Toucan receives fees when liquid carbon reference tokens are redeemed for carbon credits and when off-chain carbon credits are bridged on-chain (revenue).

Toucan is an infrastructure protocol that bundles illiquid carbon credits to liquid carbon reference tokens, and bridges off-chain carbon credits on-chain. Toucan is currently built on Polygon and was founded by Raphaël Haupt in 2020.

Toucan team & investors own and govern the protocol. Toucan’s investors include USV, Earthshot Ventures, etc.

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Infrastructure

Toucan Protocol

# Toucan Protocol Active users (daily) Methodology

## 1. Overview

The Toucan Daily Active Users (DAU) metric measures the number of distinct user addresses that interact with the Toucan protocol on a daily basis. This metric specifically focuses on carbon credit redemption activity, tracking users who redeem Base Carbon Tonne (BCT) or Nature Carbon Tonne (NCT) tokens. The calculation provides insights into daily engagement with Toucan's carbon offset infrastructure across Polygon and Celo blockchains.

## 2. Data sources

- **Blockchain event logs**: Parsed `BCT_Redeemed_event` and `NCT_Redeemed_event` logs from Toucan protocol contracts on Polygon and Celo networks
- **Event parameters**: User account addresses extracted from redemption events, along with transaction metadata including timestamps, transaction hashes, and log indices
- **Chain data**: Multi-chain data spanning Polygon and Celo blockchain networks where Toucan protocol operates

## 3. Step-by-step calculation

### Component A: User interaction extraction
- **Purpose**: Identifies all user interactions with Toucan protocol through carbon credit redemption events
- **Logic**: The system extracts redemption events for both BCT and NCT tokens across Polygon and Celo chains. For each redemption event, the user address is captured from the `account` parameter. All interactions are classified as 'Redeemer' user type since they represent users actively redeeming carbon credits. Business metadata is standardized with `market_sector_id` set to 'infrastructure' and `business_segment_id` set to 'other', reflecting Toucan's role in carbon offset infrastructure.
- **Key fields**: `account` (user address), `block_timestamp` (event timing), `transaction_hash` and `log_index` (event identification), `chain` (blockchain network)

### Component B: Daily user aggregation
- **Purpose**: Calculates distinct active users per day by removing duplicate addresses within each daily period
- **Logic**: The system truncates all event timestamps to day-level granularity using daily boundary logic. Within each day, user addresses are deduplicated using distinct aggregation to ensure each user is counted only once per day, regardless of how many redemption transactions they performed. The aggregation preserves chain information and user classification metadata.
- **Key fields**: `timestamp` (truncated to daily boundaries), `user_address` (distinct user identifiers), `chain` (network identification), `user_type` (user classification)

### Final aggregation
- **Combining components**: The daily user data is combined across all supported chains (Polygon and Celo) and token types (BCT and NCT) using union operations
- **Currency conversion**: Not applicable for this user count metric
- **Time aggregation**: Data is aggregated at daily boundaries with timestamp truncation ensuring consistent daily periods across different time zones
- **Final calculation**: The final DAU value represents the count of distinct user addresses that performed at least one carbon credit redemption transaction on each specific day, providing a measure of daily protocol engagement

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

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

Toucan Protocol

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown