Liquidity providers deposit funds into Vertex and earn the spread between maker and taker orders.

Vertex is a non-custodial exchange built on Arbitrum that offers spot, perpetuals, and money markets with universal cross-margin accounts. Vertex launched in 2023, and was founded by Darius Tabatabai and Alwin Peng.

The Vertex team own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Vertex's investors include Wintermute, Hack VC, Jane Street, etc.

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Vertex

# Vertex Active users (daily) Methodology

## 1. Overview

Daily active users (DAU) for Vertex Protocol measures the number of unique addresses that execute trades on the platform each day. This metric captures user engagement by counting distinct traders who perform trading activity across Vertex's perpetual derivatives platform on multiple blockchain networks. The calculation identifies unique users through their subaccount addresses from completed trade orders.

## 2. Data sources

- **Blockchain events**: Parsed `FillOrder` event logs from Vertex Protocol and Blitz Protocol smart contracts deployed across five blockchain networks
- **Event types**: Two specific event types are tracked - `OffchainBook_FillOrder_event` and `OffchainExchange_FillOrder_event`
- **Chain coverage**: Arbitrum, Blast, Base, Sonic, and Avalanche blockchain networks
- **Event data**: Each event contains transaction metadata including block timestamp, transaction hash, and the subaccount identifier that executed the trade

## 3. Step-by-step calculation

### Component A: User activity extraction
- **Purpose**: Identifies all trading activity across Vertex Protocol's multi-chain deployment
- **Logic**: The system processes `FillOrder` events from smart contracts on five different blockchain networks. On Arbitrum, both `OffchainBook_FillOrder_event` and `OffchainExchange_FillOrder_event` are captured, while other chains focus on `OffchainExchange_FillOrder_event`. Each event represents a completed trade order and contains the subaccount address of the trader who executed the order. All identified users are classified as 'Trader' user type, operating in the 'derivatives' market sector within the 'perpetual' business segment.
- **Key fields**: The `subaccount` field serves as the unique user identifier, while `block_timestamp` provides the timing of the trading activity

### Component B: Daily user aggregation
- **Purpose**: Aggregates unique users by calendar day boundaries
- **Logic**: Block timestamps from trading events are truncated to day-level granularity, removing hour, minute, and second components to establish daily boundaries. The system then counts distinct subaccount addresses within each day, ensuring that users who execute multiple trades on the same day are counted only once. Chain availability filtering is applied to ensure data quality and completeness.
- **Key fields**: `timestamp` field truncated to day granularity and `user_address` field for distinct user counting

### Final aggregation
- **Combining components**: User activity data from all five chains is combined into a unified dataset before daily aggregation
- **Time aggregation**: Daily boundaries are established using timestamp truncation to the day level, with each 24-hour period from midnight to midnight representing one measurement period
- **Final calculation**: The metric value represents the count of distinct subaccount addresses that executed at least one trade order on each given day, aggregated across all supported blockchain networks

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

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

VertexVRTX

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown