# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with Chainflip DEX over a 30-day rolling window. This metric is utilized to evaluate user adoption, protocol utility, and overall trading activity on the decentralized exchange. By tracking unique traders, insights are gained into the growth of the platform's user base and the frequency of cross-chain swap interactions.

## 2. Data sources

- **Blockchain events**: `SwapRequested` events from the `swapping` pallet, covering Chainflip Chain

## 3. Step-by-step calculation

### Component A: Swap event parsing and address extraction

- **Purpose**: Identify valid swap transactions and extract the associated trader addresses.
- **Logic**: `SwapRequested` events from the `swapping` pallet are parsed to identify swap transactions. Events are filtered to ensure they contain either a regular swap or a regular swap with no network fee. Because the deposit-channel model does not expose a transaction signer, the trader's address is identified by coalescing the refund address and the output address. The refund address is extracted from the event data, checking multiple nested fields including refund destinations and expiry behaviors. If the refund address is not present, the output address is extracted from the egress or regular swap action fields. A regular expression is then applied to the coalesced address to extract either a standard hex address or a Chainflip-native address. Only events occurring on or after the runtime upgrade on September 24, 2024, are included.
- **Key fields**: `event_data` (containing swap details, refund addresses, and output addresses), `block_timestamp` (timing)

### Component B: Monthly aggregation of unique traders

- **Purpose**: Aggregate unique user addresses to calculate the monthly active user count for Chainflip DEX.
- **Logic**: The extracted user addresses are assigned to the Chainflip DEX product with the user type designated as a trader. The data is aggregated over a 30-day rolling window. Duplicate addresses are removed for each 30-day window to isolate unique active users. The final active users (monthly) metric is calculated as the count of these unique addresses per 30-day window.
- **Key fields**: `user_address` (unique trader address), `block_timestamp` (timing)

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

Exchanges (DEX)

Chainflip operates a decentralized network of 150 validators that collectively control multi-chain vaults using threshold signature schemes (TSS). The protocol uses a Just-In-Time (JIT) AMM where liquidity providers compete to fill swap orders at the moment of execution, enabling capital-efficient cross-chain swaps. A portion of each swap fee is used to buy and burn FLIP tokens.

Chainflip is a decentralized cross-chain swap protocol that enables native asset exchanges across blockchains including Bitcoin, Ethereum, and Solana without wrapped tokens or traditional bridges. It was launched in 2023 by Chainflip Labs and uses a JIT AMM model combined with MPC-based vault technology to provide competitive pricing on cross-chain trades.

Chainflip is governed by its validator set and FLIP tokenholders. Validators stake FLIP to participate in the network and earn fees from swaps. The protocol is developed and maintained by Chainflip Labs.

Chainflip DEX

Active users (monthly)

Active users (monthly)

Chain breakdown