# Active users (monthly) Methodology

## Overview

Active users (monthly) measures the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (monthly) are measured on a 30-day rolling basis.

## Data sources

- Blockchain transaction records (senders, receivers, and block timestamps)
- Program instructions on Solana
- Smart contract events and logs
- Transaction input and output data (UTXO)

## Common calculation approaches

### Blockchain transaction tracking
Unique transaction signers are tracked from blockchain records on networks such as Ethereum and BNB Chain. On these blockchains, every address that initiates a transaction is recorded to determine the number of distinct participants interacting with the network within a 30-day rolling window.

### UTXO-based address resolution
For networks including Bitcoin, active users are determined by resolving addresses from transaction inputs and outputs. Distinct addresses are extracted from transaction records to reflect the count of unique users sending transactions over monthly periods.

### Smart contract and instruction analysis
User activity is tracked from interactions with specific programs or contracts, such as those associated with Jito on Solana. Distinct addresses are identified from `Mint` and `Burn` instructions or native token transfers to determine the number of unique users interacting with specific protocol products.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

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

Active users (monthly)

Derivative markets

tradeXYZ earns a deployer share of trading fees on the perpetual markets it has deployed under Hyperliquid's HIP-3 framework. Markets are executed on Hyperliquid's HyperCore L1 order book; tradeXYZ does not operate its own matching engine. The default HIP-3 fee split allocates 50% of each user-paid fee to Hyperliquid and 50% to the deployer; tradeXYZ's deployerFeeScale is 1.0, so the standard split applies.

tradeXYZ offers USDC-settled perpetual contracts on US equities (TSLA, NVDA, AAPL, MSFT, ...), indices (S&P 500, XYZ100, NIFTY, KR200), commodities (gold, silver, Brent, WTI, copper), and FX (EUR, JPY, GBP, KRW), with leverage from 10x to 50x. All 77+ markets are deployed under the HIP-3 `xyz` namespace and execute on Hyperliquid's HyperCore order book. tradeXYZ runs all markets in HIP-3 growth mode, reducing user-facing fees by 90% versus standard HIP-3.

tradeXYZ is the first HIP-3 (builder-deployed perpetuals) deployment on Hyperliquid and the dominant builder by open interest, deployed by wallet 0x88806a71d74ad0a510b350545c9ae490912f0888. tradeXYZ is operated as a private company; no token has been issued.

NCLD PerpetualNCLD

Active users (monthly)

Active users (monthly)