# Active users (daily) Methodology

## 1. Overview

Active users (daily) is defined as the number of unique addresses that make a revenue-generating transaction with PancakeSwap V2 over a fixed 24-hour window. This metric is utilized to evaluate user engagement, adoption, and trading activity on the decentralized exchange. Unique user addresses are identified by resolving the transaction signers of swap execution events. The resulting dataset is aggregated daily to provide insights into protocol utility and liquidity interaction.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts, combined with transaction sender data, covering Arbitrum, Base, BNB Chain, Ethereum, and zkSync Era

## 3. Step-by-step calculation

### Component A: Trade event extraction and filtering

- **Purpose**: Extract swap transactions and filter out denylisted trading pairs
- **Logic**: `Swap` events are parsed from `Pair` contracts across all supported chains. Trading pairs that are denylisted due to limited price feed support or low liquidity are excluded from the dataset. The transaction hash, contract address, and block timestamp are retained for each valid swap event.
- **Key fields**: `block_timestamp`, `transaction_hash`, `address`

### Component B: User address resolution

- **Purpose**: Identify the unique user address responsible for each swap
- **Logic**: The extracted swap events are joined with the native transaction tables of the respective blockchains using the transaction hash. The transaction signer address is identified as the active user who initiated the trade.
- **Key fields**: `transaction_hash`, `from_address`

### Component C: Daily aggregation

- **Purpose**: Aggregate unique active users on a daily basis
- **Logic**: User addresses are truncated to daily granularity based on the block timestamp in UTC. Duplicate user addresses are eliminated within each 24-hour window per chain and product to calculate the final count of unique active users (daily).
- **Key fields**: `block_timestamp`, `from_address`

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

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

Active users (daily)

Exchanges (DEX)

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

PancakeSwap is a non-custodial exchange protocol built on Binance Smart Chain and other blockchains (originally a fork of Uniswap). PancakeSwap was founded by an anonymous team and launched in 2020.

CAKE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

PancakeSwap V2

Active users (daily)

Active users (daily)

Chain breakdown