# Active users (daily) Methodology

## 1. Overview

Active users (daily) is defined as the number of unique addresses that execute transactions on Gearbox V3 within a 24-hour window. These transactions are categorized into depositing, withdrawing, borrowing, and repaying activities. Active users (daily) are aggregated over a fixed UTC-day boundary. This metric is utilized to evaluate the daily adoption and transactional activity of the Gearbox V3 protocol.

## 2. Data sources

- **Blockchain events**: `Deposit`, `Withdraw`, `Borrow`, and `Repay` events from `PoolV3` contracts, `OpenCreditAccount` and `CloseCreditAccount` events from `CreditFacadeV3` contracts, and ERC-20 token transfers, covering Ethereum, Monad, and Plasma

## 3. Step-by-step calculation

### Component A: Credit account ownership mapping

- **Purpose**: Credit accounts are mapped to their respective owners over time.
- **Logic**: `OpenCreditAccount` events from `CreditFacadeV3` contracts are parsed to identify the user address (`onBehalfOf`) and the associated credit account. Because credit accounts can be reused by different users over time, validity windows are established for each owner. The validity window is defined to start at the block timestamp of the opening event and end at the timestamp of the next opening event for the same credit account.
- **Key fields**: `block_timestamp`, `user_address`, `creditAccount`

### Component B: Depositor and withdrawer activity tracking

- **Purpose**: Active liquidity providers depositing to or withdrawing from Gearbox V3 pools are captured.
- **Logic**: `Deposit` and `Withdraw` events from `PoolV3` contracts are parsed. For deposits, the depositor is identified using the `owner` field. For withdrawals, the withdrawer is identified using the `receiver` field. Only events associated with verified Gearbox V3 pools are included.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`

### Component C: Borrower activity tracking

- **Purpose**: Active borrowers opening, closing, or adjusting credit accounts are captured.
- **Logic**: Borrower addresses are extracted from multiple sources. Direct interactions are captured from `OpenCreditAccount` (using the `onBehalfOf` field) and `CloseCreditAccount` (using the `borrower` field) events from `CreditFacadeV3` contracts. Active borrow events are captured from `Borrow` events from `PoolV3` contracts and mapped to the credit account owner using the ownership windows established in Component A.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`

### Component D: Repayer activity tracking

- **Purpose**: Users repaying debt to Gearbox V3 pools are captured.
- **Logic**: `Repay` events from `PoolV3` contracts are parsed. To identify the repayer, ERC-20 token transfers directed to the pool address within the same transaction are analyzed to extract the credit account address. This credit account address is then mapped to the corresponding owner address using the ownership windows established in Component A.
- **Key fields**: `block_timestamp`, `transaction_hash`, `user_address`

### Component E: Daily aggregation and deduplication

- **Purpose**: All active addresses are aggregated and daily unique users are calculated.
- **Logic**: All identified user addresses from depositors, withdrawers, borrowers, and repayers are combined. The addresses are deduplicated per day and per chain to calculate the final active users (daily) metric. Daily boundaries are defined using UTC timestamps.

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

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

Active users (daily)

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 V3

Active users (daily)

Active users (daily)

Chain breakdown