# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that execute revenue-generating transactions within the BMX ecosystem. This metric tracks user engagement across multiple products, including BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. By identifying unique transacting addresses, the protocol's adoption and active usage are quantified on a daily basis.

## 2. Data sources

- **Blockchain events**: `NFTsBought` events from `SudoVRFRouter` contracts; `Swap`, `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events from `Vault` contracts; `HookSwap` events from `DeliHookConstantProduct` contracts; `Swap` events from `PoolManager` contracts; `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts; and `Call` events from `MultiAccount` contracts, covering Base.

## 3. Step-by-step calculation

### Component A: Based MediaX NFT interactions

- **Purpose**: Captures active users participating in NFT trades on Based MediaX.
- **Logic**: `NFTsBought` events are parsed from `SudoVRFRouter` contracts. The `buyer` address is identified as the active user for each transaction.
- **Key fields**: `buyer` (user address), `block_timestamp` (timing).

### Component B: BMX Classic trading and vault operations

- **Purpose**: Captures active users performing spot swaps, margin trading, and vault-related actions on BMX Classic.
- **Logic**: `Swap`, `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events are extracted from `Vault` contracts. For spot swaps, the transaction signer is identified as the user by joining event data with transaction-level metadata. For margin and vault operations, the account address specified in the event parameters is captured as the active user.
- **Key fields**: `user_address` (transaction signer), `account` (trader address), `block_timestamp` (timing).

### Component C: Deliswap trading activity

- **Purpose**: Captures active users performing swaps through the Deliswap AMM and Uniswap V4 hooks.
- **Logic**: `HookSwap` events from `DeliHookConstantProduct` contracts and `Swap` events from `PoolManager` contracts are parsed. These events are filtered by joining with `FeeCollected` events from `FeeProcessor` contracts to ensure only revenue-generating trades are included. The `sender` address is identified as the active user.
- **Key fields**: `sender` (user address), `block_timestamp` (timing).

### Component D: BMX Freestyle perpetual trading and liquidations

- **Purpose**: Captures active users engaged in perpetual futures trading and liquidations on BMX Freestyle.
- **Logic**: `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events are parsed from `SymmioDiamond` contracts. These interactions are validated against `Call` events from `MultiAccount` contracts to ensure they originate from registered accounts. The `partyA` address, representing the trader or the account being liquidated, is identified as the active user.
- **Key fields**: `party_a` (user address), `block_timestamp` (timing).

### Component E: Daily deduplication and aggregation

- **Purpose**: Consolidates user activity across all products into a single daily metric.
- **Logic**: All identified user addresses from the various product components are aggregated into a single dataset. Unique addresses are counted per day using a 24-hour UTC window. The final count represents the total unique active users (daily) across the BMX ecosystem.
- **Key fields**: `user_address` (unique identifier), `block_timestamp` (timing).

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

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

Active users (daily)

NFT marketplaces

Liquidity providers deposit funds into BMX and receive trading fees from traders (supply-side fees).

BMX is a non-custodial exchange for spot and perpetual contracts built on Base. BMX has three product lines: Classic, Freestyle, and Based MediaX

BMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

Based MediaX

Archived

Active users (daily)

Active users (daily)

Chain breakdown