Liquidity providers deposit funds into LFJ and receive trading fees from traders (supply-side fees).

LFJ (previously Trader Joe) is a non-custodial exchange protocol built on Avalanche (originally a fork of SushiSwap). LFJ was founded by an anonymous team and launched in 2021.

JOE tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). LFJ's investors include Three Arrows Capital, DeFiance Capital, GBV Capital, Mechanism Capital, etc.

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Exchanges (DEX)

# LFJ Active users (daily) Methodology

## 1. Overview

The Trader Joe daily active users (DAU) metric measures the number of unique wallet addresses that execute trades on the Trader Joe decentralized exchange (DEX) on any given day. This metric captures trading activity across all versions of the Trader Joe protocol (V1, V2, V2.1, V2.2) and all supported blockchain networks (Ethereum, Arbitrum, BSC, Avalanche). The metric answers the business question: "How many distinct users are actively trading on Trader Joe each day?" and uses a simple distinct count approach across all protocol versions and chains.

## 2. Data sources

The calculation uses several types of blockchain data sources:

- **Swap events**: Parsed `Swap` events from different Trader Joe protocol versions:
  - V1: `Pair_Swap` events from BSC and Avalanche
  - V2: `LBPair_Swap` events from Arbitrum, BSC, and Avalanche  
  - V2.1: `LBPairV2_Swap` events from Ethereum, Arbitrum, BSC, and Avalanche
  - V2.2: `LBPairV22_Swap` events from Arbitrum and Avalanche
- **Transaction records**: Complete transaction data from Ethereum, Arbitrum, BSC, and Avalanche blockchains to identify actual user addresses
- **Denylist data**: Hardcoded list of trading pairs with limited price feed support for low liquidity tokens, used for data quality filtering

## 3. Step-by-step calculation

### Component A: Trader joe V1 trades processing
- **Purpose**: Extract user addresses from V1 protocol swap events on BSC and Avalanche
- **Logic**: Parse `Pair_Swap` events from Trader Joe V1 contracts, join with blockchain transaction records to get the actual transaction initiator address (`from_address`), filter out denylisted trading pairs with limited price feed support, truncate timestamps to daily boundaries, and classify users as 'Trader' type within the exchanges/dex business segment
- **Key fields**: `user_address` from transaction `from_address`, `block_timestamp` truncated to day, `chain` identifier, business categorization fields

### Component B: Trader joe V2 trades processing  
- **Purpose**: Extract user addresses from V2 protocol swap events on Arbitrum, BSC, and Avalanche
- **Logic**: Parse `LBPair_Swap` events from Trader Joe V2 contracts, join with blockchain transaction records to get the actual user address, truncate timestamps to daily boundaries, and apply the same business categorization as V1
- **Key fields**: `user_address` from transaction `from_address`, `block_timestamp` truncated to day, `trade_direction` boolean flag, business categorization fields

### Component C: Trader joe V2.1 trades processing
- **Purpose**: Extract user addresses from V2.1 protocol swap events across Ethereum, Arbitrum, BSC, and Avalanche
- **Logic**: Parse `LBPairV2_Swap` events from Trader Joe V2.1 contracts, decode complex amount parameters using JavaScript functions to extract token amounts, join with transaction records for user identification, and apply daily timestamp truncation and business categorization
- **Key fields**: `user_address` from transaction `from_address`, decoded `amountsIn` and `amountsOut` parameters, `block_timestamp` truncated to day

### Component D: Trader joe V2.2 trades processing
- **Purpose**: Extract user addresses from V2.2 protocol swap events on Arbitrum and Avalanche
- **Logic**: Parse `LBPairV22_Swap` events from the latest Trader Joe protocol version, use the same JavaScript decoding functions as V2.1 for amount parameters, join with transaction data for user identification, and apply consistent timestamp and business categorization logic
- **Key fields**: `user_address` from transaction `from_address`, decoded amount parameters, `block_timestamp` truncated to day

### Final aggregation
- **Combining components**: Union all user addresses from the four protocol versions using UNION DISTINCT to automatically deduplicate users who trade on multiple protocol versions on the same day
- **Currency conversion**: No currency conversion required as this is a count-based metric
- **Time aggregation**: Daily boundaries are established by truncating `block_timestamp` to day granularity using `timestamp_trunc(block_timestamp, day)`
- **Final calculation**: Count distinct `user_address` values per day, with chain availability filtering applied to ensure data completeness across all supported blockchain networks

The final output provides daily counts of unique trading addresses across all Trader Joe protocol versions and supported chains, classified as 'Trader' type users in the exchanges/dex business segment.

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

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

LFJJOE

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown