Liquidity providers deposit funds into Perpetual Protocol to earn a share of trading fees (supply-side fees). Perpetual Protocol leverages Uniswap v3's architecture as a pricing engine, enabling traders to access up to 10x leverage. Perpetual Protocol also offers Hot Tub vaults, which operate trading strategies that generate yield from arbitrage profits. 

Perpetual Protocol is an open-source and non-custodial exchange for perpetual contracts built on Optimism. Perpetual Protocol was founded by Shao-Kang Lee & Yenwen Feng and launched in 2019.

PERP token holders own and govern the protocol. Token holders can boost their governance power and earn 15% of trading fees paid by traders (revenue) by locking PERP into vote-escrowed PERP (vePERP). Perpetual Protocol's investors include CMS Holdings, Binance Labs, and Mechanism Capital.

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Perpetual Protocol

# Perpetual Protocol Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Perpetual Protocol measures the number of unique user addresses that executed at least one trading action per day. This metric tracks daily engagement by counting distinct traders who opened, closed, or modified positions on the platform. The calculation aggregates user activity from position change events across both Perpetual Protocol v1 (on Gnosis) and v2 (on Optimism) to provide a comprehensive view of daily trading activity.

## 2. Data sources

The calculation relies on the following raw blockchain data sources:
- **Perpetual Protocol smart contract events**: Parsed `PositionChanged` events from ClearingHouse contracts on both Gnosis (v1) and Optimism (v2) chains
- **Blockchain transaction data**: Block timestamps and transaction hashes from Gnosis and Optimism networks
- **Chain availability data**: Data quality filters that ensure metrics only include periods when blockchain data is reliably available

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all trading activity by extracting user addresses from position change events
- **Logic**: The system captures `PositionChanged` events from Perpetual Protocol's ClearingHouse contracts across both supported chains. On Gnosis, it uses v1 contract events, while on Optimism it uses v2 contract events. Each event contains a `trader` parameter that identifies the user address executing the position change. The system extracts the trader address along with the block timestamp and transaction hash for each event.
- **Key fields**: `trader` address (renamed to `user_address`), `block_timestamp`, `transaction_hash`, and chain identifier

### Component B: User classification and metadata enrichment
- **Purpose**: Standardizes user data and adds protocol-specific metadata
- **Logic**: All users are classified as "Trader" type since they're interacting with trading contracts. The system adds standardized metadata including chain identification, market sector classification as "derivatives", and business segment as "perpetualprotocol". Product ID is left null as there are no distinct products within Perpetual Protocol to differentiate.
- **Key fields**: `user_type` (set to "Trader"), `chain`, `market_sector_id` ("derivatives"), `business_segment_id` ("perpetualprotocol"), `product_id` (null)

### Final aggregation
- **Combining components**: The system unions trading activity from both Gnosis and Optimism chains into a single dataset
- **Time aggregation**: Block timestamps are truncated to day level using timestamp truncation, creating daily boundaries at midnight UTC
- **Currency conversion**: Not applicable for this user count metric
- **Final calculation**: The system takes a distinct count of user addresses per day, ensuring that users who made multiple trades on the same day are only counted once. Chain availability filtering is applied to exclude periods where blockchain data may be incomplete or unreliable, ensuring data quality in the final metric. The result is the daily count of unique active traders on Perpetual Protocol.

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

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

Perpetual ProtocolPERP

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown