
- **Purpose**: Identifies all user interactions with the BenQi liquid staking protocol
- **Logic**: Extracts user addresses from two types of BenQi StakedAvax contract events on Avalanche. For `Submitted` events, the user address represents someone depositing AVAX tokens for liquid staking and is classified as a "Depositor". For `Redeem` events, the user address represents someone withdrawing their staked position and is classified as a "Withdrawer". Each interaction includes the block timestamp, transaction hash, and user address.
- **Key fields**: `user_address` (the wallet address performing the interaction), `block_timestamp` (when the interaction occurred), `user_type` (either "Depositor" or "Withdrawer"), `transaction_hash` (unique transaction identifier)

### Component B: Metadata enrichment
- **Purpose**: Adds business categorization and chain information to each user interaction
- **Logic**: Enriches each user interaction with standardized metadata fields. All interactions are categorized under the "liquid_staking" market sector and business segment. The chain is set to "avalanche" and no specific product identifier is assigned.
- **Key fields**: `chain` (set to "avalanche"), `market_sector_id` and `business_segment_id` (both set to "liquid_staking"), `product_id` (set to null)

### Component C: Daily user aggregation
- **Purpose**: Calculates the count of unique users per day
- **Logic**: Truncates all block timestamps to daily boundaries using day-level granularity. Groups all user interactions by the truncated date and selects distinct user addresses within each day. This ensures that users who perform multiple transactions (deposits, withdrawals, or both) on the same day are counted only once in the daily active user metric.
- **Key fields**: `timestamp` (truncated to day boundary), `timestamp_grain` (set to "day"), `user_dau` (the unique user address for that day)

### Final aggregation
- **Combining components**: The final metric combines the user interaction data with metadata enrichment and applies daily deduplication
- **Time aggregation**: All timestamps are truncated to daily boundaries, with the metric reporting one DAU count per day
- **Chain filtering**: Results are filtered based on chain availability criteria
- **Final calculation**: The final DAU value represents the count of distinct user addresses that interacted with the BenQi liquid staking protocol on Avalanche for each specific day, regardless of the number or type of transactions they performed

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

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

BENQI Liquid Staking

Active users (daily)

Active users (daily)

Competitive landscape