Lenders deposit funds into  Fraxlend and receive interest payments from borrowers (supply-side fees).

Fraxlend is a non-custodial lending protocol built on Ethereum. Fraxlend is part of Frax Finance and was launched in 2022.

FRAX tokenholders own and govern the FRAX Finance protocol. Fraxlend is a part of Frax Finance. They currently do not take a cut of the total interest paid by borrowers (revenue).

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Lending

Fraxlend

# Fraxlend Active users (daily) Methodology

## 1. Overview

The Fraxlend daily active users (DAU) metric measures the number of unique users who interact with the Fraxlend lending protocol on any given day. This metric counts distinct Ethereum addresses that performed lending-related activities including borrowing assets, repaying loans, adding collateral, removing collateral, or withdrawing funds. The calculation aggregates all protocol interactions to provide a comprehensive view of daily user engagement across the Fraxlend ecosystem.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum event logs**: Parsed events from Fraxlend V1 Pair contracts deployed on Ethereum
- **Protocol events**: Specific Fraxlend protocol events including `BorrowAsset`, `RepayAsset`, `AddCollateral`, `RemoveCollateral`, and `Withdraw` events
- **Transaction data**: Ethereum transaction records containing sender addresses and block timestamps
- **Contract interactions**: User-initiated transactions that trigger Fraxlend protocol events

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all user interactions with the Fraxlend protocol and classifies users by activity type
- **Logic**: The system processes five types of Fraxlend protocol events from Ethereum Pair contracts. `BorrowAsset` events identify users as Borrowers based on the `receiver` field. `RepayAsset` events identify users as Repayers based on the `payer` field. `AddCollateral` events identify users as Depositors based on the `sender` field. `RemoveCollateral` and `Withdraw` events identify users as Withdrawers based on their respective `sender` and `receiver` fields. Each event record includes the block timestamp and transaction hash for further processing.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for linking to transaction data, event-specific user identifier fields (`receiver`, `payer`, `sender`), and derived `user_type` classification

### Component B: User address resolution
- **Purpose**: Maps protocol event participants to actual Ethereum user addresses
- **Logic**: Each Fraxlend protocol event is joined with corresponding Ethereum transaction records using the `transaction_hash` field. The transaction `from_address` field represents the actual user who initiated the protocol interaction, regardless of which field in the event represents the user (receiver, payer, or sender). This approach ensures consistent user identification across different event types where the user might appear in different event fields.
- **Key fields**: `from_address` from transactions becomes the standardized `user_address`, maintaining `block_timestamp` and `user_type` from the event data

### Component C: Daily user aggregation
- **Purpose**: Counts distinct active users per day across all Fraxlend protocol activities
- **Logic**: User activity records are aggregated by truncating `block_timestamp` to day-level boundaries using daily granularity. The system groups all user interactions by the truncated date and applies distinct counting to the `user_address` field. This ensures that users who perform multiple activities on the same day (such as both borrowing and adding collateral) are counted only once in the daily active user total.
- **Key fields**: `timestamp` (truncated to day), `user_dau` (distinct user address count), and metadata fields including `chain`, `user_type`, and classification identifiers

### Final aggregation
- **Combining components**: All user activity types are unioned together before the daily aggregation, creating a comprehensive view of protocol engagement that includes borrowers, repayers, depositors, and withdrawers
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day-level granularity, ensuring consistent 24-hour periods regardless of transaction timing within each day
- **Deduplication logic**: The distinct selection on `user_address` within each day ensures that users performing multiple protocol interactions are counted only once per day
- **Final calculation**: The metric represents the count of unique Ethereum addresses that performed any lending-related activity on the Fraxlend protocol for each calendar day, providing a comprehensive measure of daily user engagement across all protocol functions

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

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

Fraxlend

Active users (daily)

Active users (daily)

Competitive landscape