# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique accounts that execute revenue-generating swap transactions on Raydium OpenBook. This metric serves as an indicator of daily engagement and demand for the liquidity provided through the Raydium OpenBook program. Each user is identified by the signing account that initiates the transaction on the Solana blockchain.

## 2. Data sources

- **Blockchain instructions**: Trade instructions executed via the Raydium OpenBook program (Legacy AMM V4) as captured in Solana DEX trade abstractions, covering Solana
- **External data**: Asset metadata for decimal normalization and token identification

## 3. Step-by-step calculation

### Component A: Trade instruction filtering

- **Purpose**: Identify valid swap transactions specifically interacting with Raydium OpenBook liquidity pools.
- **Logic**: Transactions are filtered from Solana DEX trade data where the executing account or outer executing account matches the Raydium OpenBook program ID. Data is further refined by excluding records with missing asset amounts, vault addresses, mint addresses, or pool addresses to ensure only completed and valid trades are processed.
- **Key fields**: `executing_account`, `outer_executing_account`, `base_amount`, `quote_amount`, and `pool_address`.

### Component B: User account identification

- **Purpose**: Extract the unique entity responsible for the revenue-generating activity.
- **Logic**: The `transaction_signer` is designated as the active user for each swap. This account represents the primary signer of the Solana transaction who pays the transaction fees and authorizes the instruction.
- **Key fields**: `transaction_signer`.

### Component C: Daily deduplication and aggregation

- **Purpose**: Calculate the final count of unique participants within a fixed 24-hour window.
- **Logic**: Transaction timestamps are truncated to the daily grain using UTC boundaries. Signer accounts are grouped by day and product ID to filter for Raydium OpenBook. A distinct count is performed on the signer accounts to ensure each address is only counted once per day, regardless of the number of transactions executed by that account within the 24-hour period.
- **Key fields**: `block_timestamp` and `signer`.

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

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

Active users (daily)

Exchanges (DEX)