# Active users (daily) Methodology

## Overview

Active users (daily) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (daily) are measured over a fixed 24-hour window.

## Data sources

- Raw blockchain transaction records and metadata
- On-chain event logs and program instructions
- Token price feeds for USD conversion

## Common calculation approaches

### Network-wide transaction aggregation
Unique addresses are identified from raw transaction records to quantify daily network engagement. For blockchains such as Ethereum and BNB Chain, sender addresses are extracted from transaction metadata, while on Solana, transaction signers are captured from program instructions.

### Application-specific event monitoring
User activity is tracked through interactions with specific smart contracts associated with a project's core functionality. For example, on World Mobile Chain, unique recipient addresses are identified from ERC-20 `Transfer` events emitted by the telecom service subscription contract.

### Multi-action participant identification
Active users are identified across various transaction types, including standard executions and delegated actions. On NEAR Protocol, unique user addresses are extracted from both transaction signers and participants in delegate actions to capture the full scope of daily network activity.

**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 fixed 24-hour window.

Active users (daily)

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.

CRDO PerpetualCRDO

Active users (daily)

Active users (daily)