# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with Liquid, the automated yield strategy product of Ether.fi. This metric provides a clear view of user engagement and growth for the protocol's vault-based strategies. User activity is captured when assets are deposited into or withdrawn from managed vaults on-chain.

## 2. Data sources

- **Blockchain events**: `Enter` and `Exit` events from `USDVault`, `ETHVault`, and `BTCVault` contracts, covering Ethereum

## 3. Step-by-step calculation

### Component A: Liquid vault deposit tracking

- **Purpose**: Capture user interaction when assets are deposited into automated yield vaults
- **Logic**: `Enter` events are parsed from `USDVault`, `ETHVault`, and `BTCVault` contracts. The user address is identified from the `from` field in each event. These interactions are classified as deposit events for the Liquid product.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from` (user address)

### Component B: Liquid vault withdrawal tracking

- **Purpose**: Capture user interaction when assets are withdrawn from automated yield vaults
- **Logic**: `Exit` events are parsed from `USDVault`, `ETHVault`, and `BTCVault` contracts. The user address is identified from the `to` field in each event. These interactions are classified as withdrawal events for the Liquid product.
- **Key fields**: `block_timestamp`, `transaction_hash`, `to` (user address)

### Component C: Monthly aggregation

- **Purpose**: Calculate the unique count of active addresses per 30-day window
- **Logic**: All identified user addresses from deposit and withdrawal events are consolidated into a single dataset. Addresses are deduplicated within each 30-day rolling window using UTC day boundaries. The final monthly value represents the total number of unique addresses that interacted with any Liquid vault contract during that 30-day rolling window.

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

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

Active users (monthly)

Liquid staking

Stakers deposit funds into Ether.fi and receive a return on investment in the form of staking rewards (supply-side fees).

Ether.fi is a non-custodial staking protocol built on Ethereum and other blockchains. Ether.fi was founded by Mike Silagadze and launched in 2023.

Ether.fi team & investors own and govern the protocol. They currently take a cut of the total staking rewards earned by the protocol (revenue). Ether.fi’s investors include North Island Ventures, Chapter One, Node Capital, and Arthur Hayes.

Liquid

Active users (monthly)

Active users (monthly)

Chain breakdown