> For the complete documentation index, see [llms.txt](https://gitbook-docs.coinmetrics.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://gitbook-docs.coinmetrics.io/network-data/defi-data-overview/faqs.md).

# 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.


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