Liquidity providers deposit funds into Pharaoh and stake their LP tokens to receive PHAR tokens in proportion to their share of the votes (token incentives).

Pharaoh is a non-custodial exchange protocol built on Avalanche. Pharaoh was founded in 2023.

PHAR tokenholders own and govern the protocol. They vote which pools they wish to earn trading fees from (revenue).

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Exchanges (DEX)

Pharaoh

# Pharaoh Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that execute revenue-generating transactions on Pharaoh. This metric specifically captures the activity of traders performing swaps across Pharaoh V1, Pharaoh V2, and Pharaoh V3. By tracking the distinct originators of these interactions, the metric provides a measure of monthly protocol engagement and adoption on a 30-day rolling window.

## 2. Data sources

- **Blockchain events**: `Swap` events from `LegacyPair`, `Pool`, and `RamsesV3Pool` contracts, covering Avalanche

## 3. Step-by-step calculation

### Component A: Trade event extraction for Pharaoh V1, V2, and V3

- **Purpose**: To identify all revenue-generating swap transactions across the different versions of the protocol.
- **Logic**: `Swap` events are parsed from `LegacyPair` contracts for Pharaoh V1, `Pool` contracts for Pharaoh V2, and `RamsesV3Pool` contracts for Pharaoh V3. Each event is recorded with its associated transaction hash and block timestamp to ensure temporal accuracy.
- **Key fields**: `transaction_hash`, `block_timestamp`

### Component B: User address identification

- **Purpose**: To determine the unique wallet address responsible for initiating the trade.
- **Logic**: Extracted `Swap` events are joined with native blockchain transaction data using the transaction hash. The `from_address` of the transaction is identified as the active user, representing the externally owned account that triggered the swap. This method ensures that the actual signer of the transaction is counted rather than intermediary contract addresses.
- **Key fields**: `from_address`

### Component C: Monthly aggregation

- **Purpose**: To calculate the final monthly count of unique participants.
- **Logic**: User addresses are truncated to a monthly grain based on the UTC timestamp of the block. A distinct count of these addresses is performed for each 30-day rolling window. The results are aggregated by chain and product to provide a comprehensive view of active users (monthly) across the protocol.
- **Key fields**: `user_address`, `block_timestamp`

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

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

PharaohPHAR

Archived

Active users (monthly)

Active users (monthly)

Competitive landscape