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.

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Chainflip

# Chainflip Active addresses (daily) Methodology

## 1. Overview

Active addresses (daily) is defined as the number of unique addresses that make a transaction with Chainflip over a fixed 24-hour window. User activity across the entire ecosystem is captured, including transaction signers on Chainflip Chain, traders on Chainflip DEX, and depositors, withdrawers, borrowers, and repayers on Chainflip Lending. Daily active addresses are monitored to provide insight into the adoption, utility, and overall health of the Chainflip protocol.

## 2. Data sources

- **Blockchain events**: Extrinsics, `SwapRequested` events from `swapping` contracts, and `LendingFundsAdded`, `LendingFundsRemoved`, `LoanCreated`, and `LoanRepaid` events from `lendingPools` contracts, covering Chainflip Chain

## 3. Step-by-step calculation

### Component A: Chainflip Chain transaction signers

- **Purpose**: Capture all unique transaction signers on Chainflip Chain
- **Logic**: Extrinsics are parsed from Chainflip Chain. Every transaction signer is extracted from the extrinsic data, provided the signer address is not null. These addresses are classified as transaction senders.
- **Key fields**: `signer` (user address), `block_timestamp`

### Component B: Chainflip DEX trader tracking

- **Purpose**: Capture active traders on Chainflip DEX
- **Logic**: `SwapRequested` events are parsed from `swapping` contracts. To identify the trader, refund addresses and output addresses are extracted from the event data payload. The refund address is resolved from fields such as `refundAddress`, `refundDestination.externalAddress`, or `refundIfExpires.refundAddress.externalAddress`. The output address is resolved from fields such as `outputAddress` or `outputAction.egress.outputAddress`. A regular expression is applied to extract valid EVM addresses (starting with `0x`) or Chainflip addresses (starting with `cF`). These addresses are classified as traders.
- **Key fields**: `event_data` (containing refund and output addresses), `block_timestamp`

### Component C: Chainflip Lending user tracking

- **Purpose**: Capture active depositors, withdrawers, borrowers, and repayers on Chainflip Lending
- **Logic**: Events from `lendingPools` contracts are parsed to identify lending participants. For `LendingFundsAdded` and `LendingFundsRemoved` events, the user address is extracted from the first element of the event data and classified as a depositor or withdrawer, respectively. For `LoanCreated` events, the borrower address is extracted from the event data, excluding transactions associated with boost parameters. For `LoanRepaid` events (excluding liquidation repays), the borrower address is retrieved by joining the loan identifier to the historical loan creation records. These addresses are classified as borrowers and repayers.
- **Key fields**: `event_method` (identifying the action), `event_data` (containing user and loan details), `block_timestamp`

### Component D: Daily aggregation

- **Purpose**: Aggregate unique active addresses per day
- **Logic**: Active addresses from Chainflip Chain, Chainflip DEX, and Chainflip Lending are combined. The unique count of addresses is calculated over a fixed 24-hour window using UTC day boundaries. Missing days are filled with zeros to ensure a continuous time series.
- **Key fields**: `user_address`, `block_timestamp`

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

Unique active addresses over a fixed 24-hour window.

ChainflipFLIP

Active addresses (daily)

Active addresses (daily)

Competitive landscape

Chain breakdown