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

BENQI is a non-custodial lending protocol built on Avalanche. BENQI was founded by an international team of software developers and launched in 2021.

 QI tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). BENQI’s investors include Dragonfly Capital, Mechanism Capital, Spartan, etc.

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Lending

BENQI

# BENQI Active users (daily) Methodology

## 1. Overview

The BENQI Daily Active Users (DAU) metric measures the number of unique wallet addresses that interact with the BENQI lending protocol on any given day. This metric provides insight into user engagement and protocol adoption by counting distinct users who perform any lending-related activity including borrowing, depositing, withdrawing, or repaying loans. The calculation aggregates user addresses from all core lending interactions and applies daily-level distinct counting to avoid double-counting users who perform multiple transactions within the same day.

## 2. Data sources

- **Avalanche blockchain event logs**: Parsed events from BENQI v1 Market smart contracts on Avalanche blockchain
- **Borrow events**: `Borrow` events capturing loan initiation activities with borrower addresses
- **Mint events**: `Mint` events capturing asset deposit activities with depositor addresses  
- **Redeem events**: `Redeem` events capturing asset withdrawal activities with withdrawer addresses
- **RepayBorrow events**: `RepayBorrow` events capturing loan repayment activities with repayer addresses
- **Transaction metadata**: Block timestamps and transaction hashes for temporal and transactional context

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all user addresses that interact with BENQI lending protocol through any supported activity type
- **Logic**: Extracts user addresses from four distinct event types on the Avalanche BENQI v1 Market contracts. Each event type captures a different user interaction pattern: `Borrow` events identify users taking loans via the `borrower` parameter, `Mint` events identify users depositing assets via the `minter` parameter, `Redeem` events identify users withdrawing assets via the `redeemer` parameter, and `RepayBorrow` events identify users repaying loans via the `payer` parameter. All events are unionized into a single dataset with standardized field names and consistent metadata including block timestamps, transaction hashes, and user type classifications
- **Key fields**: `block_timestamp` for temporal analysis, `user_address` for unique user identification, `user_type` categorizing users as Borrower, Depositor, Withdrawer, or Repayer, `chain` indicating Avalanche network, `market_sector_id` and `business_segment_id` both classified as 'lending'

### Component B: Daily aggregation and deduplication  
- **Purpose**: Converts transaction-level user activity into daily unique user counts by applying temporal truncation and distinct counting
- **Logic**: Truncates block timestamps to daily granularity using day-level timestamp truncation, removing time-of-day information to group all activities within the same calendar day. Applies distinct aggregation on user addresses within each day boundary to count unique users, ensuring users who perform multiple transactions or different activity types on the same day are counted only once
- **Key fields**: `timestamp` truncated to daily granularity, `timestamp_grain` set to 'day', `user_dau` representing the distinct user address for daily counting

### Final aggregation
- **Combining components**: User activity extraction and daily aggregation are performed sequentially, first collecting all user interactions then applying daily distinct counting
- **Currency conversion**: Not applicable for user counting metrics
- **Time aggregation**: Daily boundaries are defined using calendar day truncation of Avalanche block timestamps, with all activity within a 24-hour period grouped together
- **Final calculation**: The final DAU value represents the count of distinct wallet addresses that performed at least one lending activity (borrowing, depositing, withdrawing, or repaying) on the BENQI protocol within each calendar day, with chain availability filtering applied to ensure data quality and completeness

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

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

BENQIQI

Active users (daily)

Active users (daily)

Competitive landscape