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# Shadow Active users (daily) Methodology

## 1. Overview

Shadow Exchange Daily Active Users (DAU) measures the number of unique user addresses that interact with Shadow Exchange protocols each day. This metric captures user engagement by counting addresses that execute trades or flash loans across Shadow Exchange V2 and V3 protocols. The calculation aggregates all protocol interactions and deduplicates users who perform multiple activity types on the same day to provide an accurate count of unique daily active users.

## 2. Data sources

The calculation uses the following blockchain data sources:
- **Sonic blockchain transaction records**: Transaction data containing `from_address` fields that identify the actual users initiating protocol interactions
- **Shadow Exchange V2 swap events**: Parsed `Pair_Swap_event` logs from Shadow Exchange V2 contracts on Sonic, containing trade execution data with `amount0In`, `amount0Out`, `amount1In`, and `amount1Out` fields
- **Shadow Exchange V3 swap events**: Parsed `Pool_Swap_event` logs from Shadow Exchange V3 contracts on Sonic, containing trade execution data with `amount0` and `amount1` fields
- **Shadow Exchange V3 flash loan events**: Parsed `Pool_Flash_event` logs from Shadow Exchange V3 contracts on Sonic, containing flash loan execution data with `amount0` and `amount1` fields

## 3. Step-by-step calculation

### Component A: Flash loan user identification
- **Purpose**: Identifies users who executed flash loans on Shadow Exchange V3
- **Logic**: Extracts `Pool_Flash_event` logs from Shadow Exchange V3 contracts on Sonic blockchain. Each flash loan event contains an `sender` field representing the contract address that initiated the flash loan, but to identify the actual user, the system joins these events with Sonic transaction records using `transaction_hash`. The `from_address` field from the transaction record represents the actual user who initiated the flash loan transaction. The system extracts daily timestamps by truncating `block_timestamp` to day granularity and includes chain, product ID (Concentrated Liquidity), and token amounts.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for joining with transaction data, `sender` for contract address, `from_address` for user identification, `amount0` and `amount1` for flash loan amounts

### Component B: Trading user identification  
- **Purpose**: Identifies users who executed trades on Shadow Exchange V2 and V3
- **Logic**: Combines trading activity from both protocol versions. For V2, extracts `Pair_Swap_event` logs and calculates net token movements by subtracting out amounts from in amounts (`amount0In - amount0Out` and `amount1In - amount1Out`). For V3, extracts `Pool_Swap_event` logs with direct `amount0` and `amount1` fields. Both versions join with Sonic transaction records using `transaction_hash` to identify the actual user from the `from_address` field, since the event's `sender` field represents the contract address rather than the end user. Daily timestamps are extracted by truncating `block_timestamp` to day granularity.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for joining, `sender` for contract address, `from_address` for user identification, various amount fields for trade volumes

### Final aggregation
- **Combining components**: Flash loan users and trading users are combined using a union distinct operation to avoid double-counting users who perform both activities on the same day. Each user address is associated with a specific day, chain, and user type classification.
- **Currency conversion**: No currency conversion is applied as this metric counts unique addresses rather than monetary values
- **Time aggregation**: All activity is aggregated to daily boundaries using day-truncated timestamps. Users are counted once per day regardless of how many transactions they execute.
- **Final calculation**: The final DAU count represents unique `user_address` values per day, with all users classified as 'Trader' type. The system applies chain availability filtering to ensure only data from actively monitored chains is included in the final results.

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

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

ShadowSHADOW

Active users (daily)

Active users (daily)

Competitive landscape