Flow vs Other L1s Pt (II)
How does Flow compare to other L1s in terms of user retention? Is a user who made a transaction previously likely to make another transaction a week or a month later? Compare and contrast this type of activity vs other L1s like Solana and Ethereum.
Hello! on This dashboard we are comparing wallets behavior and fining out the time interval between a wallet’s first and second transaction. The main chains we are reviewing is Flow and we are comparing it with Solana and Ethereum. (The time frame is from beginning of the 2022)
At first let’s see total transaction counts on each chain in our timeframe
As we see Ethereum with 24m transactions is number 1 here, solana has 9m and Flow has 4m, But what if we look at wallets counts factor, What’s the average number of the transaction for each wallet? Let’s see:
As we see, Solana have huge distance here, means the transactions in Solana chain are making buy fewer wallets counts if you compare the rates with Ethereum and Flow, also you see by wallet counts factor, Ethereum have the most number of active wallets here.
After finding the transaction counts, lets see how frequent this transactions are happening by the wallets or it’s better to say, What is the time interval between their first and second transaction?
In all chains, the wallets make the second transaction in the same day which they made the first one, but in Ethereum and Solana if the 2nd trend is more than 1 month distance while on Flow it’s in a week distance is the 2nd trend.
Let’s see this case on each chain separately:
Ethereum and Solana users behavior is almost the same how ever the Ethereum’s less than 1 day returners are a bit more the Solana.
But in Flow the less than one day group has higher share comparing to those 2 chains also as we said before in Flow returning in a week is second trend unlike the Ethereum and Solana.
Finally if we take a look to users behavior without paying attention to the Chains type
we see when a specific wallet makes transaction 1, it’s likely to make transaction 2 in the same day, and If the wallet don’t do like this trend it’s likely to make 2nd transaction more than a month later.
Conclusions
- Solana has the most transactions per each wallet (means having less active wallets)
- Ethereum has the most transaction counts and also active wallets
- If a a specific wallet makes transaction 1, it’s likely to make transaction 2 in the same day in all chains, the reason could be the approving transaction for spending tokens in different platforms is one of the most common transactions on all chains, so when a user approves + spend tokens he is using 2 transactions in a short time!
- If a Flow user does nor follow that common trend, It's likely to make his second transaction on the same week, but in Solana and Ethereum users usually made the second one more than 1 month later.