Try Quests to earn FLOWFLASH BOUNTY: FLOW Wallet Dominance
Introduction
Flow Blockchain:
Flow Blockchain is an innovative platform that enables businesses to harness the power of smart contracts and distributed ledgers. Flow’s decentralized platform enables users to make and execute contracts with each other without the need for a third party or centralized intermediary. the platform also enables users to transfer value in a secure, immutable, and transparent manner.
Flow Wallets:
A Flow wallet is a digital wallet that allows users to send and receive cryptocurrencies such as $flow. Wallets also allow users to store assets securely. Users can create multiple wallets for different purposes and settings.
There are 5 main wallets in Flow Blockchain, all of which have the same goal, but each one takes a different approach, supports different features, and makes different tradeoffs.
- Blocto is a custodial web, iOS, and Android wallet
- Ledger offers hardware wallets
- Dapper Wallet is a custodial web wallet
- Lilico is a non-custodial web wallet focused on NFTs
- Finoa offers an institutional-grade custodial wallet
Methodology
The purpose of this dashboard is to analyze the activity of each of the wallet providers on Flow Blockchain.
The data is provided by Flipside and used to extract the data from the Flow blockchain.
In the first part of this analysis, the transaction data related to each of the wallets and the number of their users are shown, as well as their growth over time.
In the second part, the data related to the trade of NFTs is shown.
The third part shows the destination of the transactions related to each wallet and the tokens transferred by them.
As mentioned in the introduction, Flow Blockchain has 5 main wallets, of which we will review three of them here, which are:
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Blocto is a custodial web, iOS, and Android wallet
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Dapper Wallet is a custodial web wallet
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Lilico is a non-custodial web wallet focused on NFTs
Observation:
In terms of the number of transactions:
- Dapper wallet is in the first place. This wallet is used mainly by NFT TOPSHOT collection users, and as it is clear from the top left graph, it has grown significantly from October 2021 to February 2022, so in February 2022, more than 8.9M transactions were made through it.
- In second place is the Blocto wallet, which seems to have performed better in 2022 than in 2021, so in January 2022, more than 1.9M transactions were made through it.
- In third place is the Lilico wallet, which has no significant activity compared to the first two, and most of its activity was related to February, March, and April.
- In general, 72.86M transactions have been done through the Dapper wallet, 9.16M transactions through the Blocto wallet, and 7.4K transactions through the Lilico wallet.
Observations:
- In terms of the number of users:
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the time can be divided into two parts: before October 2021 and after.
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Before October 2021, the Blocto wallet was relatively more popular and about 99% of users used it, but since October, the Depper wallet has taken the first place in terms of the number of users with significant growth. So in this month (November 2022), about 80% of users are related to Dapper wallet.
- Some Flow wallets consider the cost of transactions as a subsidy for users.
- Dapper wallet has grown significantly in this regard, growing more than 2 times from September 2021 to January 2022.
- Blocto's share of the subsidy transaction fee has been steadily increasing.
- In terms of the number of new users:
- Depper wallet has grown significantly from January to April 2021, and 21.6K users have reached 453K new users.
- Blocto wallet attracted the highest number of new users in August 2021, which was equal to 95.4K, and during the 3 months after that, it faced a decrease in new users. Also, in July 2022, the Dapper wallet had a high growth compared to previous months and reached the number of 69.2K users per month, after which it was accompanied by a decrease again.
Observations:
Here the data of the last 30 days has been reviewed.
- Dapper wallet is used mainly by Topshot NFT collection users, and since this collection is very famous, the high number of trades and traders on it is not far from expected.
- More than 99% of trades are related to this type of money.
- Surprisingly, the Lilico wallet has not recorded any transactions in the last 30 days, although this wallet is more active in the field of NFTs.
- In general, it can be said that the number of traders and transactions on the Dapper wallet is going down.
Observations:
- The chart on the left:
The destination of wallet transactions is shown.
- The first and second positions in both wallets belong to FlowFees and Flowtoken. But the difference starts from the third position, which is a natural thing based on the type of use of wallets.
- As mentioned, the Dapper wallet is mainly used for buying and selling NFTs. Therefore, the third destination of transactions made with the origin of this wallet is NFTStorefront, which accounts for 9.7% of transactions.
- For the Blocto wallet, the third place is related to FiatToken, which has about 21% of transactions.
- It seems that the Blocto wallet is used chiefly for transferring tokens and staking, and the Dapper wallet is used for trading NFTs.
- The chart on the right:
- Tokens transferred are represented by Blacto and Depper wallets.
- In Dapper's wallet, the only transferred token is FLOW, which accounts for 100% of transfers.
- But a more comprehensive range of tokens has been transferred in the Blocto wallet, with the top 6 tokens shown in terms of USD transfer volume.
- The most significant volume is related to FLOW, which accounts for 77.4% of the volume, and USDT and FUSD are in the second and third positions with 18% and 2.5% of the total volume, respectively.
Conclusion
- Among these 3 wallets, Dapper is mainly used for trading and holding NFTs, and Blocto is used chiefly for transferring tokens.
- Blocto wallet has grown significantly in 2022 compared to 2021 in terms of the number of users and the number of transactions. Also, a considerable amount of subsidy transaction fees has been allocated to itself.
- In general, it seems that during the last month, the average number of transactions related to the Dapper wallet for trading NFTs is decreasing.