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.