Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

governance

github

twitter

discord

etherscan

website

Derivative exchanges

Synthetix

# Synthetix Active users (daily) Methodology

## 1. Overview

The Synthetix Daily Active Users (DAU) metric measures the number of unique wallet addresses that interact with the Synthetix protocol on a given day. This metric captures user engagement across both spot trading (synthetic asset exchanges) and perpetual futures trading activities on Ethereum and Optimism networks. The calculation aggregates distinct users from various Synthetix protocol versions while preventing double-counting between overlapping protocol implementations.

## 2. Data sources

The calculation relies on the following raw blockchain data sources:
- **Synthetix v1 events**: Parsed `SynthExchange` and `AtomicSynthExchange` events from Ethereum capturing spot trading activity
- **Synthetix v1 events**: Parsed `SynthExchange` and `PositionModified` events from Optimism capturing both spot and perpetual futures trading
- **Synthetix v2 events**: Parsed `PositionModified` events from Optimism ProxyPerpsV2 and ProxyPerpsV21 contracts capturing perpetual futures v2 trading activity
- **Market registry events**: Parsed `MarketAdded` events from the Synthetix v1 FuturesMarketManager contract used for deduplication logic

## 3. Step-by-step calculation

### Component A: Standard user activity collection
- **Purpose**: Captures user activity from Synthetix v1 protocol across Ethereum and Optimism chains
- **Logic**: Extracts user addresses from spot trading events (`SynthExchange`, `AtomicSynthExchange`) on Ethereum and both spot trading and perpetual futures events (`SynthExchange`, `PositionModified`) on Optimism. Each user interaction is classified based on the event type and chain, with Ethereum users labeled as "Ethereum Spot Trader" and Optimism users categorized as either "Optimism Spot Trader" or "Optimism Perpetual Futures Trader" depending on the event
- **Key fields**: User addresses are extracted from the `account` parameter in each event, along with `block_timestamp`, `transaction_hash`, and chain information

### Component B: Perpetual futures v2 user collection
- **Purpose**: Captures user activity from Synthetix v2 perpetual futures protocol on Optimism
- **Logic**: Extracts user addresses from `PositionModified` events in both ProxyPerpsV2 and ProxyPerpsV21 contracts. Users are classified as "Optimism Perpetual Futures V2 Trader". A denylist mechanism prevents double-counting by excluding contracts that were already tracked in the v1 system
- **Key fields**: User addresses come from the `account` parameter, with additional contract address tracking and the same timestamp and transaction metadata

### Component C: Deduplication logic
- **Purpose**: Prevents double-counting of perpetual futures users between v1 and v2 protocols
- **Logic**: Creates a denylist of market contracts from the v1 `FuturesMarketManager` `MarketAdded` events. Any v2 perpetual futures activity from contracts in this denylist is excluded from the v2 user collection to avoid counting the same users in both protocol versions
- **Key fields**: Market contract addresses from the `market` field in `MarketAdded` events

### Component D: User activity unification
- **Purpose**: Combines all user activity into a standardized format
- **Logic**: Unions the standard v1 users and v2 perpetual futures users (after denylist filtering) into a single dataset. Each record represents a user interaction with standardized fields for chain, user type, business classification, and user address
- **Key fields**: Standardized `user_address`, `user_type`, `chain`, `market_sector_id` (derivatives), `business_segment_id` (perpetual), and timestamp information

### Final aggregation
- **Combining components**: All user interactions from the unified dataset are processed together
- **Time aggregation**: Timestamps are truncated to daily boundaries using day-level truncation, creating consistent daily time periods
- **User counting**: Distinct user addresses are counted per day, grouped by timestamp, chain, user type, and business classification dimensions
- **Final calculation**: The result is a daily count of unique wallet addresses that interacted with any Synthetix protocol feature, with separate counts maintained for different user types and chains to enable detailed analysis of user engagement patterns

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

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

SynthetixSNX

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown