Stakers deposit funds into Swell and receive a return on investment in the form of staking rewards (supply-side revenue).

Swell is a non-custodial liquid staking protocol built on Ethereum. Swell was founded by Daniel Dizon and launched in 2023.

SWELL tokenholders own and govern the protocol. They currently don’t take a cut of the total return on investment (revenue).

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Liquid staking

Swell

# Swell Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Swell measures the count of unique user addresses that interact with Swell's liquid staking protocol each day. This metric specifically tracks depositor activity by counting distinct addresses that deposit ETH into Swell's staking contracts within each 24-hour period. The metric answers the business question: "How many unique users are actively depositing ETH through Swell's liquid staking protocol each day?"

## 2. Data sources

The calculation relies on the following raw data sources:
- **Ethereum blockchain event logs**: Parsed smart contract events from Ethereum mainnet
- **Swell protocol contract events**: Specifically `ETHDepositReceived` events from Swell's liquid staking contracts
- **Contract versions**: Events from both swETH v1 and swETH v2 contract implementations
- **Event parameters**: User addresses extracted from the `from` parameter of deposit events

## 3. Step-by-step calculation

### Component A: User activity identification
- **Purpose**: Identify all user addresses that perform deposit actions in Swell's liquid staking protocol
- **Logic**: Extract user addresses from `ETHDepositReceived` events emitted by Swell's swETH and swETHV2 contracts on Ethereum. These events are triggered when users deposit ETH to receive liquid staking tokens. The `from` field in these events contains the depositor's wallet address
- **Key fields**: `from` (depositor address), `block_timestamp` (when the deposit occurred), `transaction_hash` and `log_index` for event identification
- **User classification**: All identified addresses are classified as 'Depositor' user type within the 'liquid_staking' business segment

### Component B: Daily aggregation
- **Purpose**: Group user activities by calendar day and count unique participants
- **Logic**: Truncate block timestamps to daily boundaries using day-level granularity. Group all deposit events by the resulting daily timestamp and count distinct user addresses within each day
- **Key fields**: `timestamp` (truncated to day), `user_address` (for distinct counting), `chain` (Ethereum), `user_type` (Depositor)

### Final aggregation
- **Combining components**: The user activity identification feeds directly into daily aggregation without additional joining
- **Time aggregation**: Block-level timestamps are truncated to daily boundaries (00:00:00 UTC) to create consistent daily windows
- **Distinct counting**: Within each daily window, count unique user addresses to eliminate multiple deposits by the same user on the same day
- **Chain filtering**: Apply chain availability filters to ensure data completeness and quality for the Ethereum chain
- **Final calculation**: The result is the count of distinct depositor addresses per day, representing daily active users engaging with Swell's liquid staking protocol

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

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

SwellSWELL

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown