Overcollateralized borrowers deposit funds into Prisma Finance and receive mkUSD stablecoin.

Prisma Finance is a non-custodial stablecoin protocol built on Ethereum. Prisma Finance was founded by an anonymous team and launched in the fall of 2023.

PRISMA tokenholders own & govern the protocol. They currently take all of the total fees paid by borrowers (revenue). Prisma Finance’s investors include Michael Egorov, OKX Ventures, and Frax Finance.

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Prisma Finance

# Prisma Finance Active users (weekly) Methodology

## 1. Overview

Weekly Active Users (WAU) measures the number of unique users who interact with Prisma Finance's lending protocol within any 7-day rolling window. This metric captures user engagement by tracking addresses that perform Trove operations (creating or updating collateralized debt positions) on the Ethereum blockchain. The calculation uses HyperLogLog data structures to efficiently compute unique user counts across overlapping time periods without double-counting users who are active on multiple days within the same week.

## 2. Data sources

- **Ethereum blockchain events**: Parsed `BorrowerOperations_TroveCreated_event` and `BorrowerOperations_TroveUpdated_event` logs from Prisma Finance's smart contracts
- **Transaction data**: Ethereum block timestamps and transaction hashes that contain the Trove operation events  
- **Event parameters**: User addresses extracted from the `borrower` parameter in each event log
- **Metadata**: Chain identifiers, product classifications, and user type categorizations derived from event context

## 3. Step-by-step calculation

### Component A: User identification
- **Purpose**: Identify unique addresses that interact with Prisma Finance's lending protocol
- **Logic**: Extract user addresses from parsed Ethereum event logs for two key operations: Trove creation events (when users open new collateralized debt positions) and Trove update events (when users modify existing positions). Each event captures the `borrower` parameter as the user address, along with the block timestamp for temporal analysis. Users are classified into types based on their action: "Trove Creator" for new position creation and "Trove Updater" for position modifications. All users are associated with the 'mkusd' product identifier, representing Prisma's stablecoin, and categorized under the 'stablecoin_issuers' market sector.
- **Key fields**: `user_address` (extracted from borrower parameter), `block_timestamp`, `user_type`, `product_id`, `chain`

### Component B: Daily active user aggregation  
- **Purpose**: Create daily snapshots of unique active users with dimensional attributes
- **Logic**: Group the identified users by truncating block timestamps to daily boundaries and applying distinct counting to eliminate duplicate addresses within each day. Maintain dimensional breakdowns by chain, user type, and product identifier to enable multi-faceted analysis. This creates a base layer of Daily Active Users (DAU) that serves as input for the weekly calculations. Each daily record contains the complete set of unique user addresses that were active on that specific day.
- **Key fields**: `timestamp` (day-truncated), `user_address`, `chain`, `user_type`, `product_id`, `timestamp_grain`

### Component C: HyperLogLog initialization and windowing
- **Purpose**: Convert daily user sets into efficient data structures for weekly unique counting
- **Logic**: Transform each day's unique user set into a HyperLogLog sketch with precision 15, which allows for approximate but highly efficient set operations. Create a comprehensive datespine covering all days from the earliest user activity to the most recent day. For each target day, establish a 7-day rolling window by joining with the previous 6 days, creating a complete 7-day lookback period. This windowing approach ensures that every day has a complete weekly context for calculating unique users across the rolling 7-day period.
- **Key fields**: `hll` (HyperLogLog sketch), `timestamp` (target day), `joinday` (each day in the 7-day window)

### Component D: Multi-dimensional WAU calculation
- **Purpose**: Calculate weekly active users across different analytical dimensions
- **Logic**: For each 7-day window, merge the HyperLogLog sketches from all days in the window using the merge partial function, which combines the probabilistic data structures while preserving uniqueness. Extract the final unique count from the merged HLL sketch to get the weekly active user count. Create separate dimensional breakdowns: project-level aggregation (all users across all dimensions), chain-level aggregation (users segmented by blockchain), user-type aggregation (users segmented by their activity type), and product-level aggregation (users segmented by product). Each breakdown maintains the same core WAU calculation logic but groups and aggregates along different dimensional axes.
- **Key fields**: `user_wau` (extracted unique count), `dimensions` (breakdown type), dimensional identifiers (`chain_id`, `user_type`, `product_id`)

### Final aggregation
- **Combining components**: Union all dimensional breakdowns (project-level, chain-level, user-type, and product-level) into a single result set, with null values used to indicate non-applicable dimensions for each breakdown type
- **Time aggregation**: Daily boundary logic uses day-truncated timestamps, with each WAU value representing the unique users active in the 7-day window ending on that date
- **Final calculation**: Weekly Active Users equals the unique count of addresses that performed any Trove operation (creation or update) within the rolling 7-day period, calculated using HyperLogLog merge and extract operations to handle overlapping user activity across multiple days without double-counting

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

Unique revenue-generating users over a rolling 7-day window.

Prisma FinancePRISMA

Active users (weekly)

Active users (weekly)

Competitive landscape