Thread by @DefiIgnas

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