Traders exchange funds through request for quotation system built on 0x protocol and aggregated AMMs. Tokenlon collects a trading fee (revenue) from trades.

Tokenlon is a non-custodial exchange protocol built on Ethereum. Tokenlon was founded by imToken team and launched in 2018.

LON tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Tokelon's investors include IDG Capital, Qiming Venture Partners, Breyer Capital, etc.

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DEX aggregators

Tokenlon

# Tokenlon Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Tokenlon measures the number of unique user addresses that executed at least one trade through Tokenlon's DEX aggregator protocol on each calendar day. This metric provides insight into user engagement and adoption of Tokenlon's trading services across Ethereum and Arbitrum networks. The calculation identifies distinct trader addresses per day by analyzing trade execution events from multiple Tokenlon protocol versions and contract types.

## 2. Data sources

The methodology relies on several blockchain data sources:

- **Tokenlon smart contract events**: Parsed event logs from Tokenlon v1 contracts on Ethereum and Arbitrum, including trade execution events from various contract types (ZeroExchange, AMMWrapper, PMM, RFQ, and LimitOrder contracts)
- **Ethereum transaction data**: Complete transaction records from Ethereum to identify the originating user addresses for each trade
- **Arbitrum transaction data**: Complete transaction records from Arbitrum to identify the originating user addresses for each trade
- **Event log data**: Detailed blockchain event logs containing trade parameters, token addresses, amounts, and transaction metadata

## 3. Step-by-step calculation

### Component A: Trade event collection
- **Purpose**: Aggregate all trade execution events across Tokenlon's various contract versions and networks
- **Logic**: Extract trade events from multiple Tokenlon contract types on Ethereum (ZeroExchange `Fill` events, AMMWrapper `Swapped` events, PMM `FillOrder` events, RFQ `FillOrder` events) and Arbitrum (LimitOrder `LimitOrderFilledByProtocol` events). Filter events to include only those where Tokenlon's address (`0xb9e29984fe50602e7a619662ebed4f90d93824c7`) appears as either the fee recipient or taker address, ensuring the events represent genuine Tokenlon-facilitated trades. Handle native token representations by converting zero addresses (`0x0000000000000000000000000000000000000000`) to wrapped native token addresses (WETH for Ethereum, WETH for Arbitrum)
- **Key fields**: `transaction_hash` for linking to transaction data, `block_timestamp` for daily aggregation, token addresses and amounts for trade details, contract addresses for filtering

### Component B: User address identification  
- **Purpose**: Identify the actual user addresses that initiated each trade transaction
- **Logic**: Join trade events with transaction records using `transaction_hash` to extract the `from_address` field, which represents the wallet address that initiated the transaction. This step is critical because trade events may contain contract addresses or intermediary addresses, but the actual user is identified through the transaction originator
- **Key fields**: `user_address` derived from transaction `from_address`, maintaining the link between trades and their initiating users

### Component C: Business classification and metadata
- **Purpose**: Apply consistent business and product categorizations to all trades
- **Logic**: Assign standardized classifications including `user_type` as 'Trader', `business_line` as 'DEX Aggregator', `market_sector_id` as 'exchanges', and `business_segment_id` as 'dex_aggregator'. Add version information and chain identification for each trade
- **Key fields**: Business classification fields for downstream analysis and filtering

### Final aggregation
- **Combining components**: Merge all trade events with their associated user addresses and metadata into a unified dataset spanning both Ethereum and Arbitrum networks
- **Time aggregation**: Truncate `block_timestamp` to day granularity using daily boundaries, creating a `timestamp` field that represents the calendar day of each trade
- **Final calculation**: Count distinct `user_address` values per `timestamp` (day) to generate the daily active user metric. Each unique wallet address is counted only once per day regardless of how many trades they executed, providing an accurate measure of unique daily traders rather than trade volume

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

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

TokenlonLON

Active users (daily)

Active users (daily)

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Chain breakdown