# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that execute revenue-generating transactions on dYdX Chain. This includes users who initiate general transactions as well as those participating in trade execution as makers or takers on dYdX V4. The metric serves as a primary indicator of user adoption and network activity for the protocol's standalone blockchain.

## 2. Data sources

- **Blockchain events**: `message` and `match` events, covering dYdX Chain

## 3. Step-by-step calculation

### Component A: Transaction sender identification

- **Purpose**: Identify unique addresses initiating activity on dYdX Chain.
- **Logic**: Transaction senders are identified by parsing `message` events. The `sender` attribute is extracted from the event attributes to capture the primary address responsible for the transaction.
- **Key fields**: `user_address` (extracted from sender attribute), `block_timestamp`.

### Component B: Order match participant extraction

- **Purpose**: Capture users involved in revenue-generating trade executions on dYdX V4.
- **Logic**: Trade participants are identified by parsing `match` events. Both `maker_subaccount` and `taker_subaccount` addresses are extracted from the event attributes. These addresses represent the liquidity providers and liquidity takers participating in successful order matches where trading fees are generated.
- **Key fields**: `maker`, `taker`, `block_timestamp`.

### Component C: Monthly aggregation

- **Purpose**: Calculate the unique monthly count of active users across all activity types.
- **Logic**: Extracted addresses from transaction senders, makers, and takers are aggregated into a single dataset. A distinct count of unique addresses is calculated for each 30-day rolling window based on UTC day boundaries. This ensures that a single address interacting with multiple dYdX Chain features is only counted once per 30-day window.
- **Key fields**: `user_mau` (unique address), `timestamp` (UTC day).

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

Blockchains (L1)

Market makers offer trades through order book & make money on bid-ask spreads (supply-side fees).

dYdX is a non-custodial trading and derivatives protocol initially built on Ethereum and later expanded to their own blcokchain built on top of the Cosmos SDK. dYdX was founded by Antonio Juliano and launched in 2017.

DYDX tokenholders own and govern the protocol. dYdX Trading Inc. currently takes all of the total trading fees paid by traders (revenue). dYdX’s investors include a16z, Polychain, The Spartan Group, etc.

dYdX Chain

Active users (monthly)

Active users (monthly)

Chain breakdown