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.

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Fluid

# Fluid Active users (daily) Methodology

## 1. Overview

The Instadapp daily active users (DAU) metric measures the number of unique users who interact with any Instadapp product on a given day. This metric aggregates user activity across four distinct Instadapp products: Fluid Fluid Vault (lending), Fluid Fluid DEX (decentralized exchange), Fluid Fluid DEX Fluid Lite (lightweight Fluid DEX), and Fluid Lite protocol (simplified lending). The calculation identifies unique user addresses per day across all products and categorizes them by product type and user behavior.

## 2. Data sources

The calculation relies on several types of blockchain data sources:
- **Fluid Fluid Vault events**: Parsed `FluidLiquidity_LogOperate_event` logs from Ethereum, Arbitrum, Base, and Polygon capturing liquidity operations in Fluid vaults
- **Fluid Fluid DEX events**: Parsed `FluidDex_Swap_event` logs from Ethereum, Arbitrum, Base, and Polygon capturing swap transactions on Fluid Fluid DEX
- **Fluid Fluid DEX Fluid Lite events**: Parsed `FluidDexLite_LogSwap_event` logs from Ethereum capturing swap transactions on the lightweight Fluid DEX version
- **Fluid Lite protocol events**: Parsed deposit and withdrawal event logs from Ethereum for various iToken contracts (iDAI, iETH, iWBTC, iUSDC) covering both v1 and v2 versions
- **Transaction data**: Ethereum, Arbitrum, Base, and Polygon transaction records to identify user addresses who initiated the interactions
- **Pool metadata**: Instadapp Fluid Fluid DEX Fluid Lite pool configuration data for token pair identification

## 3. Step-by-step calculation

### Component A: Fluid Fluid Vault users
- **Purpose**: Identifies users who perform lending/borrowing operations in Fluid vaults
- **Logic**: Extracts events from `FluidLiquidity_LogOperate_event` logs across Ethereum (v2), Arbitrum, Base, and Polygon. Joins each event with corresponding transaction data to identify the user address from the `from_address` field. Applies daily timestamp truncation and categorizes users as "Fluid Lend user" with product ID "Fluid Vault"
- **Key fields**: `block_timestamp` for timing, `user_address` from transaction initiator, `chain_id` for network identification

### Component B: Fluid Fluid DEX traders  
- **Purpose**: Identifies users who perform swap transactions on Fluid Fluid DEX
- **Logic**: Extracts events from `FluidDex_Swap_event` logs across Ethereum, Arbitrum, Base, and Polygon. Joins with transaction data to get user addresses and captures swap details including direction (`swap_0_to_1`), input amounts (`amount_in`), and output amounts (`amount_out`). Applies daily timestamp truncation and categorizes users as "Fluid Fluid DEX trader" with product ID "Fluid DEX"
- **Key fields**: `block_timestamp` for timing, `user_address` from transaction initiator, `amount_in` and `amount_out` for trade volumes, `swap_0_to_1` for trade direction

### Component C: Fluid Fluid DEX Fluid Lite traders
- **Purpose**: Identifies users who perform swaps on the lightweight version of Fluid Fluid DEX
- **Logic**: Processes `FluidDexLite_LogSwap_event` logs from Ethereum only. Uses a JavaScript user-defined function to decode complex swap data from the `swapData` field, extracting Fluid DEX ID, swap direction, and adjusted amounts with 9 decimal precision. Joins with pool metadata to obtain token pair information (`token0` and `token1` addresses) and transaction data for user identification. Categorizes users as "Fluid Fluid DEX Fluid Lite trader" with product ID "Fluid Fluid DEX Fluid Lite"
- **Key fields**: `swapData` (encoded swap information), `dex_id` for pool identification, `amount_in` and `amount_out` in adjusted format, `token0_address` and `token1_address` for token pairs

### Component D: Fluid Lite protocol users
- **Purpose**: Identifies users who deposit or withdraw from Fluid Lite protocol lending products
- **Logic**: Aggregates multiple event types from Ethereum including supply and withdraw events for iDAI, iETH, iWBTC, and iUSDC tokens across both v1 and v2 versions. Extracts user addresses from different parameter fields depending on the event type (`caller_`, `to_`, or `sender`). Categorizes users as either "Depositor" or "Withdrawer" based on event type, with product ID "Fluid Lite"
- **Key fields**: Variable user address fields based on event type, `block_timestamp` for timing, event-specific parameters for deposits and withdrawals

### Final aggregation
- **Combining components**: All four components are combined using UNION ALL operations, creating a comprehensive list of user interactions across all Instadapp products
- **Time aggregation**: Daily boundaries are established by truncating `block_timestamp` to day level, ensuring consistent daily aggregation across all products
- **User deduplication**: DISTINCT clause ensures each unique user address is counted only once per day per product, preventing double-counting of users who perform multiple transactions in the same product on the same day
- **Chain availability filtering**: Applied to ensure data completeness and reliability across all supported blockchain networks
- **Final calculation**: The metric represents the total count of unique user addresses who performed at least one interaction with any Instadapp product on a given day, segmented by product type and user behavior category

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

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

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Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown