DeFi FAQs

Can the daily number of unique buyers be derived from DEX swaps data?

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.