Wallet Usage

Tracks unique trader wallets on Flash.Trade (positions, swaps, orders). FAF staking and LP operations are tracked separately and not included here. Daily metrics capture single-day activity, while weekly metrics show rolling 7-day participation to identify sustained engagement patterns.

Data

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Use Cases

This page helps you:

• Track protocol adoption: Monitor growth in unique wallets trading on Flash.Trade daily
• Identify engagement patterns: Compare daily spikes with sustained weekly activity to distinguish one-time wallets from regular participants
• Assess user retention: Weekly active wallet trends reveal whether traders return after their first interaction
• Evaluate protocol changes: Identify the impact of new markets, fee changes, or integrations on usage numbers by comparing activity before and after changes
• Benchmark growth: Use daily and weekly metrics to measure protocol health over time
• Identify power traders: Use the Top Wallets by Days Active table to find the most consistently engaged traders

How to Read This Chart

Click to expand chart reading guide

Chart (Daily / Weekly toggle):

• Daily view: Each point is the number of unique trader wallets active on that UTC day. The grey line is a 30-day moving average that smooths daily noise. Spikes may indicate marketing campaigns, token launches, or protocol events.
• Weekly view: Each point is the rolling 7-day union of active wallets (counted once even if active on multiple days). Smooths daily volatility to highlight sustained engagement. Changes appear gradually due to the rolling window.
• New % (orange, right axis): Shown in both views. Percentage of active wallets whose first-ever platform trade falls within the period. The first 7 days are trimmed because the seen-wallet pool is too small for meaningful percentages.

Chart (Unique / By Pool toggle):

• Unique view: Aggregate trader wallets across all pools (default)
• By Pool view: Stacked areas showing per-pool trader counts. Wallets trading multiple pools are counted in each.

Top Wallets by Days Active Table:

• Wallet Address: Solana address (links to Solscan)
• Days Active: Total distinct days the wallet executed trading transactions
• Tx Count: Total number of trading transactions across all days
• First/Last Seen: Date range of wallet activity

Methodology

Click to expand technical details

Data Sources

• Transaction logs: On-chain trading transactions from Flash.Trade protocol
• Wallet identification: Unique Solana addresses executing protocol instructions
• Activity tracking: Daily records of which wallets executed fee-generating actions

Wallet Categories

Wallets are classified into three categories based on their transaction types:

• Traders: wallets executing fee-generating trading operations (position management, swaps, trigger orders, liquidations)
• LPs: wallets providing or removing liquidity
• Stakers: wallets staking FAF tokens or managing existing stakes

A fourth Platform category is the union of all three, counting each wallet once per day regardless of how many categories it appears in.

This page shows only the Trader category. FAF staking operations (DepositTokenStake, CollectTokenReward, RefreshStake, etc.) and LP operations (AddLiquidityAndStake, RemoveLiquidity, etc.) are not included in the charts or table on this page.

Fee-Generating Trading Operations

A wallet is counted as an active trader when it executes transactions that generate protocol trading fees. This includes:

• Position management: OpenPosition, ClosePosition, IncreaseSize, DecreaseSize
• Combined operations: SwapAndOpen, CloseAndSwap
• Collateral operations: AddCollateral, RemoveCollateral, SwapAndAddCollateral, RemoveCollateralAndSwap
• Order management: PlaceTriggerOrder, PlaceLimitOrder, EditTriggerOrder, CancelTriggerOrder, CancelAllTriggerOrders, EditLimitOrder
• Order execution: ExecuteTriggerOrder, ExecuteTriggerWithSwap, ExecuteLimitOrder, ExecuteLimitWithSwap
• Liquidations: Liquidating underwater positions

Failed transactions and system transactions (price updates, oracle refreshes) are excluded from all categories.

New vs Returning Wallet Classification

Not every wallet whose first observed transaction falls within our data window is genuinely new to the protocol. Some transaction types require prior on-chain state -- for example, you cannot ClosePosition without first having opened one, and RefreshStake requires an existing stake.

When a wallet's first observed transaction is one of these requires-prior-state types, it is classified as a returning wallet rather than a new one. This means the wallet must have interacted with Flash.Trade before our data start date (April 12, 2025) and is re-appearing in our window for the first time.

Entry-point transaction types (can genuinely be a first interaction):

• Trading: OpenPosition, SwapAndOpen, PlaceLimitOrder
• LP: AddLiquidityAndStake, AddCompoundingLiquidity
• Staking: DepositTokenStake, BurnAndStake

Requires-prior-state types (wallet classified as returning if seen first):

• Trading: ClosePosition, CloseAndSwap, IncreaseSize, DecreaseSize, AddCollateral, RemoveCollateral, PlaceTriggerOrder, all trigger/limit order execution
• LP: RemoveLiquidity, RemoveCompoundingLiquidity, MigrateFlp
• Staking: WithdrawStake, RefreshStake, CollectStakeFees, CollectTokenReward, MigrateStake, etc.

Note: this classification applies across all wallet categories. Only the trading category is shown on this page; LP and staking entry-point rules affect their respective category counts.

Daily Active Wallets Calculation

For each UTC day:

• Collect all successful trading transactions
• Extract unique wallet addresses from transaction signers
• Count distinct addresses per day

This provides a snapshot count of unique participants each day, with wallets counted once per day regardless of transaction frequency.

Weekly Active Wallets Calculation

For each UTC day:

• Collect all unique daily active wallets from the past 7 days (including current day)
• Count distinct addresses across the 7-day window
• Each wallet counted once even if active on multiple days within the window

This rolling 7-day union smooths daily volatility and highlights sustained participation patterns.

Top Wallets by Days Active Ranking

The Top Wallets by Days Active table ranks by:

• Activity frequency: Number of distinct calendar days (UTC) the wallet executed trading transactions
• Not by transaction volume: A wallet with 100 transactions on 1 day ranks below a wallet with 10 transactions on 10 different days
• Purpose: Identifies consistently engaged traders rather than high-volume traders

Update Frequency

Data is automatically updated once a day. Check the "Last updated" timestamp in the site header for data freshness.

Scope

Data is scoped to transactions touching the Flash.Trade treasury, not all program interactions. This captures the vast majority of user activity since fee-generating operations route through the treasury. Known system wallets (liquidation bots, keeper bots, admin signers) are actively excluded from all counts.

Known Limitations

• Data start date: Our transaction history begins April 12, 2025. Wallets active before this date will appear as "returning" on their first observed transaction, not "new". True lifetime metrics require a complete history from protocol launch.
• Multi-wallet addresses (same person controlling multiple wallets) are counted separately
• Does not measure transaction size or volume, only participation
• Single-day spike can inflate weekly metric for up to 7 days due to rolling window
• Cross-protocol wallets (same address on multiple protocols) appear separately per protocol