# Active users (monthly) Methodology

## Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (monthly) are measured on a 30-day rolling basis.

## Data sources

- Blockchain transaction records (senders, receivers, and block timestamps)
- Program instructions on Solana
- Smart contract events and logs
- Transaction input and output data (UTXO)

## Common calculation approaches

### Blockchain transaction tracking
Unique transaction signers are tracked from blockchain records on networks such as Ethereum and BNB Chain. On these blockchains, every address that initiates a transaction is recorded to determine the number of distinct participants interacting with the network within a 30-day rolling window.

### UTXO-based address resolution
For networks including Bitcoin, active users are determined by resolving addresses from transaction inputs and outputs. Distinct addresses are extracted from transaction records to reflect the count of unique users sending transactions over monthly periods.

### Smart contract and instruction analysis
User activity is tracked from interactions with specific programs or contracts, such as those associated with Jito on Solana. Distinct addresses are identified from `Mint` and `Burn` instructions or native token transfers to determine the number of unique users interacting with specific protocol products.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

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

Active users (monthly)

Derivative markets

Paragon earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets execute on Hyperliquid's HyperCore L1 order book; it does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; deployerFeeScale is 1.0, so the standard split applies.

Paragon offers USDC-settled perpetual contracts on crypto index and basket products (BTC dominance, TOTAL2, OTHERS) and AVGO. All 4 markets are deployed under the HIP-3 `para` namespace and execute on Hyperliquid's HyperCore order book.

Paragon is a HIP-3 (builder-deployed perpetuals) deployer on Hyperliquid, deployed by wallet 0x8888888c43cbb7e1c4132542e46831bffd866ed3. Paragon is operated as a private company; no token has been issued.

10Y Perpetual10Y

Active users (monthly)

Active users (monthly)