The option buyers pay premiums (revenue) to HEGIC stakers, who collateralize the option positions and cover the buyers' potential profits from their collateral.

Hegic is a non-custodial options exchange built on Arbitrum. Hegic was founded by Molly Wintermute and launched in 2020.



HEGIC tokenholders own and govern the protocol. They charge a premium (revenue) for each option that is bought on the platform.

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Hegic

# Hegic Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Hegic measures the number of unique users who interact with the Hegic options protocol each day. This metric tracks user engagement by identifying addresses that either exercise options or purchase new option positions. The calculation uses HyperLogLog approximation to efficiently count distinct users across multiple dimensional breakdowns while maintaining accuracy for large user sets.

## 2. Data sources

- **Arbitrum OperationalTreasury events**: Parsed `Paid` events from Hegic v1 OperationalTreasury contracts that capture option exercise transactions
- **Arbitrum PositionsManager events**: Parsed `Transfer` events from Hegic v1 PositionsManager contracts that capture option position creation and transfers
- **Arbitrum blockchain metadata**: Block timestamps and transaction hashes for temporal aggregation and deduplication

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identify unique users performing options-related activities on Hegic
- **Logic**: Extract user addresses from two types of Hegic contract events. For option exercisers, capture the `account` parameter from OperationalTreasury `Paid` events, which occur when users pay fees to exercise their options. For option buyers, capture the `to` parameter from PositionsManager `Transfer` events, but only include transfers where the `from` address is the null address (0x0000000000000000000000000000000000000000), indicating new position mints rather than secondary transfers
- **Key fields**: User addresses are classified as either 'Option Exerciser' or 'Option Buyer' based on the source event type, with additional metadata including `block_timestamp`, `transaction_hash`, `chain`, and business classification fields

### Component B: Daily user aggregation  
- **Purpose**: Calculate daily distinct active users with dimensional attributes
- **Logic**: Group all user activity by truncating block timestamps to daily boundaries. Create distinct user counts for each combination of day, chain, user type, and other dimensional attributes. Each unique user address is counted once per day regardless of how many transactions they performed
- **Key fields**: Primary dimensions include daily `timestamp`, `chain`, `user_type`, and `product_id`, with `user_address` serving as the distinct counting field

### Component C: HyperLogLog sketch creation
- **Purpose**: Enable efficient approximate distinct counting for large user sets
- **Logic**: Convert daily user address lists into HyperLogLog sketches with 15-bit precision. This probabilistic data structure allows for memory-efficient storage and fast aggregation of distinct user counts across time periods and dimensional breakdowns
- **Key fields**: Each daily record produces an HLL sketch (`hll`) representing the set of unique user addresses for that day and dimension combination

### Final aggregation
- **Combining components**: Create four dimensional breakdowns by merging HLL sketches - project-level (all users), chain-level (by blockchain), user-type-level (exercisers vs buyers), and product-level aggregations. Each breakdown extracts final distinct counts from merged HLL sketches while setting unused dimension fields to null
- **Time aggregation**: Daily boundaries are established using block timestamp truncation, ensuring consistent 24-hour periods across all user activity
- **Final calculation**: The metric value represents the approximate count of distinct user addresses that performed Hegic options activities (exercising or buying) within each daily period, broken down across multiple dimensional hierarchies for flexible analysis and reporting

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

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

HegicHEGIC

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown