# Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that perform revenue-generating transactions on Thena V1. This metric specifically captures users executing swaps through the protocol's V1 automated market maker (AMM). By identifying the unique signers of these transactions, the monthly engagement and adoption of the Thena V1 liquidity pools are quantified over a 30-day rolling window.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts and native transaction data, covering BNB Chain and opBNB
- **External data**: Asset metadata for contract identification and classification

## 3. Step-by-step calculation

### Component A: Thena V1 trade event extraction

- **Purpose**: Identify unique traders interacting with the Thena V1 liquidity pools.
- **Logic**: `Swap` events are parsed from `Pair` contracts on BNB Chain and opBNB. These events are joined with native blockchain transaction data using transaction hashes to identify the transaction signer (the `from_address`). Data is filtered to include only interactions relevant to the Thena V1 product.
- **Key fields**: `transaction_hash` (transaction identification), `from_address` (user identification), and `block_timestamp` (timing).

### Component B: Monthly unique address aggregation

- **Purpose**: Calculate the distinct count of active users per 30-day window.
- **Logic**: The unique user addresses identified in the trade extraction process are aggregated by chain and 30-day window. A distinct count of these addresses is performed for each 30-day window, with timestamps truncated to the 30-day window. This ensures that each unique address is counted only once per 30-day window regardless of the number of transactions performed.
- **Key fields**: `user_address` (transaction signer) and `block_timestamp` (truncated to 30-day window).

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

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

Active users (monthly)

Exchanges (DEX)

Liquidity providers deposit funds into Thena and stake their LP tokens to receive THE tokens (token incentives).

Thena is a non-custodial exchange protocol built on BNB Chain. Thena was founded by an anonymous team and launched in 2023.

THE tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive THE emissions in respect to their share of votes.

Thena V1

Archived

Active users (monthly)

Active users (monthly)

Chain breakdown