# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is calculated as the number of unique addresses associated with revenue-generating transactions on PancakeSwap V3 within a 30-day rolling window. This metric is utilized to assess user engagement and protocol adoption. Transactions involving trades and flash loans are captured to determine user activity. Unique transaction signers are identified from interactions with the protocol's smart contracts.

## 2. Data sources

- **Blockchain events**: `Swap` and `Flash` events from `Pool` contracts, combined with transaction metadata to identify transaction signers, covering Arbitrum, Base, BNB Chain, Ethereum, and zkSync Era

## 3. Step-by-step calculation

### Component A: PancakeSwap V3 trade tracking

- **Purpose**: Identify unique users executing swaps on PancakeSwap V3
- **Logic**: `Swap` events are parsed from `Pool` contracts. Pool addresses identified as denylisted due to limited price feed support for low-liquidity assets are excluded. The transaction hashes from these events are joined with transaction records on the corresponding blockchain, and the transaction signer address is extracted to identify the active user.
- **Key fields**: `block_timestamp`, `transaction_hash`, `address`, `from_address`

### Component B: PancakeSwap V3 flash loan tracking

- **Purpose**: Identify unique users executing flash loans on PancakeSwap V3
- **Logic**: `Flash` events are parsed from `Pool` contracts. Pool addresses identified as denylisted are excluded. The transaction hashes from these events are joined with transaction records on the corresponding blockchain, and the transaction signer address is extracted.
- **Key fields**: `block_timestamp`, `transaction_hash`, `address`, `from_address`

### Component C: Monthly active user aggregation

- **Purpose**: Aggregate and deduplicate active users on a monthly basis
- **Logic**: The extracted user addresses from both trades and flash loans are combined. A deduplication process is executed to ensure that each unique address is counted only once per 30-day window, per chain, and per product. Timestamps are truncated to monthly granularity using UTC boundaries. Chain availability filters are applied to align the final dataset with approved operational windows.
- **Key fields**: `timestamp`, `chain`, `product_id`, `user_address`

*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)

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 V3

Active users (monthly)

Active users (monthly)

Chain breakdown