# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is measured as the number of unique addresses that execute revenue-generating transactions with StableFX within a 30-day rolling window. For StableFX, active users are identified as the counterparties (takers and makers) of settled trades on the Arc chain. Additionally, transaction senders on the Arc chain are aggregated to capture broader platform interaction. This metric is utilized to evaluate user adoption, engagement, and transactional activity on the StableFX platform.

## 2. Data sources

- **Blockchain events**: `TradeStatusChanged`, `TakerRefunded`, and `MakerRefunded` events, alongside `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts, and transaction data covering the Arc chain

## 3. Step-by-step calculation

### Component A: StableFX trade settlement tracking

- **Purpose**: Identify settled and non-refunded trades on StableFX
- **Logic**: Trade data is extracted from `recordTrade` and `authorizeTrade` function calls from `FxEscrow` contracts. These trades are filtered to include only those with a settled status, which is identified via `TradeStatusChanged` events where the status is set to 2. Trades that have been refunded are excluded by checking against `TakerRefunded` and `MakerRefunded` events from `FxEscrow` contracts. Trades involving system emitter addresses are also filtered out.
- **Key fields**: `trade_id`, `taker_address`, `maker_address`, `transaction_hash`, `block_timestamp`

### Component B: StableFX user extraction

- **Purpose**: Extract unique takers and makers from settled trades
- **Logic**: Taker and maker addresses are extracted from the settled trades dataset. Takers are classified with a user type of 'Taker' and makers are classified with a user type of 'Maker'. Both addresses are unioned into a single dataset of active users. Transaction senders (relayers) are deliberately excluded from this specific trade-user dataset.
- **Key fields**: `taker_address`, `maker_address`, `user_type`, `block_timestamp`

### Component C: Arc transaction sender extraction

- **Purpose**: Capture transaction senders on the Arc chain
- **Logic**: Transaction sender addresses are extracted from transaction data on the Arc chain. These addresses are assigned a user type of 'Transaction sender' and are cast to a standard string format.
- **Key fields**: `from_address`, `user_type`, `block_timestamp`

### Component D: Monthly active user aggregation

- **Purpose**: Aggregate unique active users per 30-day window
- **Logic**: The datasets of StableFX trade users (takers and makers) and Arc transaction senders are combined using a distinct union operation. The timestamps are truncated to monthly granularity. Unique user addresses are aggregated per 30-day window, chain, user type, and product ID to calculate the final active users (monthly) metric.
- **Key fields**: `block_timestamp`, `user_address`, `chain`, `product_id`

*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)

Users deposit funds into Circle account and receive USDC or EUROC at a 1:1 rate.

Circle is a financial technology company that is the principal architect of USDC and EUROC - full-reserve fiat stablecoins that bring US dollar and euro liquidity on-chain.

Circle is a private company registered in the US. Circle's investors include Goldman Sachs, Baidu, and IDG Capital etc.

StableFX

Active users (monthly)

Active users (monthly)

Chain breakdown