Each DEX swap served via the market-trades endpoint is associated with 3 different Ethereum addresses:
- Initiator is the Ethereum address which submitted the transaction, as a result of which the swap occurred
- Sender is the Ethereum address that invoked the liquidity pool smart contract's function for swapping
- Beneficiary is the Ethereum address credited with the output tokens upon the completion of a swap
The swap beneficiary address can be used to approximate the number of unique buyer addresses over a given timeframe.