# Active users (daily) Methodology

## 1. Overview

Active users (daily) is calculated as the number of unique addresses that execute revenue-generating transactions with Morpho Vault Curation vaults curated by Steakhouse Financial within a 24-hour window. User interactions are captured from deposit and withdrawal activities, representing active liquidity providers within the curated vaults. This metric is utilized to evaluate user engagement, adoption trends, and the overall growth of the curated vault ecosystem. Only addresses interacting with verified Steakhouse Financial-curated vaults are included in the aggregation.

## 2. Data sources

- **Blockchain events**: `Deposit`, `Withdraw`, and `SetCurator` events from `MetaMorphoVault` and `VaultV2` contracts, covering Ethereum, Base, Arbitrum, Optimism, and 11 other chains

## 3. Step-by-step calculation

### Component A: Morpho Vault Curation vault filtering

- **Purpose**: Identify the subset of Morpho vaults curated by Steakhouse Financial.
- **Logic**: Vault addresses are filtered by matching curator assignments against a list of known Steakhouse Financial curator addresses. These assignments are extracted from `SetCurator` events from `MetaMorphoVault` and `VaultV2` contracts.
- **Key fields**: `vault_address`, `curator_address`

### Component B: Morpho Vault Curation user activity extraction

- **Purpose**: Capture deposit and withdrawal transactions associated with the curated vaults.
- **Logic**: Deposit and withdrawal transactions are parsed from `Deposit` and `Withdraw` events emitted by `MetaMorphoVault` and `VaultV2` contracts. For deposits, the user address is extracted from the `sender` field. For withdrawals, the user address is extracted from the `receiver` field. These events are filtered to include only transactions interacting with the identified Steakhouse Financial-curated vaults.
- **Key fields**: `block_timestamp`, `vault_address`, `sender`, `receiver`, `event_type`

### Component C: Daily active user aggregation

- **Purpose**: Aggregate unique users per day and classify user types.
- **Logic**: Transaction timestamps are truncated to daily granularity using UTC day boundaries. Users are classified as "depositor" for deposit events and "withdrawer" for withdraw events. The number of unique user addresses is aggregated daily per chain and product to determine the active users (daily) metric.
- **Key fields**: `timestamp`, `chain_id`, `user_address`, `user_type`

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

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

Active users (daily)

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.

Morpho Vault Curation

Active users (daily)

Active users (daily)

Chain breakdown