Liquidity providers deposit funds into Clipper and receive returns generated by Clipper’s costless diversified rebalancing liquidity pools (supply-side fees). LP yields are generated from the rebalancing process itself rather than from fees charged to traders.

Clipper is a non-custodial exchange protocol built on Ethereum. Clipper was built by Shipyard Software and launched in 2021.

AdmiralDAO and SAIL token holders own and govern the protocol. They currently receive all trading fees paid by traders (revenue). Clipper's investors include Polychain, Robot Ventures, 0x Labs, etc.

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Clipper

# Clipper Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Clipper measures the number of unique users who performed token swaps on the Clipper DEX protocol each day. This metric answers the business question: "How many distinct users are actively trading on Clipper daily?" The calculation approach involves identifying all swap transactions across supported chains and counting unique user addresses per day.

## 2. Data sources

The DAU calculation relies on the following raw blockchain data sources:
- **Clipper exchange contract events**: Parsed `Swapped` events from various Clipper V1 exchange contract implementations across Ethereum, Polygon, Optimism, and Arbitrum chains
- **Transaction records**: Complete transaction data from Ethereum, Polygon, Optimism, and Arbitrum blockchains containing transaction metadata including the originating user address
- **Contract event logs**: Blockchain event logs containing swap details including token addresses, amounts, and contract interactions

The data covers multiple Clipper exchange contract versions including `ApproximateCaravelExchange`, `VerifiedCaravelExchange`, `CaravelExchange`, `ExchangeInterface`, `VerifiedExchange`, `DirectExchange`, `PackedVerifiedExchange`, and `PackedExchange` implementations.

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Collect all swap transactions from Clipper exchange contracts across multiple chains and contract versions
- **Logic**: Extract `Swapped` events from various Clipper exchange contract implementations on Ethereum, Polygon, Optimism, and Arbitrum. Each event contains swap details including input and output token addresses, amounts, and the contract address that processed the swap. The system processes events from multiple contract versions to ensure complete coverage of all Clipper trading activity
- **Key fields**: Critical fields include `block_timestamp` for timing, `transaction_hash` for linking to transaction data, `address` as the contract address, `inAsset` and `outAsset` for token addresses, and `inAmount` and `outAmount` for swap volumes

### Component B: User identification
- **Purpose**: Link swap events to the actual users who initiated the transactions
- **Logic**: Join the extracted swap events with blockchain transaction records using the `transaction_hash` as the linking key. From the transaction records, extract the `from_address` field which represents the user wallet address that initiated the swap transaction. This step is essential because the swap event itself only contains the contract address, not the user address
- **Key fields**: The join uses `transaction_hash` as the key, and extracts `from_address` as the `user_address` field representing the actual trader

### Component C: Daily aggregation
- **Purpose**: Group trading activity by day and count unique users
- **Logic**: Truncate the `block_timestamp` to day-level granularity using timestamp truncation to create daily boundaries. For each day, identify all unique user addresses who performed at least one swap transaction. The distinct count ensures that users who perform multiple swaps in a single day are only counted once per day
- **Key fields**: The `timestamp` field truncated to day level and `user_address` for the distinct count operation

### Final aggregation
- **Combining components**: All swap events across chains and contract versions are combined into a single dataset, with each record representing a user's trading activity on a specific day
- **Currency conversion**: No currency conversion is applied as this is a user count metric, not a financial metric
- **Time aggregation**: Daily boundaries are established by truncating blockchain timestamps to day level, ensuring consistent daily periods across all chains
- **Final calculation**: The metric value equals the count of distinct user addresses who performed at least one swap transaction on Clipper exchanges within each daily period. Chain availability filtering is applied to ensure data completeness and quality before final user counts are calculated.

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

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

ClipperSAIL

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown