Liquidity providers deposit collateral and mint volatility tokens. Traders can then purchase these volatility tokens to express views on market volatility.

Volmex enables VIX-like indices for crypto assets and trading functionality on Ethereum. Volmex was founded by Cole Kennelly and launched in 2021.

The Volmex team and investors own and govern the protocol. They currently charge a minting and redemption fee (revenue). Volmex’s investors include Three Arrows Capital, Robot Ventures, CMS Holdings etc.

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Derivative exchanges

Volmex

# Volmex Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) for Volmex measures the number of distinct users who interact with the Volmex protocol each day across Ethereum, Arbitrum, and Polygon blockchains. This metric captures user engagement by counting unique addresses that either mint tokens through collateralization or redeem tokens through decollateralization on any given day. The metric provides insight into the daily adoption and usage patterns of the Volmex derivatives protocol.

## 2. Data sources

- **Blockchain events**: Parsed Volmex `CollateralToken_Collateralized` and `CollateralToken_Redeemed` events from Ethereum, Arbitrum, and Polygon blockchains
- **Transaction data**: Block timestamps and transaction hashes from the respective blockchain networks
- **Protocol metadata**: Smart contract addresses and event signatures specific to Volmex's CollateralToken contracts
- **Chain identification**: Network identifiers to distinguish between Ethereum, Arbitrum, and Polygon transactions

## 3. Step-by-step calculation

### Component A: User activity identification
- **Purpose**: Identifies all users who interact with Volmex protocol through minting or redeeming activities
- **Logic**: Collects `CollateralToken_Collateralized` events (when users deposit collateral to mint tokens) and `CollateralToken_Redeemed` events (when users withdraw collateral by redeeming tokens) from Volmex smart contracts across three blockchains. Extracts the `sender` address from each event, which represents the user performing the action. Classifies users as either 'Minter' for collateralization events or 'Redeemer' for redemption events
- **Key fields**: `sender` address as `user_address`, `block_timestamp` for timing, `transaction_hash` for uniqueness, `user_type` classification, and `chain` identifier

### Component B: Metadata enrichment
- **Purpose**: Adds protocol and market classification metadata to user activities
- **Logic**: Applies static business classifications to all user activities, categorizing them under 'derivatives' market sector and 'perpetual' business segment. Maintains chain-specific identification to enable multi-chain analysis. Sets `product_id` as null since Volmex operates as a single product offering
- **Key fields**: `market_sector_id` (derivatives), `business_segment_id` (perpetual), `product_id` (null), and `chain` information

### Final aggregation
- **Combining components**: Unions all user activities from the three supported blockchains into a single dataset, preserving user type distinctions and chain information
- **Time aggregation**: Truncates `block_timestamp` to daily boundaries using day-level granularity to create consistent daily measurement periods
- **User counting**: Groups data by truncated timestamp and other dimensional attributes, then counts distinct `user_address` values to ensure each user is counted only once per day regardless of transaction volume
- **Final calculation**: The result is the count of unique user addresses that performed either minting or redeeming actions on any given day across all supported chains, representing the daily active user count for the Volmex protocol

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

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

Volmex

Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown