Liquidity providers deposit funds into Holdstation DeFutures and receive trading fees from traders (supply-side fees).

Holdstation DeFutures is a non-custodial perpetual exchange protocol built on zkSync Era. Holdstation DeFutures was founded by Hoai Nam and Trung Banh, and launched in 2023.

HOLD tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Holdstation's investors include ViaBTC Capital, Kryber, K300 Ventures, etc.

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Holdstation

# Holdstation Active users (weekly) Methodology

## 1. Overview

Weekly Active Users (WAU) measures the number of unique wallet addresses that executed trades on Holdstation's DeFutures platform within any 7-day period. This metric uses HyperLogLog estimation to efficiently calculate distinct user counts across rolling weekly windows, providing insights into user engagement and retention for Holdstation's derivatives trading platform.

## 2. Data sources

The calculation relies on the following raw data sources:
- **zkSync Era blockchain event logs**: Transaction-level event data from the zkSync Era network
- **Holdstation smart contract events**: Specifically parsed `HSTradingCallbacks_LimitExecuted_event` and `HSTradingCallbacks_MarketExecuted_event` from Holdstation's DeFutures smart contracts
- **Transaction metadata**: Block timestamps and transaction hashes for temporal ordering
- **Wallet addresses**: Trader wallet addresses extracted from the `trader` parameter in trading events

## 3. Step-by-step calculation

### Component A: Raw user activity extraction
- **Purpose**: Identifies all trading activity on Holdstation DeFutures platform
- **Logic**: The system monitors zkSync Era blockchain for specific Holdstation smart contract events. It captures `HSTradingCallbacks_LimitExecuted_event` events when users execute limit orders and `HSTradingCallbacks_MarketExecuted_event` events when users execute market orders. Each event contains a `trader` parameter that identifies the wallet address of the user making the trade. All activity is classified as derivatives trading in the perpetual futures segment under the `holdstationdefuturesv1` product identifier.
- **Key fields**: `block_timestamp` (event timing), `transaction_hash` (unique transaction identifier), `trader` (user wallet address), `chain` (zkSync Era), `user_type` (Trader)

### Component B: Daily active user aggregation  
- **Purpose**: Converts raw trading events into daily distinct user counts
- **Logic**: Raw trading events are aggregated to daily granularity by truncating the `block_timestamp` to day level. The system then deduplicates users within each day by selecting distinct combinations of date, chain, user type, product identifier, and user address. This creates a daily snapshot of unique users who traded on each specific day, maintaining dimensional breakdowns for later analysis.
- **Key fields**: `timestamp` (day-level truncated date), `timestamp_grain` (day), `chain`, `user_type`, `product_id`, `user_dau` (unique user address per day)

### Component C: HyperLogLog initialization
- **Purpose**: Prepares efficient data structures for distinct counting across time windows
- **Logic**: For each daily user set, the system initializes HyperLogLog sketches using a precision of 15 bits. HyperLogLog is a probabilistic data structure that allows efficient estimation of distinct counts while using minimal memory. Each daily user set is converted into an HLL sketch that can later be merged with other days' sketches to calculate weekly distinct users without double-counting users who were active on multiple days.
- **Key fields**: `hll` (HyperLogLog sketch containing daily user set), all dimensional fields maintained from DAU layer

### Component D: Datespine and rolling window construction
- **Purpose**: Creates complete time series and defines 7-day rolling windows
- **Logic**: A datespine is generated covering the full time range from the earliest user activity date to the current date minus one day, ensuring no missing timestamps. For each day in the datespine, a 7-day window is constructed that includes the current day plus the preceding 6 days. This creates overlapping 7-day windows where each day serves as the end point of its own weekly calculation period.
- **Key fields**: `timestamp` (window end date), `joinday` (each of the 7 days within the window)

### Component E: Weekly distinct user calculation
- **Purpose**: Combines daily HLL sketches across 7-day windows to calculate weekly active users
- **Logic**: For each 7-day window, the system retrieves the HLL sketches for all days within that window and merges them together. The HLL merge operation combines multiple daily user sets while automatically handling deduplication of users who were active on multiple days within the week. The final distinct count is then extracted from the merged HLL sketch, providing an estimate of weekly active users for that 7-day period.
- **Key fields**: `user_wau` (estimated distinct users over 7-day period), dimensional breakdowns maintained

### Final aggregation
- **Combining components**: The weekly calculations are generated across multiple dimensional breakdowns including project-level totals, chain-level breakdowns, user type segmentation, and product-level analysis. Each breakdown uses the same HLL merging logic but groups the data differently to provide various analytical perspectives.
- **Time aggregation**: Each day serves as the endpoint of a 7-day rolling window, creating a time series where the WAU value for any given date represents the distinct users active in the 7 days ending on that date.
- **Final calculation**: The final WAU value for each day and dimensional combination represents the estimated number of distinct wallet addresses that executed at least one trade on Holdstation DeFutures during the 7-day period ending on that date, calculated using HyperLogLog probabilistic estimation for computational efficiency.

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

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

HoldstationHOLD

Active users (weekly)

Active users (weekly)

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