# Active users (weekly) Methodology

## 1. Overview

Active users (weekly) is calculated as the number of unique addresses that make a revenue-generating transaction with Hyperliquid Outcome Markets. Active users (weekly) are measured over a 7-day rolling window. This metric is used to evaluate user adoption, engagement, and transaction activity specifically for the prediction and outcome-based markets of the protocol. By isolating transactions associated with outcome assets, user activity on Hyperliquid Outcome Markets is distinguished from other protocol offerings such as Hyperliquid Perps and Hyperliquid Spot. Active users (weekly) are aggregated on a weekly basis using UTC boundaries to provide a standardized view of weekly protocol interaction.

## 2. Data sources

- **Blockchain events**: `node_fills` and `node_trades` events from HyperCore, covering the HyperCore chain

## 3. Step-by-step calculation

### Component A: Hyperliquid Outcome Markets node fill extraction

- **Purpose**: Extract active trader addresses from order-book fill events
- **Logic**: Node fill events are parsed from HyperCore. The trader address is extracted from the account address field. To isolate Hyperliquid Outcome Markets, transactions are filtered to include only those where the asset identifier starts with the `#` prefix, which is used to denote outcome markets.
- **Key fields**: `block_timestamp` (timing), `account_address` (trader identification), `coin` (asset identifier)

### Component B: Hyperliquid Outcome Markets node trade extraction

- **Purpose**: Extract active trader addresses from order-book trade events
- **Logic**: Node trade events are parsed from HyperCore. The trader address is extracted from the account address field. Transactions are filtered to include only those where the asset identifier starts with the `#` prefix, which is classified as Hyperliquid Outcome Markets. A historical filter is applied to include only events occurring on or after March 23, 2025.
- **Key fields**: `block_timestamp` (timing), `account_address` (trader identification), `coin` (asset identifier)

### Component C: Weekly distinct user aggregation

- **Purpose**: Aggregate unique active users per 7-day window
- **Logic**: The extracted trader addresses from both node fills and node trades are combined. The addresses are grouped into 7-day rolling windows based on the block timestamp. A distinct count of trader addresses is calculated for each 7-day window to determine the active users (weekly). A final historical filter is applied to restrict the dataset to dates on or after June 1, 2025.
- **Key fields**: `block_timestamp` (timing), `trader_address` (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)

Prediction markets

Hyperliquid generates revenue through on-chain perpetual futures and spot trading, facilitated by its HyperCore execution layer. Every order, trade, and liquidation occurs on-chain with one-block finality, enabling ultra-low latency and transparent trading. Liquidity providers and market makers earn supply-side fees from bid-ask spreads and transaction rebates, while network participants can earn governance and staking rewards via the HYPE token.

Hyperliquid is a layer-one (L1) blockchain purpose-built for trading and decentralized finance. It combines: HyperCore, the high-performance trading engine powering perpetuals, spot markets, and oracles; HyperEVM, a fully compatible smart contract layer enabling developers to build DeFi applications such as lending, vaults, governance, bridges, and stablecoins directly on-chain. Its consensus mechanism, HyperBFT, is a custom algorithm inspired by HotStuff, optimized for throughput (200k+ orders/sec) and deterministic finality. The HYPE token underpins the network, granting holders rights to participate in governance, staking, and securing the protocol — effectively letting users own a share of the Hyperliquid ecosystem.

HYPE tokenholders own, govern, and secure the Hyperliquid network through on-chain governance. The Hyper Foundation oversees community governance and ecosystem growth, ensuring decentralization and alignment of incentives across traders, builders, and validators. Hyperliquid’s investors include Tioga Capital Partners, Collab+Currency, Infinite Capital (San Juan), Optimista Capital, and RockawayX, all holding minority venture capital positions.

Hyperliquid Outcome Markets

Active users (weekly)

Active users (weekly)

Chain breakdown