# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that perform revenue-generating transactions on Etherex Constant Product. This metric identifies the distinct participants who execute swaps within a 24-hour window, providing a representation of daily protocol engagement and user base growth. Active users (daily) are measured over fixed UTC-day boundaries.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts and blockchain transaction data, covering Linea

## 3. Step-by-step calculation

### Component A: Constant Product trade participant identification

- **Purpose**: Identify unique addresses initiating swap transactions on Constant Product pools
- **Logic**: `Swap` events are parsed from `Pair` contracts. These events are joined with the native blockchain transactions table using the transaction hash to identify the transaction originator. The `from_address` field of the transaction is extracted to represent the active user. Data is filtered to include only events associated with Constant Product (V2) liquidity pools.
- **Key fields**: `from_address` (transaction signer), `transaction_hash` (unique transaction identifier)

### Component B: Aggregation and deduplication

- **Purpose**: Calculate the distinct count of users per daily period
- **Logic**: All identified transaction originators are grouped by day, chain, and product. A distinct count is applied to the user addresses to ensure that each address is counted only once per UTC day, regardless of the number of swaps performed across different trading pairs. Cross-product aggregation details are managed at the project level.
- **Key fields**: `block_timestamp` (event timing), `user_address` (unique participant identifier)

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

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

Active users (daily)

Constant Product

Archived

Active users (daily)

Active users (daily)