Overcollateralized borrowers deposit funds into Vesta Finance and borrow VST stablecoin.

Vesta Finance is a non-custodial stablecoin protocol built on Arbitrum. Vesta Finance was founded by Mikey Milken and launched in 2022.

VSTA tokenholders own and govern the protocol. They currently take all of the total interest paid by borrowers (revenue).

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Vesta Finance

# Vesta Finance Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Vesta measures the number of unique wallet addresses that interact with the Vesta protocol's core borrowing functionality on any given day. This metric tracks user engagement by counting distinct addresses that either create new borrowing positions (Troves) or update existing ones. The calculation identifies unique users based on their on-chain interactions with Vesta's `BorrowerOperations` smart contract.

## 2. Data sources

The metric relies on the following raw blockchain data:
- **Arbitrum blockchain events**: Parsed event logs from Vesta protocol smart contracts deployed on Arbitrum
- **Contract events**: Specifically `TroveCreated` and `TroveUpdated` events emitted by the `BorrowerOperations` contract
- **Event parameters**: The `borrower` parameter from these events, which contains the wallet address of the user performing the action

## 3. Step-by-step calculation

### Component A: User interaction extraction
- **Purpose**: Identifies all user interactions with Vesta's core borrowing functionality
- **Logic**: Extracts data from two types of Arbitrum blockchain events emitted by Vesta's `BorrowerOperations` contract. For `TroveCreated` events, captures the `borrower` parameter and classifies the user as a "Trove Creator". For `TroveUpdated` events, captures the same `borrower` parameter and classifies the user as a "Trove Updater". Each interaction record includes the block timestamp, transaction hash, and user address
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for transaction identification, `borrower` parameter as `user_address`, and derived `user_type` classification

### Component B: Business metadata assignment
- **Purpose**: Adds standardized business classification to user interactions
- **Logic**: Assigns consistent metadata to all user interactions including chain identification (Arbitrum), market sector classification as "stablecoin_issuers", and business segment as "stablecoin_issuer". The `product_id` is set to null as Vesta operates as a single product
- **Key fields**: `chain`, `market_sector_id`, `business_segment_id`, and `product_id` for business classification

### Final aggregation
- **Combining components**: Takes all user interaction records from the fact table and applies daily time boundaries
- **Time aggregation**: Uses timestamp truncation to day granularity, grouping all interactions that occur within the same calendar day regardless of the specific time
- **Currency conversion**: Not applicable for user count metrics
- **Final calculation**: Applies `DISTINCT` to the `user_address` field within each day to count unique users, ensuring that a user who performs multiple actions in the same day is only counted once. The result is the number of unique wallet addresses that interacted with Vesta's borrowing functionality on each specific day

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

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

Vesta FinanceVSTA

Active users (daily)

Active users (daily)

Competitive landscape