The operator posts its own inventory into on-chain vaults and quotes prices from the ZeroFi program, so every fill is against the operator rather than pooled liquidity-provider capital. It earns the spread embedded in its quotes; the swap instructions carry no separate fee field, and there is no governance token.

ZeroFi is a proprietary automated market maker (prop AMM) on Solana, live since December 2024. It has no public frontend and takes almost all of its order flow from DEX aggregators, primarily Jupiter, which route swaps to its pools when its quote is best.

ZeroFi is operated by a professional market-making team that has not disclosed its identity and publishes no website, documentation or social accounts.

Exchanges (DEX)

ZeroFi

# ZeroFi Active users (daily) Methodology

## 1. Overview

Active users (daily) is measured as the number of unique accounts that make a revenue-generating transaction with a project over a fixed 24-hour window. For ZeroFi, this metric represents the distinct transaction signers whose swaps are filled by the ZeroFi program. Because most trades are routed through decentralized exchange (DEX) aggregators, the transaction signer represents the end trader interacting with the protocol rather than an intermediary routing program. This metric is utilized to evaluate user adoption, trading activity, and organic demand for ZeroFi's liquidity.

## 2. Data sources

- **Blockchain events**: Trade instructions executed by the ZeroFi program, covering Solana

## 3. Step-by-step calculation

### Component A: Trade instruction extraction

- **Purpose**: Identify all trade transactions interacting with the ZeroFi program
- **Logic**: Trade transactions are filtered from Solana decentralized exchange trade records where the executing program matches the ZeroFi program account. Transaction details, including the transaction signer, pool account, and asset mint accounts, are extracted.
- **Key fields**: `transaction_signer` (signer identification), `block_timestamp` (timing)

### Component B: Atomic round-trip exclusion

- **Purpose**: Filter out non-economic or manipulative trading activity
- **Logic**: Swap pairs that reverse themselves within a single transaction on a single pool are excluded. Transactions where the net flow of assets is flat (below a defined tolerance threshold) are classified as round trips and removed from the dataset to ensure only genuine trading activity is counted.
- **Key fields**: `transaction_id` (transaction identification), `pool_address` (pool account)

### Component C: Daily active user aggregation

- **Purpose**: Calculate the daily count of unique active users
- **Logic**: Transaction timestamps are truncated to daily granularity using UTC boundaries. Distinct transaction signers (representing the end traders) are aggregated per day to determine the active users (daily).
- **Key fields**: `signer` (user identification), `block_timestamp` (timing)

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

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

ZeroFi

Active users (daily)

Active users (daily)

Competitive landscape