Kwenta builds on top of Synthetix to create a synthetic perpetuals trading platform. Traders on Kwenta trade futures against the liquidity provided by liquidity providers on Synthetix.

Kwenta is a non-custodial exchange for perpetual contracts built on Optimism. Kwenta was born out of the Synthetix community and launched in 2022.

KWENTA tokenholders own and govern the protocol. They currently do not take a cut of the total trading fees paid by traders (revenue).

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Derivative exchanges

Kwenta

# Kwenta Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) measures the number of distinct user addresses that executed at least one derivatives trading action through the Kwenta interface on any given day. This metric specifically tracks users who interacted with Synthetix perpetual futures contracts via Kwenta's frontend, ensuring only genuine Kwenta platform usage is counted rather than direct contract interactions or usage through other interfaces.

## 2. Data sources

- **Optimism blockchain event logs**: Parsed `FuturesTracking` and `PerpsTracking` events from Synthetix protocol contracts used for tracking interface usage
- **Optimism blockchain event logs**: Parsed `PositionModified` events from Synthetix perpetual futures contracts (FuturesMarket v1, ProxyPerpsV2, ProxyPerpsV21, ProxyPerpsV22) that capture actual trading activity
- **Transaction data**: Optimism transaction records linking tracking events to position modification events

## 3. Step-by-step calculation

### Component A: Valid transaction identification
- **Purpose**: Identify transactions that were initiated through Kwenta's interface
- **Logic**: Extract transaction hashes from Synthetix `FuturesTracking` and `PerpsTracking` events on Optimism that contain Kwenta's specific tracking code (`0x4b57454e54410000000000000000000000000000000000000000000000000000`). This tracking code is embedded in transactions when users interact with Synthetix contracts through Kwenta's frontend, allowing differentiation between Kwenta users and users of other interfaces or direct contract interactions. The system checks multiple contract versions including FuturesMarket v1 and ProxyPerps v2, v21, and v22 to capture the evolution of the Synthetix protocol
- **Key fields**: Transaction hash (`transaction_hash`) and tracking code (`trackingCode`) for interface attribution

### Component B: User activity extraction
- **Purpose**: Extract user addresses from actual trading activities
- **Logic**: Collect user addresses and timestamps from `PositionModified` events across all versions of Synthetix perpetual futures contracts on Optimism. These events are emitted whenever a user opens, closes, or modifies a derivatives position. The system captures events from FuturesMarket v1 contracts and ProxyPerpsV2 v2, v21, and v22 contracts to ensure comprehensive coverage across protocol upgrades. Each user is classified as a 'Trader' user type within the 'derivatives' market sector and 'perpetual' business segment
- **Key fields**: User address (`account`), block timestamp (`block_timestamp`), transaction hash (`transaction_hash`) for linking to valid transactions

### Final aggregation
- **Combining components**: User activity events are filtered to only include transactions that appear in the valid transaction set, ensuring only Kwenta-initiated trades are counted. This join operation on transaction hash effectively removes direct contract interactions and usage through other frontends
- **Time aggregation**: Block timestamps are truncated to daily boundaries using day-level granularity, grouping all activity within each 24-hour UTC period
- **Final calculation**: Count distinct user addresses per day across all valid Kwenta trading transactions. Each unique address that executed at least one tracked derivatives trade on a given day contributes exactly one to the DAU count for that day, regardless of the number of transactions or positions modified
- **Data quality**: Apply chain availability filtering to ensure only days with complete Optimism data are included in the final metric

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

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

KwentaKWENTA

Active users (daily)

Active users (daily)

Competitive landscape