# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating swap transactions within the Orca Whirlpools program. This metric serves as a key indicator of user engagement and protocol utility for Orca’s concentrated liquidity product. Transactions are captured over 30-day rolling windows, and only unique transaction signers are counted to ensure an accurate representation of monthly protocol participants.

## 2. Data sources

- **Blockchain events**: Trade instructions from the `Whirlpools` program on Solana
- **External data**: Asset metadata for identifying and categorizing instructions across different liquidity pool versions

## 3. Step-by-step calculation

### Component A: Whirlpools trade identification

- **Purpose**: Isolate revenue-generating swap transactions specifically associated with the Whirlpools concentrated liquidity program.
- **Logic**: Trade instructions are filtered from Solana decentralized exchange data. Transactions are included only when the executing account or the outer executing account matches the `Whirlpools` program account. This ensures that the dataset is restricted to activities occurring within the concentrated liquidity pools, excluding legacy versions or unrelated program interactions.
- **Key fields**: `executing_account`, `outer_executing_account`, `transaction_id`

### Component B: Unique signer extraction

- **Purpose**: Identify the individual accounts responsible for initiating trade activity.
- **Logic**: The transaction signer is extracted for every identified Whirlpools trade instruction. The signer represents the account that authorized the transaction and paid the associated network fees. These accounts are classified as traders within the user activity data models.
- **Key fields**: `transaction_signer`

### Component C: Monthly temporal aggregation

- **Purpose**: Calculate the final count of unique active users (monthly).
- **Logic**: All extracted signers are truncated to a 30-day window based on the block timestamp using UTC boundaries. Distinct signers are counted per 30-day window and per product, ensuring that an address is only counted once within a 30-day rolling window regardless of the number of swaps performed. The final values are then filtered to include only those associated with the `Whirlpools` product identifier.
- **Key fields**: `block_timestamp`, `product_id`, `signer`

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

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

Active users (monthly)

Exchanges (DEX)

Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.