Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Curve

# Curve Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Curve protocol measures the number of unique addresses that executed at least one token swap on any Curve liquidity pool within a given day. This metric tracks user engagement and trading activity across Curve's decentralized exchange functionality, providing insight into the protocol's daily user adoption and trading volume patterns.

## 2. Data sources

- **Ethereum blockchain event logs**: Parsed `TokenExchange` events from Curve's various pool types including StablePool, TwoCryptoPool, and TriCryptoPool contracts
- **Ethereum transaction records**: Transaction data containing sender addresses (`from_address`) and block timestamps
- **Curve smart contract events**: Five specific event types capturing different swap mechanisms:
  - `TwoCryptoPool_TokenExchange_event` (v2 pools)
  - `TriCryptoPool_TokenExchange_event` (v2 pools) 
  - `StablePool_TokenExchange_event` (v1 pools)
  - `StablePool_TokenExchangeV2_event` (v1 pools)
  - `StablePool_TokenExchangeUnderlying_event` (v1 pools for underlying token swaps)

## 3. Step-by-step calculation

### Component A: Trade event aggregation
- **Purpose**: Collect all token swap events across different Curve pool types and versions
- **Logic**: Union together five different `TokenExchange` event types from Curve's StablePool, TwoCryptoPool, and TriCryptoPool contracts on Ethereum. Each event captures a token swap transaction with details about the tokens exchanged, amounts, and the pool contract address. The logic distinguishes between v1 and v2 pool versions, with v1 pools including both regular exchanges and underlying token exchanges (for wrapped tokens like cTokens or yTokens)
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `address` as the pool contract, `sold_id` and `bought_id` for token identifiers, `tokens_sold` and `tokens_bought` for swap amounts

### Component B: User identification
- **Purpose**: Identify the actual user address who initiated each trade
- **Logic**: Join each trade event with Ethereum transaction records using the `transaction_hash`. Extract the `from_address` field from the transaction as the user address, since this represents the account that initiated the swap transaction. This step is essential because the event logs contain the pool contract address, not the user address
- **Key fields**: `from_address` becomes `user_address`, maintaining the connection between trading events and the users who executed them

### Component C: Trade classification
- **Purpose**: Standardize all trading activity under consistent business categories
- **Logic**: Classify all users as 'Trader' type since they are executing token swaps. Categorize the business line as 'Exchange AMM' since Curve operates as an automated market maker for token exchanges. Set market sector as 'exchanges' and business segment as 'dex' to align with decentralized exchange categorization
- **Key fields**: `user_type` set to 'Trader', `business_line` as 'Exchange AMM', `market_sector_id` as 'exchanges', `business_segment_id` as 'dex'

### Final aggregation
- **Time aggregation**: Truncate `block_timestamp` to daily boundaries using `timestamp_trunc(block_timestamp, day)` function, creating daily time buckets for user activity measurement
- **User deduplication**: Extract unique `user_address` values for each daily timestamp, ensuring each user is counted only once per day regardless of how many trades they executed
- **Final calculation**: Count distinct user addresses per day who performed at least one token swap on any Curve pool, resulting in the daily active user count for the protocol

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

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

CurveCRV

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown