# Active users (daily) Methodology

## 1. Overview

Active users (daily) is defined as the number of unique transaction signers whose swap transactions are filled by the ZeroFi program within a fixed 24-hour window. Because the majority of trade fills are routed through decentralized exchange (DEX) aggregators, the transaction signer is captured as the end trader rather than the routing program. This metric is utilized to evaluate organic trading activity and user engagement with the ZeroFi automated market maker (AMM).

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade instruction extraction and filtering

- **Purpose**: Extract raw trade transactions executed by the ZeroFi program and filter out non-organic activity
- **Logic**: Trade transactions are filtered from Solana DEX trade records where the executing program matches the ZeroFi program. Atomic round-trip transactions, where a trader ends net-flat in every asset within a single transaction on a single pool, are excluded to eliminate non-organic volume and churn.
- **Key fields**: `transaction_id`, `transaction_signer`, `executing_account`, `pool_address`

### Component B: Daily active user aggregation

- **Purpose**: Aggregate unique transaction signers on a daily basis
- **Logic**: Transaction timestamps are truncated to daily granularity using UTC boundaries. Distinct transaction signers are aggregated per day to represent unique active traders.
- **Key fields**: `block_timestamp`, `signer`

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

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

Active users (daily)

Exchanges (DEX)

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.