1/ The latest @spencernoon newsletter is full of great insight on L1s adoption.
For example,
guess which #blockchain had the most Daily Active Addresses in the past 12 months?
Vote before finding out below 👇
#ethereum, #BSC, #Polygon or #Solana
2/ Just in case you peeped before voting, first consider the protocol revenue.
In the past year #ethereum was an absolute leader with $10b in revenue followed by:
• #BSC - $883M
• #Avalanche - $129M
• #Solana - $43.3M
• #Polygon - $24.1M
!BSC generated more fees than #BTC!
3/ So you might assume that #ethereum had the most daily active addresses.
But no.
#BSC typically had >80% more DAA than $ETH.
Only #Solana boasted with a comparable number of active addresses.
@cz_binance is up to something here 👀
4/ Yet BSC suffered the biggest drop in active addresses.
According to @spencernoon, daily addresses have fallen ~60% from the peak, plateauing at 800-950k wallets/day.
5/ When it comes to user retention, Polygon and Solana fare much better than Ethereum.
The Cohort Analysis table shows user retention by month.
Higher percentage means higher user retention.
6/ Ethereum shows 21% retention for the February cohort then dropping to 9% at the 5th month.
Solana started with 32% after the first month and fell to 10% 4 months later.
Solana user-retention is much higher in almost every month.
7/ Polygon's user retention is lower than Solana, but higher than for Ethereum.
Seems like users really don't like those high gas fees!
8/ Thanks to @spencernoon and @pythianism for the great insight.
Their newsletter is great for on-chain analysis.
If you want to subscribe, follow the link below:
ournetwork.substack.com
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.