# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating transactions on Pendle AMM. This metric reflects the unique user demand for trading yield-bearing assets and provides insight into the adoption of the protocol's automated market maker across various supported networks.

## 2. Data sources

- **Blockchain events**: `Swap` events from `MarketV2`, `MarketV3`, `MarketV4`, `MarketV5`, `MarketV6`, and `MarketV7` contracts, covering Ethereum, Arbitrum, Base, BSC, and 8 other chains
- **External data**: End-of-day price feeds for asset valuation and metadata for address identification

## 3. Step-by-step calculation

### Component A: Pendle AMM trade activity tracking

- **Purpose**: Identify all revenue-generating swap transactions within Pendle AMM markets.
- **Logic**: `Swap` events are extracted from Pendle AMM `Market` contracts across versions V2, V3, V4, V5, V6, and V7. These events represent the core revenue-generating activity for the product. Each swap event is mapped to its corresponding transaction to retrieve the transaction signer's address.
- **Key fields**: `block_timestamp`, `transaction_hash`, `address` (market address)

### Component B: User address identification

- **Purpose**: Determine the unique entity responsible for each transaction.
- **Logic**: Transaction hashes from the identified `Swap` events are joined with native blockchain transaction data. The `from_address` of the transaction is extracted and designated as the active user. This ensures that the user who initiated the trade is credited with the activity.
- **Key fields**: `from_address` (user address)

### Component C: Monthly distinct aggregation

- **Purpose**: Calculate the final count of unique monthly participants.
- **Logic**: Timestamps for all identified transactions are truncated to monthly intervals. A distinct count of user addresses is calculated for each 30-day rolling window, categorized by chain and the Pendle AMM product identifier. Redundant entries within the same 30-day window for a single address are removed to ensure each user is counted only once per 30-day window.
- **Key fields**: `block_timestamp`, `user_address`, `chain`

*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)

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).

Pendle AMM

Active users (monthly)

Active users (monthly)

Chain breakdown