Liquidity providers deposit funds into IPOR Protocol and receive trading fees and asset management yield (supply-side fees).

IPOR Protocol is a non-custodial exchange for interest rate swaps built on Ethereum. IPOR Protocol was founded by Darren Camas & Dimitar Dinev, and was launched in August 2022.

IPOR tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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IPOR Protocol

# IPOR Protocol Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for IPOR Protocol measures the number of unique user addresses that interact with IPOR's interest rate swap contracts on a given day. This metric captures trading activity across both IPOR v1 and v2 protocol versions, counting any user who either opens or closes an interest rate swap position as an active user. The calculation provides insights into daily user engagement and trading volume on the IPOR derivatives platform.

## 2. Data sources

- **IPOR v1 swap events**: Parsed `OpenSwap` and `CloseSwap` events from Milton contract deployments for DAI, USDC, and USDT on Ethereum
- **IPOR v2 swap events**: Parsed `OpenSwap` and `CloseSwap` events from the unified Protocol Router contract on Ethereum
- **Blockchain transaction data**: Ethereum transaction timestamps and block information for temporal aggregation

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all user addresses that interact with IPOR swap contracts
- **Logic**: Extracts user addresses from IPOR swap events across both protocol versions. For `OpenSwap` events, captures the `buyer` parameter as the active user. For `CloseSwap` events, captures the `liquidator` parameter as the active user. Includes events from IPOR v1 Milton contracts for three stablecoins (DAI, USDC, USDT) and IPOR v2 Protocol Router contract. All identified users are classified as 'Trader' user type within the derivatives market sector and perpetual business segment.
- **Key fields**: `buyer` addresses from swap opening events, `liquidator` addresses from swap closing events, `block_timestamp` for temporal data, `transaction_hash` for event identification

### Component B: Daily aggregation
- **Purpose**: Counts unique users per day across all IPOR trading activities
- **Logic**: Truncates block timestamps to daily boundaries using day-level granularity. Groups all user activities by the truncated daily timestamp. Applies distinct counting to user addresses within each day to eliminate duplicate counting of users who perform multiple transactions on the same day.
- **Key fields**: `timestamp` truncated to day level, `user_address` for distinct counting, `chain` for network identification

### Final aggregation
- **Combining components**: All swap events from both IPOR v1 and v2 contracts are unioned together to create a comprehensive view of protocol activity
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day granularity, ensuring consistent 24-hour periods
- **Final calculation**: The final DAU count represents the distinct count of user addresses that performed any swap activity (opening or closing positions) on IPOR Protocol within each calendar day

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

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

IPOR ProtocolIPOR

Active users (daily)

Active users (daily)

Competitive landscape