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 (weekly) Methodology

## 1. Overview

Weekly Active Users (WAU) measures the number of unique users who interact with IPOR Protocol's derivatives trading platform within a 7-day rolling window. This metric tracks user engagement in interest rate swap trading activities, providing insights into protocol adoption and user retention patterns. The calculation uses a rolling 7-day window approach with HyperLogLog algorithms for efficient distinct user counting across multiple dimensional breakdowns.

## 2. Data sources

- **IPOR Protocol smart contract events**: Parsed `OpenSwap` and `CloseSwap` events from IPOR v1 and v2 contracts on Ethereum
- **Swap contract events**: Events from MiltonDai, MiltonUsdc, MiltonUsdt, and IporProtocolRouter contracts
- **Blockchain transaction data**: Ethereum transaction logs containing user addresses and interaction timestamps
- **Chain availability metadata**: Configuration data to filter active and supported blockchain networks

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all users who perform trading activities on IPOR Protocol
- **Logic**: Extracts user addresses from IPOR Protocol swap events on Ethereum. Processes both v1 contract events (MiltonDai, MiltonUsdc, MiltonUsdt) and v2 events (IporProtocolRouter). Captures two types of trading actions: swap opening events where users initiate positions, and swap closing events where users or liquidators close positions. All users are classified as 'Trader' type regardless of specific action.
- **Key fields**: `block_timestamp` for timing, `user_address` extracted from `buyer` or `liquidator` parameters, `chain` identifier, and `user_type` classification

### Component B: Daily active users aggregation  
- **Purpose**: Creates daily snapshots of unique active users to serve as the foundation for WAU calculation
- **Logic**: Groups the user activity data by day using timestamp truncation to daily granularity. Counts distinct user addresses for each day, creating Daily Active Users (DAU) baseline metrics. Applies chain availability filtering to ensure only supported and active chains are included. Maintains dimensional attributes for later breakdowns.
- **Key fields**: `timestamp` truncated to day, `user_dau` containing unique user addresses, `chain`, `user_type`, and `product_id` dimensions

### Component C: Time window construction
- **Purpose**: Creates a comprehensive date spine and 7-day rolling windows for WAU calculation
- **Logic**: Generates a complete daily date spine from the earliest data date to yesterday to ensure no missing timestamps. For each date in the spine, creates a 7-day window by generating the current date plus the previous 6 days. Uses HyperLogLog initialization on the DAU data to enable efficient distinct counting across time windows. The window construction ensures every day has a complete 7-day lookback period for consistent WAU calculation.
- **Key fields**: `timestamp` for the window end date, `joinday` for each day within the 7-day window, `hll` sketches for efficient distinct user counting

### Component D: Dimensional breakdowns
- **Purpose**: Calculates WAU across multiple dimensional levels for comprehensive analytics
- **Logic**: Creates four separate dimensional views by grouping the windowed data differently. Project-level breakdown aggregates all users across the entire protocol. Chain-level breakdown segments users by blockchain network. User type breakdown segments by user classification. Product-level breakdown segments by specific product interactions. Each breakdown uses HyperLogLog merge operations to combine daily user sketches across the 7-day windows while avoiding double-counting of users who appear on multiple days.
- **Key fields**: `dimensions` identifier, `chain_id`, `product_id`, `user_type` for segmentation, `user_wau` as the final distinct count

### Final aggregation
- **Combining components**: Unions all dimensional breakdowns into a single result set, with null values for non-applicable dimensions in each breakdown
- **Time aggregation**: Uses 7-day rolling windows where each day's WAU includes unique users from that day plus the previous 6 days
- **Distinct counting**: Applies HyperLogLog extract operations to get final distinct user counts from merged sketches, ensuring users active on multiple days within a window are counted only once
- **Final calculation**: The WAU for any given day represents the count of unique user addresses that performed at least one trading action within the 7-day period ending on that day

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

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

IPOR ProtocolIPOR

Active users (weekly)

Active users (weekly)

Competitive landscape