Liquidity providers deposit funds into SushiSwap and NFTs into vaults and receive redemption and minting fees from users (supply-side fees).

NFTX is a non-custodial NFT marketplace protocol built on Ethereum. NFTX was founded by Alex Gausman and launched in 2021.

NFTX tokenholders own and govern the protocol. They currently take a cut of the redemption and minting fees (in the absence of liquidity providers) paid by users (revenue). NFTX's investors include Robot Ventures, etc.

governance

github

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NFT marketplaces

NFTX

# NFTX Active users (daily) Methodology

## 1. Overview

NFTX daily active users (DAU) measures the number of unique addresses that interact with NFTX protocol vaults on a given day. This metric captures user engagement across three core NFTX activities: minting vault tokens by depositing NFTs, redeeming NFTs by burning vault tokens, and swapping specific NFTs within vaults. The calculation identifies distinct users per day and categorizes them by activity type to understand different usage patterns of the NFTX NFT liquidity protocol.

## 2. Data sources

The calculation relies on several blockchain and protocol-specific data sources:
- **NFTX v2 protocol events**: Parsed `Vault_Minted_event`, `Vault_Redeemed_event`, and `Vault_Swapped_event` logs from Ethereum capturing user interactions with NFT vaults
- **NFTX vault creation events**: Parsed `VaultFactory_NewVault_event` logs that map vault addresses to underlying NFT collection addresses
- **NFTX v1 migration events**: Parsed `XStore_HoldingsRemoved_event` logs identifying vault migration transactions to exclude from metrics
- **Ethereum transaction records**: Base transaction data providing user addresses, timestamps, and transaction metadata
- **Token metadata**: Registry of vault token symbols and metadata for business classification

## 3. Step-by-step calculation

### Component A: NFTX vault interaction events
- **Purpose**: Captures all user interactions with NFTX v2 vaults across minting, redeeming, and swapping activities
- **Logic**: Processes three types of NFTX v2 vault events from Ethereum. For `Vault_Minted_event` logs, extracts vault addresses and NFT token ID arrays when users deposit NFTs to mint vault tokens. For `Vault_Redeemed_event` logs, captures vault interactions when users burn vault tokens to redeem specific NFTs. For `Vault_Swapped_event` logs, records vault usage when users swap specific NFTs within the same collection. Each event includes the vault address, transaction hash, block timestamp, and arrays of NFT token IDs involved in the transaction. The `nftIds` arrays are unnested to create individual records for each NFT involved in the transaction
- **Key fields**: `address` (vault contract address), `transaction_hash`, `block_timestamp`, `log_index`, and `nftIds` (array of NFT token IDs)

### Component B: Vault and NFT collection mapping
- **Purpose**: Maps NFTX vault addresses to their underlying NFT collection addresses
- **Logic**: Uses `VaultFactory_NewVault_event` logs from Ethereum to create a mapping between vault addresses and NFT collection addresses. Each vault corresponds to a specific NFT collection, and this mapping is essential for identifying which NFT collection users are interacting with through each vault
- **Key fields**: `vaultId`, `assetAddress` (NFT collection address), and `vaultAddress` (vault contract address)

### Component C: Transaction and user identification
- **Purpose**: Extracts user addresses and timing information for each vault interaction
- **Logic**: Joins vault events with Ethereum transaction records using `transaction_hash` to obtain the `from_address` field, which represents the user initiating the transaction. Also provides `block_timestamp` for precise timing of interactions. This step is crucial because vault events themselves don't contain user addresses directly
- **Key fields**: `from_address` (user wallet address) and `block_timestamp`

### Component D: Migration transaction filtering
- **Purpose**: Excludes vault migration transactions from user activity metrics
- **Logic**: Uses `XStore_HoldingsRemoved_event` logs from NFTX v1 to identify transactions where tokens were migrated from v1 vaults. These migration transactions are filtered out as they represent protocol upgrades rather than genuine user trading activity
- **Key fields**: `transaction_hash` for identifying migration transactions to exclude

### Final aggregation
- **Combining components**: Vault events are joined with vault mappings to get NFT collection addresses, transaction data to get user addresses, and token metadata for vault symbols. Migration transactions are excluded from the final dataset
- **Time filtering**: Only includes transactions from June 21, 2021 onward, filtering out pre-launch activity
- **User type classification**: Categorizes users based on event type - users from `Minted` events become "Minter", users from `Redeemed` events become "Redeemer", and users from `Swapped` events become "Swapper"
- **Time aggregation**: Truncates `block_timestamp` to day level using `timestamp_trunc` function to create daily boundaries
- **Final calculation**: Counts distinct `user_address` values per day, with each user classified by their interaction type. A single user can appear multiple times on the same day if they perform different activity types, but each activity type counts them only once per day

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

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

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Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown