# Active users (weekly) Methodology

## 1. Overview

Active users (weekly) is calculated as the number of unique addresses that interact with Gearbox V1 to perform liquidity provision, borrowing, or repayment activities. This metric is used to evaluate user adoption, protocol engagement, and overall transactional activity within the Gearbox V1 ecosystem. Users are categorized into depositors, withdrawers, borrowers, and repayers based on their on-chain interactions with the protocol's smart contracts. Active users (weekly) are aggregated over a 7-day rolling window using UTC boundaries.

## 2. Data sources

- **Blockchain events**: `AddLiquidity`, `RemoveLiquidity`, `Borrow`, and `Repay` events from `Pool` contracts, `OpenCreditAccount` events from `CreditManager` and `CreditFacade` contracts, and ERC-20 transfers, covering Ethereum

## 3. Step-by-step calculation

### Component A: Gearbox V1 credit account ownership mapping

- **Purpose**: To map credit accounts to the specific user addresses that opened them over time.
- **Logic**: `OpenCreditAccount` events are parsed from `CreditManager` (for V1) and `CreditFacade` (for V2, which borrows from V1 pools) contracts. The user address is extracted from the `onBehalfOf` field, and the credit account address is extracted from the `creditAccount` field. Because credit accounts can be reused by different owners over time, validity windows are established for each owner, starting at the account opening timestamp and ending at the next opening timestamp of the same credit account.
- **Key fields**: `block_timestamp`, `onBehalfOf` (user address), `creditAccount` (credit account address)

### Component B: Gearbox V1 depositor and withdrawer tracking

- **Purpose**: To identify unique users providing or removing liquidity from Gearbox V1 pools.
- **Logic**: `AddLiquidity` and `RemoveLiquidity` events are parsed from `Pool` contracts. The user address is extracted from the `sender` field of these events. These addresses are classified as depositors and withdrawers, respectively.
- **Key fields**: `block_timestamp`, `sender` (user address)

### Component C: Gearbox V1 borrower tracking

- **Purpose**: To identify unique users borrowing assets from Gearbox V1 pools.
- **Logic**: `Borrow` events are parsed from `Pool` contracts to identify active borrow transactions and their associated credit accounts. These credit accounts are joined with the credit account ownership mapping. The borrower's address is resolved by matching the credit account and ensuring the borrow transaction timestamp falls within the owner's validity window.
- **Key fields**: `block_timestamp`, `creditAccount` (credit account address), `user_address` (resolved borrower address)

### Component D: Gearbox V1 repayer tracking

- **Purpose**: To identify unique users repaying borrowed assets to Gearbox V1 pools.
- **Logic**: `Repay` events are parsed from `Pool` contracts. To identify the associated credit account, ERC-20 transfers occurring in the same transaction and directed to the repaying pool address are analyzed, with the sender address of the transfer identified as the credit account. This credit account is then joined with the credit account ownership mapping, and the repayer's address is resolved by ensuring the transaction timestamp falls within the owner's validity window.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from_address` (credit account), `to_address` (pool address), `user_address` (resolved repayer address)

### Component E: Gearbox V1 weekly aggregation

- **Purpose**: To consolidate all active user types and calculate weekly unique active users.
- **Logic**: All identified user addresses from liquidity provision, borrowing, and repayment activities are consolidated into a single dataset. Duplicate addresses are removed within each 7-day rolling window to calculate the final active users (weekly) metric.
- **Key fields**: `block_timestamp`, `user_address`

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

Unique revenue-generating users over a rolling 7-day window.

Active users (weekly)

Lending

Lenders deposit funds into Gearbox and receive interest payments from borrowers.

Gearbox is a non-custodial lending protocol built on Ethereum. Gearbox was founded by Mikhail Lazarev and launched in 2021.

GEAR tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

Gearbox V1

Active users (weekly)

Active users (weekly)

Chain breakdown