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


Frax Ether is a liquid staking derivative product created by the Frax Finance protocol. Frax Finance was founded by Sam Kazemian, Stephen Moore, Jason Huoan & Travis Moore and launched in 2019.


FRAX tokenholders own and govern the Frax Finance protocol, including the Frax Ether business line. They currently take a cut of the total staking rewards earned by the protocol (revenue). Frax’s investors include Crypto.com Capital & Ascensive Assets.


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Liquid staking

Frax Ether

# Frax Ether Active users (daily) Methodology

## 1. Overview

FRAX Daily Active Users (DAU) measures the number of unique user addresses that interact with the FRAX liquid staking protocol each day. This metric specifically tracks depositor activity by counting distinct users who submit ETH deposits to the FrxETHMinter contract. The calculation provides daily snapshots of user engagement within the FRAX ecosystem's liquid staking product.

## 2. Data sources

The DAU calculation relies on the following raw data sources:
- **Blockchain events**: Parsed Ethereum `ETHSubmitted` events from the FrxETHMinter smart contract
- **Transaction data**: Ethereum transaction records containing block timestamps and transaction hashes
- **Chain metadata**: Chain availability data for filtering and validation purposes

## 3. Step-by-step calculation

### Component A: User interaction identification
- **Purpose**: Identifies all user interactions with the FRAX liquid staking protocol
- **Logic**: Extracts user addresses from parsed Ethereum `ETHSubmitted` events emitted by the FrxETHMinter contract. These events are triggered when users deposit ETH into the liquid staking protocol. The `sender` parameter from each event identifies the depositing user address. All identified users are classified as 'Depositor' type and categorized under the 'liquid_staking' market sector and business segment
- **Key fields**: `user_address` (extracted from `sender` parameter), `user_type` (set to 'Depositor'), `block_timestamp`, `transaction_hash`, `log_index`, and categorical fields for market classification

### Component B: Daily user aggregation  
- **Purpose**: Counts unique active users per day
- **Logic**: Takes the user interaction data and truncates `block_timestamp` values to daily granularity using day-level timestamp truncation. Applies a distinct operation on `user_address` within each day to ensure each user is counted only once per day, regardless of how many transactions they performed. Preserves dimensional metadata including chain, user type, and product categorization
- **Key fields**: `timestamp` (truncated to day), `user_dau` (distinct user address), `chain`, `user_type`, `product_id`

### Final aggregation
- **Combining components**: The daily user aggregation directly consumes the user interaction identification output through a straightforward selection and deduplication process
- **Currency conversion**: Not applicable for this user count metric
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day granularity, ensuring consistent 24-hour periods
- **Final calculation**: The final DAU value represents the count of distinct user addresses that performed ETH deposits to the FrxETHMinter contract within each calendar day, filtered by chain availability to ensure data quality across supported networks

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

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

Frax Ether

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown