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

Cap is a non-custodial exchange for perpetual contracts built on Arbitrum. Cap was founded by an anonymous team and launched in 2021.

CAP token holders own and govern the protocol. They currently take a cut of trading fees paid by traders (revenue).

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Derivative exchanges

# Cap Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) measures the number of unique users who actively trade on CAP Protocol's derivatives platform each day. This metric tracks trading activity across CAP Protocol v3 (Arbitrum only) and v4 (Arbitrum and Base) by monitoring position-related events. The calculation identifies traders who perform any trading action - opening, increasing, decreasing, or closing positions - within each 24-hour period, providing insight into the platform's daily user engagement and trading volume.

## 2. Data sources

The calculation relies on the following raw blockchain data sources:
- **CAP Protocol smart contract events**: Parsed event logs from CAP Protocol v3 and v4 trading contracts on Arbitrum and Base networks
- **Position management events**: `PositionUpdated` events from CAP v3 Trading contracts, and `PositionIncreased` and `PositionDecreased` events from CAP v4 Positions contracts
- **Position closure events**: `ClosePosition` events from CAP v3 Trading contracts, filtered to exclude liquidations
- **Cross-chain data**: Events are collected from both Arbitrum (v3 and v4) and Base (v4 only) networks
- **Event metadata**: Block timestamps, transaction hashes, and user addresses from blockchain event logs

## 3. Step-by-step calculation

### Component A: User event extraction and normalization
- **Purpose**: Identifies and normalizes all trading-related user events across CAP Protocol versions and chains
- **Logic**: Extracts events from multiple CAP Protocol contract versions, including `PositionUpdated` events from CAP v3 Trading contracts and `PositionIncreased`/`PositionDecreased` events from CAP v4 Positions contracts on both Arbitrum and Base. For CAP v3 `ClosePosition` events, applies filtering to exclude liquidations by checking the `wasLiquidated` flag, ensuring only voluntary trading actions are counted
- **Key fields**: Captures `user` address from events, `block_timestamp` for temporal analysis, `transaction_hash` for deduplication, and classifies all users as `Trader` type with `derivatives` market sector and `perpetual` business segment

### Component B: Daily active user calculation
- **Purpose**: Aggregates normalized events to calculate daily unique active users
- **Logic**: Truncates event timestamps to day boundaries using day-level timestamp truncation, then calculates distinct user addresses per day, chain, and user type combination. Maintains dimensional attributes including chain, user type, market sector, business segment, and product identifiers
- **Key fields**: Creates `timestamp` field truncated to day granularity, retains `chain` and `user_type` for dimensional analysis, and uses `user_address` as the unique identifier for DAU counting

### Component C: HyperLogLog aggregation across dimensions
- **Purpose**: Efficiently aggregates unique user counts across multiple dimensional breakdowns using probabilistic counting
- **Logic**: Initializes HyperLogLog sketches for each daily user count to enable scalable unique counting. Creates separate dimensional views including total project level (all dimensions collapsed), chain-level breakdown, user-type-level breakdown, and product-level breakdown. Uses HyperLogLog merge operations to combine sketches and extract final unique counts for each dimension
- **Key fields**: Maintains `timestamp` and `timestamp_grain` for temporal analysis, `dimensions` field to identify breakdown type, and specific dimension fields (`chain_id`, `product_id`, `user_type`) with null values where dimensions don't apply

### Final aggregation
- **Combining components**: Unions all dimensional breakdowns (project-level, chain-level, user-type-level, product-level) into a single result set with standardized schema structure
- **Time aggregation**: Applies daily boundary logic with day-level timestamp truncation, ensuring consistent 24-hour periods across all calculations
- **Final calculation**: Uses HyperLogLog extraction to convert probabilistic sketches back to integer counts, providing the final daily active user count for each dimensional breakdown. Applies finalization macro to standardize metric format and fill missing days with zero values where no trading activity occurred

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

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

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Active users (daily)

Active users (daily)

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