Liquidity providers deposit funds into MUX and receive trading fees from traders (supply-side fees).

MUX is a non-custodial exchange for perpetual contracts built on Arbitrum. The previous version of MUX was MCDEX, which was founded by Jean Miao & Liu Jie in 2021 and relaunched as MUX in Aug 2022. This dashboard does not take the MUX perpetual aggregator into account yet.

MCB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). MUX's investors include Delphi Ventures, DeFiance Capital, Robot Ventures, etc.

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Derivative exchanges

# MUX Active users (daily) Methodology

## 1. Overview

MUX DAU (Daily Active Users) measures the number of unique user addresses that interact with the MUX protocol on any given day. This metric tracks traders engaging in derivatives trading activities across multiple blockchain networks and MUX protocol versions. The calculation identifies distinct user addresses from trading events and aggregates them at a daily level to provide insights into protocol usage and user engagement.

## 2. Data sources

The calculation relies on parsed blockchain event logs from MUX protocol smart contracts across multiple chains:
- **MUX v1 events**: Parsed `Trade` event logs from LiquidityPool contracts on Arbitrum and BSC
- **MUX v2 events**: Parsed `OpenPosition` and `ClosePosition` event logs from LiquidityPool contracts on Arbitrum, Avalanche, BSC, Fantom, and Optimism
- **Event parameters**: Each event contains a `trader` parameter that identifies the user address initiating the trading action
- **Blockchain metadata**: Block timestamps and transaction hashes for temporal and transaction-level analysis

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identify all user addresses that have traded on MUX protocol across different chains and versions
- **Logic**: Extract trader addresses from MUX protocol events. For MUX v1, capture addresses from `Trade` events on Arbitrum and BSC networks. For MUX v2, capture addresses from both `OpenPosition` and `ClosePosition` events across Arbitrum, Avalanche, BSC, Fantom, and Optimism networks. Each trader address is classified with standardized metadata including chain identifier, user type as 'Trader', market sector as 'derivatives', and business segment as 'perpetual'
- **Key fields**: `trader` address from event parameters, `block_timestamp` for temporal analysis, `transaction_hash` for transaction tracking, and chain-specific metadata for multi-chain aggregation

### Component B: Daily user aggregation  
- **Purpose**: Calculate distinct active users per day across all chains and protocol versions
- **Logic**: Truncate block timestamps to day-level granularity and apply distinct counting on user addresses. Group trading activity by daily time boundaries while preserving chain and classification metadata. This ensures users are counted only once per day regardless of how many trades they execute
- **Key fields**: Daily truncated `timestamp`, distinct `user_address` count aggregated as `user_dau`, chain identifiers, and user classification metadata

### Final aggregation
- **Combining components**: Union all user activity from different chains and protocol versions, then apply daily distinct counting across the combined dataset
- **Time aggregation**: Block timestamps are truncated to day boundaries, ensuring consistent daily measurement periods across different blockchains and time zones
- **Data quality**: Chain availability filtering ensures only chains with reliable data are included in the final metric calculation
- **Final calculation**: The metric represents the count of unique user addresses that executed at least one trading action (Trade, OpenPosition, or ClosePosition) on MUX protocol during each calendar day, aggregated across all supported chains and protocol versions

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

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

MUXMCB

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown