# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that execute transactions on Morpho Midnight within a 30-day rolling window. This metric is utilized to evaluate user adoption, engagement, and transaction activity on the order-book lending platform. Unique user addresses are identified from on-chain events representing key lending actions such as supplying collateral, borrowing, repaying, and withdrawing assets. Insights into the growth and utility of the Morpho Midnight protocol are provided to institutional investors through the tracking of active users (monthly).

## 2. Data sources

- **Blockchain events**: `Take`, `SupplyCollateral`, `Repay`, `Withdraw`, and `WithdrawCollateral` events from `Midnight` contracts, covering Ethereum, Base, Robinhood Chain, Arc, and Tempo

## 3. Step-by-step calculation

### Component A: Morpho Midnight user extraction

- **Purpose**: Extract active user addresses and their associated roles from Morpho Midnight smart contract events
- **Logic**: User addresses are extracted from decoded event parameters across several event types emitted by `Midnight` contracts. From `Take` events, the `taker` address is classified as a `Borrower` and the `maker` address is classified as a `Depositor`. From `SupplyCollateral` events, the `onBehalf` address is classified as a `Borrower`. From `Repay` events, the `onBehalf` address is classified as a `Repayer`. From `Withdraw` and `WithdrawCollateral` events, the `onBehalf` address is classified as a `Withdrawer`. These records are combined into a unified dataset containing the block timestamp, transaction hash, log index, chain, product identifier, user type, and user address.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `taker`, `maker`, `onBehalf`

### Component B: Monthly active user aggregation

- **Purpose**: Aggregate unique user addresses per 30-day window to calculate active users (monthly)
- **Logic**: The block timestamps of the extracted user interactions are aggregated over a 30-day rolling window. Duplicate user addresses are removed within each 30-day window, chain, and user type combination to isolate unique active addresses. The final metric is calculated by counting the distinct number of unique user addresses for each 30-day window.
- **Key fields**: `block_timestamp`, `user_address`

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

Unique revenue-generating users over a rolling 30-day window.

Active users (monthly)

Lending

Lenders can earn on Morpho using Morpho Vaults, noncustodial simple to use lending vaults that optimize yields for depositors. Borrowers can borrow any assets directly from Morpho Markets. Developers and businesses can use different parts of Morpho’s permissionless infrastructure to build any custom use case or application.

Morpho is an open, efficient, and resilient platform that allows anyone to earn yield and borrow assets. At the same time, developers or businesses can create markets, curate vaults, and build a range of applications on its flexible, immutable infrastructure.

MORPHO tokenholders own and govern the protocol. They currently do not take a cut of the interest and third-party token incentives earned by lenders (revenue). Morpho's investors include a16z, Coinbase Ventures, Semantic Ventures, etc.

Morpho Midnight

Active users (monthly)

Active users (monthly)

Chain breakdown