# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is calculated as the number of unique user accounts associated with revenue-generating transactions within Kamino Vault Curation. This metric is utilized to evaluate user engagement and adoption of Steakhouse Financial's curated vaults on Kamino. User interactions are categorized by activity type, specifically distinguishing between depositors and withdrawers. By tracking unique monthly active accounts, the overall growth and retention of the curated vault ecosystem are assessed.

## 2. Data sources

- **Blockchain events**: `Deposit`, `Withdraw`, and `WithdrawFromAvailable` from `KaminoVault` programs, covering Solana

## 3. Step-by-step calculation

### Component A: Vault registry and metadata mapping

- **Purpose**: Identify the curated vaults managed by Steakhouse Financial
- **Logic**: Curated vaults are identified using a predefined registry of Steakhouse Financial accounts on Solana. This registry is joined with `InitVault` from `KaminoVault` programs to map vault accounts to their respective underlying assets and metadata.
- **Key fields**: `vaultState` (vault account), `baseTokenMint` (underlying asset account), `sharesMint` (shares mint account)

### Component B: User interaction extraction

- **Purpose**: Capture deposit and withdrawal activities for the curated vaults
- **Logic**: User interactions are extracted from `Deposit`, `Withdraw`, and `WithdrawFromAvailable` from `KaminoVault` programs. Transactions are filtered to include only those interacting with the verified vault accounts identified in the registry. For each instruction, the user account is identified as the active participant, and the transaction is classified as either a deposit or a withdrawal.
- **Key fields**: `user` (user account), `vaultState` (vault account), `block_timestamp` (timing)

### Component C: Monthly active user aggregation

- **Purpose**: Calculate the monthly count of unique active users
- **Logic**: The extracted user accounts are aggregated over a 30-day rolling window using UTC boundaries. Duplicate accounts within the same 30-day rolling window are removed to ensure each user is counted only once per 30-day window. The monthly distinct count of active accounts engaged in deposit or withdrawal activities for Kamino Vault Curation is output as the final metric.
- **Key fields**: `user` (user account), `timestamp` (monthly granularity)

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

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

Active users (monthly)

Risk curators

Steakhouse earns performance fees on the yield generated within their curated vaults. Depositors supply capital to Steakhouse-curated vaults, which deploy it into selected lending markets. The curator fee is taken as a percentage of gross vault yield, with the remainder passed through to depositors as supply-side fees.

Steakhouse Financial operates as a risk curator, offering vault products across multiple DeFi lending protocols. They curate yield strategies for institutional and retail depositors, managing risk parameters, collateral selection, and allocation across vaults.

Steakhouse Financial is a blockchain-focused financial services company that provides institutional-grade DeFi infrastructure and advisory services for the emerging stablecoin economy.

Kamino Vault Curation

Active users (monthly)

Active users (monthly)

Chain breakdown