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.

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