# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) 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 30-day rolling window, providing a representation of monthly protocol engagement and user base growth. Active users (monthly) are measured over 30-day rolling windows.

## 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: Monthly aggregation

- **Purpose**: Calculate the distinct count of users per monthly period
- **Logic**: All identified transaction originators are grouped by 30-day window, chain, and product. A distinct count is applied to the user addresses to ensure that each address is counted only once per 30-day window, 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 rolling 30-day window.

Active users (monthly)

Constant Product

Archived

Active users (monthly)

Active users (monthly)