Mountain Protocol operates through a dual-user system where primary users (verified businesses) can mint and redeem USDM directly at $1, while secondary users can acquire tokens through exchanges and DeFi protocols. The protocol uses a daily rebasing mechanism to distribute yields, with reserves held in segregated accounts composed exclusively of short-term US Treasuries to minimize counterparty risk.

The project issues USDM, a permissionless yield-bearing stablecoin that provides daily rewards to holders while maintaining full collateralization through US government securities. USDM operates as an ERC20 token across multiple blockchains including Ethereum, Polygon, Arbitrum, and others, offering institutional-grade stability with bankruptcy remote asset protection.

Mountain Protocol is a regulated financial institution that operates a yield-bearing stablecoin protocol backed by short-term US Treasuries.

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Stablecoin issuers

Mountain Protocol

# Active addresses (weekly) Methodology

## Overview

Active addresses (weekly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Weekly active addresses are measured on a 7-day rolling basis.

## Data sources

- On-chain transaction records (sender addresses, receiver addresses, and timestamps)
- Program instructions and transaction metadata
- Asset metadata for chain and project identification

## Common calculation approaches

### Transaction sender identification
Sender addresses are extracted from transaction records across blockchains including Ethereum, BNB Chain, and Polygon. Unique initiators are identified from sender address fields and aggregated over a rolling 7-day period to measure network activity.

### Signer and instruction tracking
On Solana, active accounts are identified by extracting unique signers from program instructions. Data is aggregated from both successful and failed transactions to provide a comprehensive view of account activity and network demand.

### Delegated action handling
For networks with specific account abstraction features, such as NEAR Protocol, transaction initiators are identified by distinguishing between standard actions and delegate actions. For meta transactions on NEAR Protocol, the receiver account is identified as the active user to accurately represent user engagement.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Unique active addresses over a rolling 7-day window.

Mountain Protocol

Active addresses (weekly)

Active addresses (weekly)

Competitive landscape

Chain breakdown