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 users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that make a revenue-generating or protocol-initiating transaction on Chainflip. Insight into user adoption, network activity, and transaction demand is provided by this metric across different products, including Chainflip Chain, Chainflip DEX, and Chainflip Lending. By tracking unique active addresses daily, the overall engagement and growth of the ecosystem can be evaluated.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Chainflip Chain transaction tracking

- **Purpose**: Capture unique transaction senders on Chainflip Chain
- **Logic**: Extrinsics are parsed from Chainflip Chain. Unique signers are extracted from all extrinsics where the signer address is not null. These addresses are classified under the "Transaction sender" user type.
- **Key fields**: `signer` (user address), `block_timestamp` (timing)

### Component B: Chainflip DEX trader tracking

- **Purpose**: Capture unique traders executing swaps on Chainflip DEX
- **Logic**: `SwapRequested` events are parsed from the `swapping` pallet. Refund addresses and output addresses are extracted from the event data payload. A regular expression is applied to extract valid hex or Chainflip-native addresses from these fields. Swaps are filtered to include only regular swaps (where regular or regular-no-network-fee fields are present) occurring after the runtime upgrade timestamp of September 24, 2024. These addresses are classified under the "Trader" user type.
- **Key fields**: `event_data` (containing refund and output addresses), `block_timestamp` (timing)

### Component C: Chainflip Lending user tracking

- **Purpose**: Capture unique depositors, withdrawers, borrowers, and repayers on Chainflip Lending
- **Logic**: Direct actions are captured by parsing `LendingFundsAdded`, `LendingFundsRemoved`, and `LoanCreated` events from the `lendingPools` pallet, extracting user addresses directly from the event data, and classifying them as "Depositor", "Withdrawer", or "Borrower" respectively (excluding boost loans). For repayment actions, `LoanRepaid` events are parsed, excluding liquidation repayments. Since repayer addresses are not directly contained within repay events, the borrower address associated with the corresponding loan ID is retrieved from historical `LoanCreated` events and classified as a "Repayer".
- **Key fields**: `event_data` (containing user and loan details), `event_method` (action type), `block_timestamp` (timing)

### Component D: Daily aggregation and deduplication

- **Purpose**: Consolidate and deduplicate active users across all products
- **Logic**: Unique user addresses from Chainflip Chain, Chainflip DEX, and Chainflip Lending are aggregated. The addresses are truncated to daily intervals based on transaction timestamps. Duplicate addresses within the same day, product, and user type are removed to calculate the final active users (daily) metric.
- **Key fields**: `user_address` (user identification), `block_timestamp` (timing), `product_id` (product classification)

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

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

ChainflipFLIP

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown