# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is measured as the number of unique addresses that execute revenue-generating transactions on Constant Product. This metric is utilized to assess the scale of monthly engagement and the frequency of interaction with the protocol's automated market maker infrastructure. Only addresses that initiate successful trades within the liquidity pools are included in the calculation.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts and transaction metadata, covering Sonic
- **External data**: Asset metadata for address identification and classification

## 3. Step-by-step calculation

### Component A: Constant Product trade activity identification

- **Purpose**: Identify unique users participating in swap transactions
- **Logic**: `Swap` events are parsed from `Pair` contracts to capture all trading activity. These events are joined with native transaction records to identify the transaction signer, which represents the end-user address. Only events associated with the Constant Product product ID are included in this step.
- **Key fields**: `block_timestamp` (timing), `transaction_hash` (transaction identification), `user_address` (transaction signer)

### Component B: Monthly aggregation and deduplication

- **Purpose**: Calculate the count of unique participants per 30-day rolling window
- **Logic**: User addresses are truncated to monthly intervals based on UTC timestamps. Unique user addresses are deduplicated to ensure each address is counted only once per 30-day window, regardless of the number of transactions performed. The final values are aggregated by chain and product to generate the active users (monthly) metric.
- **Key fields**: `timestamp` (UTC day boundaries), `user_mau` (unique address count)

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

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

Active users (monthly)