How Does the Concept of a ‘User Base’ Apply to the Traders of a Traditional Options Exchange?

The user base of a traditional options exchange consists of all individuals and institutions who trade contracts on its platform. This includes market makers, retail traders, and institutional hedgers.

Their activity determines the trading volume and market depth for various options. Unlike a crypto community, their primary interaction is transactional with the exchange as an intermediary, not relational with a protocol.