# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating transactions on dYdX V4. This metric includes both users who execute trades as makers or takers and those who initiate message-based transactions on the dYdX Chain. It serves as a primary indicator of the dYdX V4 user base size and monthly engagement levels.

## 2. Data sources

- **Blockchain events**: `message` and `match` events from the dYdX Chain
- **External data**: Asset metadata for address and subaccount identification

## 3. Step-by-step calculation

### Component A: dYdX V4 message interaction tracking

- **Purpose**: Identify unique addresses initiating general transactions on the protocol's sovereign chain.
- **Logic**: The `sender` address is extracted from `message` events on the dYdX Chain. These events represent the initiation of various transaction types by users within the network.
- **Key fields**: `block_timestamp` (timing), `sender` (user identification).

### Component B: dYdX V4 trade participation tracking

- **Purpose**: Identify unique addresses participating in executed trades as either makers or takers.
- **Logic**: Maker and taker subaccount addresses are extracted from `match` events. These events represent the execution of limit and market orders, which are the primary revenue-generating activities on the exchange.
- **Key fields**: `block_timestamp` (timing), `maker_subaccount` (maker identification), `taker_subaccount` (taker identification).

### Component C: Monthly aggregation

- **Purpose**: Ensure a unique count of monthly participants across all interaction types.
- **Logic**: All addresses identified from transaction messages and trade matches are consolidated. Distinct addresses are counted per 30-day rolling window. Duplicate entries for the same address participating in multiple event types or transactions within the same 30-day rolling window are removed.

*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)

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 V4

Active users (monthly)

Active users (monthly)

Chain breakdown