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

Deri Protocol is a non-custodial exchange for perpetual contracts built on BNB Chain and Arbitrum. Deri Protocol was founded by an anonymous team and launched in 2021.

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

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Derivative exchanges

Deri Protocol

# Deri Protocol Active users (weekly) Methodology

## 1. Overview

The Weekly Active Users (WAU) metric measures the number of unique users who have engaged in trading activities on Deri Protocol within a rolling 7-day window. This metric tracks user engagement across Deri Protocol's perpetual derivatives products on supported blockchain networks (Arbitrum and BSC). The calculation uses HyperLogLog approximate counting to efficiently handle large-scale user activity data and provides multiple dimensional breakdowns for comprehensive analysis.

## 2. Data sources

- **Blockchain events**: Parsed `Trade` events from Deri Protocol v3 `SymbolManager` contracts on Arbitrum and BSC networks
- **Transaction data**: Blockchain transaction timestamps and transaction hashes from trading activities
- **User identification**: User addresses extracted from trading event parameters (`pTokenId` parameter containing trader addresses)
- **Contract metadata**: Deri Protocol v3 contract addresses and event signatures for accurate event parsing

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all trading activities and extracts user addresses from blockchain events
- **Logic**: Extracts `Trade` events from Deri Protocol's `SymbolManager` contracts on both Arbitrum and BSC networks. Each event contains trader address information in the `pTokenId` parameter. Events are classified by chain, market sector (derivatives), business segment (perpetual), and user type (address-based traders). All activities are timestamped using the blockchain transaction timestamp.
- **Key fields**: `block_timestamp`, `transaction_hash`, `chain`, `user_address`, `user_type`, `market_sector_id`, `business_segment_id`

### Component B: Daily active users aggregation  
- **Purpose**: Aggregates raw trading events into daily unique user counts
- **Logic**: Groups trading activities by day using timestamp truncation to day granularity. Counts distinct user addresses for each combination of date, chain, user type, and product. Creates the foundation dataset for rolling window calculations with daily granularity.
- **Key fields**: `timestamp` (day-truncated), `timestamp_grain`, `chain`, `user_type`, `product_id`, `user_dau`

### Component C: HyperLogLog initialization
- **Purpose**: Converts daily user counts into HyperLogLog sketches for efficient approximate counting
- **Logic**: Transforms daily active user data into HyperLogLog sketches using `hll_count.init` with precision parameter 15. This enables efficient merging of user counts across time windows while maintaining approximate distinctness. Groups by timestamp, chain, user type, and product dimensions.
- **Key fields**: `timestamp`, `chain_id`, `user_type`, `product_id`, `hll`

### Component D: Rolling window creation
- **Purpose**: Creates 7-day rolling windows for each day to calculate weekly active users
- **Logic**: Generates a complete datespine covering all days from the first recorded activity to the present day. For each day in the datespine, creates a 7-day window consisting of the current day plus the 6 preceding days. Uses timestamp arrays to ensure complete coverage without gaps. Joins the rolling window dates with the daily HLL data to create window-specific user activity records.
- **Key fields**: `timestamp` (window end date), `joinday` (individual days within window), `hll` (daily user sketches)

### Component E: Dimensional breakdowns
- **Purpose**: Aggregates weekly active users across different dimensional cuts
- **Logic**: Creates four separate dimensional views by merging HLL sketches within each 7-day window:
  - Project-level: Combines all chains, user types, and products into a single protocol-wide metric
  - Chain-level: Separate metrics for each blockchain (Arbitrum, BSC)  
  - User type-level: Breakdown by user classification
  - Product-level: Breakdown by individual products (currently null for Deri Protocol)
  
  Uses `hll_count.merge_partial` to combine HLL sketches across the window, then `hll_count.extract` to get the final approximate distinct count.
- **Key fields**: `dimensions` (breakdown type), `user_wau` (weekly active user count), dimensional identifiers

### Final aggregation
- **Combining components**: Unions all dimensional breakdowns into a single result set, with unused dimension fields set to null for each breakdown type
- **Currency conversion**: Not applicable for user count metrics
- **Time aggregation**: Uses 7-day rolling windows with daily granularity, where each day represents the count of unique users active in that day plus the 6 preceding days
- **Final calculation**: Extracts the approximate distinct user count from merged HyperLogLog sketches across the 7-day window, providing the final weekly active user metric for each dimensional breakdown and timestamp

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

Unique revenue-generating users over a rolling 7-day window.

Deri ProtocolDERI

Active users (weekly)

Active users (weekly)

Competitive landscape

Chain breakdown