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

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Uniswap

# Uniswap Active users (daily) Methodology

## 1. Overview

Active users (daily) is defined as the number of unique addresses that make a revenue-generating transaction with a project, i.e. An application or a blockchain. Active users (daily) are measured over a fixed 24-hour window. For Uniswap, unique user interactions are captured across Uniswap V2, Uniswap V3, Uniswap V4, and Unichain. This metric is utilized as a key indicator of protocol adoption, user engagement, and overall network activity. Transactions considered include swaps, flash loans, and general transaction execution on Unichain.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair`, `Pool`, and `PoolManager` contracts, `Flash` events from `Pool` contracts, and transaction data from Unichain, covering Ethereum, Arbitrum, Base, Polygon, and 11 other chains

## 3. Step-by-step calculation

### Component A: Uniswap V2 and Uniswap V3 trade tracking

- **Purpose**: Unique users executing swaps on Uniswap V2 and Uniswap V3 are identified.
- **Logic**: `Swap` events are parsed from `Pair` contracts for Uniswap V2 and `Pool` contracts for Uniswap V3. These events are joined with the native transactions table on each respective chain using the transaction hash to extract the transaction sender address (`from_address`). This sender address is classified as a trader.
- **Key fields**: `transaction_hash`, `from_address`

### Component B: Uniswap V4 trade tracking

- **Purpose**: Unique users executing swaps on Uniswap V4 are identified.
- **Logic**: `Swap` events are parsed from `PoolManager` contracts. These events are joined with the native transactions table on each respective chain using the transaction hash to extract the transaction sender address (`from_address`), which is classified as a trader.
- **Key fields**: `transaction_hash`, `from_address`

### Component C: Uniswap V3 flash loan tracking

- **Purpose**: Unique users executing flash loans on Uniswap V3 are identified.
- **Logic**: `Flash` events are parsed from `Pool` contracts. These events are joined with the native transactions table on each respective chain using the transaction hash to extract the transaction sender address (`from_address`), which is classified as a trader.
- **Key fields**: `transaction_hash`, `from_address`

### Component D: Unichain transaction tracking

- **Purpose**: Unique active users on Unichain are identified.
- **Logic**: Native transaction data is parsed directly from Unichain. The transaction sender address (`from_address`) is extracted for every transaction and classified as a transaction sender.
- **Key fields**: `from_address`

### Component E: Denylist filtering and final aggregation

- **Purpose**: Low-liquidity or bad data is filtered out, and unique active users (daily) are aggregated.
- **Logic**: Trading pairs or pools identified in the denylist configuration are excluded from the trade and flash loan datasets. The remaining unique user addresses from all components are aggregated and truncated to a daily timestamp grain. A distinct count of these addresses is calculated per day, chain, and product to determine the active users (daily) metric.
- **Key fields**: `block_timestamp`, `chain`, `product_id`, `user_address`

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

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

UniswapUNI

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown