# Active users (daily) Methodology

## 1. Overview

Active users (daily) measures the number of unique addresses that execute revenue-generating transactions on Thena Fusion. This metric serves as a key indicator of user adoption and engagement for the decentralized exchange. Every swap transaction processed through the protocol's concentrated liquidity pools is considered a revenue-generating event, as these actions contribute to the volume from which protocol fees are derived.

## 2. Data sources

- **Blockchain events**: `Swap` events from `AlgebraPool` contracts, covering BNB Chain and opBNB

## 3. Step-by-step calculation

### Component A: Thena Fusion trade identification

- **Purpose**: Identify revenue-generating swap transactions executed through the protocol.
- **Logic**: `Swap` events are parsed from `AlgebraPool` contracts associated with Thena Fusion. These events are filtered to ensure only transactions related to the V2 (Fusion) deployment are included. The change in asset balances for each trade is extracted to verify transaction validity.

### Component B: Transaction signer mapping

- **Purpose**: Attribute swap activity to the individual user who initiated the transaction.
- **Logic**: Identified swap events are joined with blockchain transaction data. The `from_address` field is extracted from the transaction record to identify the primary signer responsible for the trade. This process ensures that the active user count reflects the end-user wallet rather than the liquidity pool or intermediary router addresses.

### Component C: Daily deduplication and aggregation

- **Purpose**: Calculate the unique count of participants per 24-hour window.
- **Logic**: All identified user addresses are assigned to a UTC day based on the block timestamp. Addresses are deduplicated to ensure each unique signer is counted only once per day per chain. The final dataset is filtered to align with chain-specific data availability and freshness timestamps.

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

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

Active users (daily)

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 Fusion

Archived

Active users (daily)

Active users (daily)

Chain breakdown