# HyENA BASED Active users (weekly) Methodology

## 1. Overview

This page covers the BASED market (`hyna:BASED`) on HyENA, one of the markets deployed under the `hyna` namespace on Hyperliquid HyperCore. The calculation is identical across all HyENA markets; the figures on this page are scoped to the BASED market.

Active users (weekly) measures the number of unique addresses that execute revenue-generating trades on HyENA products, such as `hyna:BTC` and `hyna:ETH`. This metric captures both makers and takers participating in perpetual swap markets deployed via the HyENA protocol. User activity is identified through trade fill events on the Hyperliquid blockchain, specifically targeting markets registered under the HyENA namespace.

## 2. Data sources

- **Blockchain events**: `node_fills` data from HyperCore contracts, covering Hyperliquid

## 3. Step-by-step calculation

### Component A: Trade fill extraction

- **Purpose**: Identify all trading activity occurring on HyENA-deployed markets
- **Logic**: Trade fill data is parsed from HyperCore contracts on the Hyperliquid blockchain. Markets are filtered to include only those where the asset symbol carries the `hyna:` prefix, which signifies a market deployed by the HyENA protocol. Trader addresses are extracted from the account fields of these fill events, capturing participants on both the maker and taker sides of every matched trade.
- **Key fields**: `account_address` (trader identification), `coin` (market identification), `block_timestamp` (timing)

### Component B: Weekly unique address aggregation

- **Purpose**: Calculate the total count of unique participants per 7-day window
- **Logic**: The extracted trader addresses are aggregated and deduplicated to determine the number of unique active users. This count is calculated over 7-day rolling windows. Weekly granularity is maintained using UTC day boundaries.
- **Key fields**: `trader_address` (unique identifier), `block_timestamp` (temporal grouping)

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

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

Active users (weekly)

Derivative markets

HyENA earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. HyENA's deployerFeeScale is 0.1111, so its deployer share of each user-paid fee is reduced versus the standard HIP-3 split. Revenue is read from the realized on-chain deployerFee field per fill rather than assumed.

HyENA offers USDC-settled perpetual contracts on crypto-native assets (BTC, ETH, SOL, BNB, XRP, DOGE, HYPE, FARTCOIN, PUMP, LINK, SUI, LTC, BCH, ADA, ...) plus gold, silver, and XMR. All 24 markets are deployed under the HIP-3 `hyna` namespace and execute on Hyperliquid's HyperCore order book.

HyENA is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x53e655101ea361537124ef814ad4e654b54d0637. HyENA is operated as a private company; no token has been issued.

BASED PerpetualBASED

Active users (weekly)

Active users (weekly)