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Exchanges (DEX)

ProjectX

# ProjectX Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with Project X. Specifically, unique transaction senders who execute swaps on the Project X automated market maker (AMM) are tracked. The transaction signer (the wallet that signed the transaction) is identified as the active user, rather than the router contract. This metric is utilized to assess user adoption, engagement, and the overall economic activity of the protocol.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pool` contracts and transaction metadata, covering HyperEVM

## 3. Step-by-step calculation

### Component A: Trade event extraction

- **Purpose**: Identify swap transactions executed on Project X
- **Logic**: `Swap` events are parsed from `Pool` contracts on HyperEVM. These events are joined with transaction metadata to identify the transaction signer (the wallet that initiated the swap) rather than the router contract. Only transactions occurring on or after July 8, 2025, are included.
- **Key fields**: `transaction_hash` (transaction identifier), `from_address` (transaction signer address), `block_timestamp` (timing)

### Component B: Monthly active user aggregation

- **Purpose**: Aggregate unique transaction signers to calculate active users (monthly)
- **Logic**: Transaction timestamps are analyzed over a 30-day rolling window. Unique transaction signer addresses are aggregated per 30-day window to determine the active users (monthly). Chain availability filters are applied to ensure data freshness and handle archival states.
- **Key fields**: `block_timestamp` (timing), `user_address` (unique user identifier)

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

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

ProjectX

Active users (monthly)

Active users (monthly)

Competitive landscape