# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that perform revenue-generating transactions on BMX Classic. This metric captures user engagement across the protocol's core features, including spot swapping, perpetual position management, and liquidity provision through USDG minting and burning. It serves as a key indicator of the daily demand for the BMX Classic decentralized exchange and its underlying liquidity pool.

## 2. Data sources

- **Blockchain events**: `Swap`, `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events from `Vault` contracts, covering Base

## 3. Step-by-step calculation

### Component A: Spot trading activity tracking

- **Purpose**: Identifies unique users performing non-leveraged token swaps.
- **Logic**: `Swap` events are parsed from `Vault` contracts. Because the event itself identifies the pool address, the specific user address is retrieved by identifying the transaction signer from the associated blockchain transaction metadata.
- **Key fields**: `transaction_hash` (identification), `from_address` (user identification)

### Component B: Perpetual and liquidity management tracking

- **Purpose**: Identifies unique users managing leveraged positions or interacting with the USDG liquidity pool.
- **Logic**: `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events are parsed from `Vault` contracts. The user address is extracted directly from the account parameter within the event logs. This captures traders opening or closing positions, users being liquidated, and participants adding or removing liquidity from the protocol.
- **Key fields**: `in_account` (user identification), `block_timestamp` (timing)

### Component C: Daily deduplication and aggregation

- **Purpose**: Consolidates activity into a single daily metric of unique participants.
- **Logic**: Addresses identified from spot trading, perpetual position management, and liquidity operations are combined into a single dataset. Unique addresses are counted per day. All calculations are performed using UTC day boundaries.

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

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

Active users (daily)

Derivative exchanges

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).

BMX Classic

Archived

Active users (daily)

Active users (daily)

Chain breakdown