Users deposit yield-bearing tokens into Pendle Markets. The yield-bearing token is wrapped and split up into its principal and yield-bearing components, which allows users to execute yield-trading strategies (i.e. earn fixed yield, long yield). Traders pay a swap fee whenever yield-bearing tokens are swapped with its wrapped, principal, or yield-bearing component tokens.

Pendle is a permissionless yield-trading protocol built on Ethereum, HyperEVM, Arbitrum, BNB Chain, Optimism, Base, Berachain, Sonic, Plasma, Monad, X Layer, and Robinhood Chain. Pendle was founded by TN Lee and was launched in 2021.

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

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Pendle

# Pendle Active users (daily) Methodology

## 1. Overview

Active users (daily) is measured by the number of unique addresses that execute trades on Pendle each day. Trading activity is identified across Pendle Yield Tokenization markets, focusing specifically on users who perform swap transactions. Unique active addresses are aggregated daily across chain-level, user-type, and product-level dimensions.

## 2. Data sources

- **Blockchain events**: `CreateNewMarket` events from `MarketFactory` contracts (versions V2 to V7) and `Swap` events from `Market` contracts (versions V2 to V7), covering Ethereum, Arbitrum, Base, BNB Chain, and 8 other chains
- **External data**: Asset metadata and conversion rates between SY assets and their underlying assets

## 3. Step-by-step calculation

### Component A: Pendle AMM trade event processing

- **Purpose**: Extracts all trading activity from Pendle markets
- **Logic**: `Swap` events are collected from `Market` contracts (versions V2 to V7). The market contract address, volume amounts, and fees are extracted from each swap event. These events are joined with blockchain transaction records to identify the originating user address for each trade.
- **Key fields**: `block_timestamp`, `user_address`, `transaction_hash`, `log_index`, `address`

### Component B: Pendle Yield Tokenization market and asset context mapping

- **Purpose**: Establishes relationships between market contracts and their underlying tradeable assets
- **Logic**: Market creation events from `MarketFactory` contracts (versions V2 to V7) are parsed to map market contract addresses to their corresponding Principal Token (PT) addresses. These PT addresses are linked to asset mapping data to identify the underlying asset addresses, decimal places, and cross-chain relationships.
- **Key fields**: `market_address`, `pt_address`, `sy_address`, `underlying_address`, `chain`, `decimals`

### Component C: Daily user aggregation

- **Purpose**: Identifies unique active users for each day based on trading activity
- **Logic**: All swap events are grouped by daily timestamp boundaries. For each day, the unique user addresses who executed trades are extracted and classified. The aggregation is performed across chain, product, and market sector classifications.
- **Key fields**: `timestamp`, `user_address`, `chain`, `product_id`

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

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

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Active users (daily)

Active users (daily)

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