# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that perform revenue-generating swap transactions on Fluid DEX. This metric specifically captures the daily unique count of traders interacting with Fluid DEX and Fluid DEX Lite liquidity pools. It serves as a primary indicator of user adoption and demand for the protocol's decentralized exchange infrastructure.

## 2. Data sources

- **Blockchain events**: `Swap` events from `FluidFluid DEX` and `FluidDexT1` contracts and `LogSwap` events from `FluidFluid Fluid DEX Fluid Lite` contracts, covering Ethereum, Arbitrum, Base, BSC, Polygon, and Plasma
- **External data**: Asset metadata for liquidity pool identification

## 3. Step-by-step calculation

### Component A: Swap activity extraction

- **Purpose**: Capture all trading interactions within Fluid DEX and Fluid DEX Lite liquidity pools
- **Logic**: `Swap` events are parsed from `FluidFluid DEX` contracts on Ethereum, Arbitrum, Base, BSC, and Polygon. Additionally, `Swap` events are parsed from `FluidDexT1` contracts on Plasma. For Fluid DEX Lite on Ethereum, `LogSwap` events are parsed and decoded to identify swap operations.
- **Key fields**: `transaction_hash` (to link to signers), `address` (to identify the liquidity pool)

### Component B: User address attribution

- **Purpose**: Identify the unique entity responsible for each trade
- **Logic**: Each identified swap event is joined with the corresponding native blockchain transaction data. The transaction signer address is extracted as the active user address for the trade. In the case of Fluid DEX Lite, swap data is further decoded to ensure the activity is correctly mapped to the relevant pool and Fluid DEX identifier.
- **Key fields**: `user_address` (derived from the transaction signer)

### Component C: Daily deduplication and aggregation

- **Purpose**: Calculate the unique count of active users per day
- **Logic**: User addresses are truncated to daily intervals based on UTC timestamps. Duplicate addresses within the same 24-hour window are removed. The final metric is calculated as the count of distinct addresses that initiated at least one swap event per chain and product.
- **Key fields**: `block_timestamp` (for daily windowing), `user_address` (for unique identification)

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

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

Active users (daily)

Exchanges (DEX)

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Fluid DEX

Active users (daily)

Active users (daily)

Chain breakdown