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 (weekly) Methodology

## 1. Overview

The Mux weekly active users (WAU) metric measures the distinct number of traders who executed transactions on the Mux derivatives protocol within a 7-day rolling window. This metric tracks user engagement across Mux's perpetual trading platform on multiple blockchain networks. The calculation uses HyperLogLog approximation for efficient distinct counting across large datasets and provides dimensional breakdowns by chain, user type, and product to enable comprehensive analytics.

## 2. Data sources

The metric is built from the following blockchain data sources:
- **Mux v1 contract events**: Parsed `Trade` events from `LiquidityPool` contracts on Arbitrum and BSC networks
- **Mux v2 contract events**: Parsed `OpenPosition` and `ClosePosition` events from `LiquidityPool` contracts across Arbitrum, Avalanche, BSC, Fantom, and Optimism networks
- **Blockchain transaction data**: Event logs and transaction timestamps from supported blockchain networks
- **Protocol metadata**: Chain identifiers, market sector classification (derivatives), and business segment information (perpetual)

## 3. Step-by-step calculation

### Component A: User activity identification
- **Purpose**: Identify all unique trading activities across Mux protocol contracts
- **Logic**: Extract trader addresses from Mux contract events across multiple blockchain networks. For Mux v1 contracts, capture `Trade` events that represent completed trading transactions. For Mux v2 contracts, capture both `OpenPosition` and `ClosePosition` events that represent the lifecycle of perpetual trading positions. Each event includes the trader address (`trader` parameter), transaction timestamp, and blockchain network identifier. All users are classified as 'Trader' type since these events specifically capture trading activity.
- **Key fields**: Block timestamp (`block_timestamp`), transaction hash (`transaction_hash`), trader address (`trader`), chain identifier, market sector ('derivatives'), business segment ('perpetual')

### Component B: Daily user aggregation  
- **Purpose**: Aggregate user activities into daily active user counts
- **Logic**: Group trading events by day using timestamp truncation to day boundaries. For each day, create distinct records containing the date, chain, user type, product classification, and individual user addresses. This creates a daily active user dataset where each row represents one unique user's activity on a specific day and chain combination. The aggregation ensures that users who perform multiple transactions on the same day are counted only once per day.
- **Key fields**: Daily timestamp (`timestamp`), timestamp grain ('day'), chain identifier (`chain`), user type (`user_type`), user address (`user_dau`)

### Component C: HyperLogLog initialization
- **Purpose**: Convert daily user sets into HyperLogLog sketches for efficient approximate distinct counting
- **Logic**: Transform daily user aggregations into HyperLogLog sketches using precision level 15. This probabilistic data structure enables efficient storage and merging of large user sets while maintaining accuracy for distinct counting operations. Each daily record is converted into an HLL sketch that represents the set of unique users for that specific day and dimension combination.
- **Key fields**: HLL sketch (`hll`), timestamp, chain identifier, user type, product identifier

### Component D: Rolling window construction
- **Purpose**: Create 7-day rolling windows for weekly active user calculation
- **Logic**: Generate a complete datespine covering the full time range of available data to ensure no days are missing from the analysis. For each date in the datespine, create join relationships with the current day and the previous 6 days using timestamp array generation. This creates a sliding window where each date is associated with a 7-day period ending on that date. The window construction ensures complete coverage even when certain days have no user activity.
- **Key fields**: Window timestamp (`timestamp`), join day (`joinday`) for 7-day lookback period

### Component E: Multi-dimensional breakdown
- **Purpose**: Calculate WAU across different analytical dimensions
- **Logic**: Create separate aggregations for four key dimensions: project-level (overall protocol WAU), chain-level (WAU per blockchain), user type-level (WAU by user classification), and product-level (WAU by specific products). For each dimension, merge HLL sketches from the 7-day windows and extract the approximate distinct count. Fields not relevant to each dimension are set to null to maintain consistent schema structure across all breakdowns.
- **Key fields**: Dimension type (`dimensions`), chain identifier (`chain_id`), product identifier (`product_id`), user type (`user_type`), weekly active users count (`user_wau`)

### Final aggregation
- **Combining components**: Union all dimensional breakdowns into a single result set that provides WAU metrics across all analytical perspectives. Each row represents the weekly active user count for a specific date and dimension combination.
- **Currency conversion**: Not applicable for user count metrics
- **Time aggregation**: Uses 7-day rolling windows with daily granularity, where each date represents the WAU for the week ending on that date
- **Final calculation**: The final WAU value is the HyperLogLog approximate distinct count of unique trader addresses who performed at least one trading transaction (Trade, OpenPosition, or ClosePosition) within the 7-day window ending on the specified date, broken down by the specified analytical dimension

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

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

MUXMCB

Active users (weekly)

Active users (weekly)

Competitive landscape

Chain breakdown