Algorand Free Square

    Q110. Time to get creative and explore! We want you to dig into a topic/project/protocol on Algorand that you find relevant and interesting and create an analysis around it. Bonus points for creativity and uniqueness!

    Introduction

    As this is my first-ever Algorand dashboard, I have decided to look at the basics. I will investigate the number of unique wallets on Algorand since May 2022 and compare it to other networks in order to see how the growth of Algorand in the past few months compares to other chains. In this analysis, I have included the following networks:

    • Algorand

    • Solana

    • Ethereum

    • Polygon

    • Optimism

    • Binance

    • Avalanche.

    What we have to note here is that some of the tables used in this analysis are almost brand-new to Flipside and are still being backfilled. In order to reduce the issue of incomplete data, I have decided to only look at unique wallets from May of this year instead of looking at unique wallets for all time.

    I will also investigate how much fees have been paid in total for Algorand users (again, I could compare this to fees paid by Avalanche users or Optimism users, but my worry is that as the tables are not backfilled, the numbers would be misleading and hence the analysis would not be very insightful).

    db_img

    Unique wallets on different blockchains - comparison

    Loading...


    We can see that there are not many Algorand unique wallets, compared to Solana or Ethereum. In addition, it seems to me that the number of unique users on Algorand has been decreasing since June, whereas it stayed pretty constant for Solana or Ethereum. The other chains also have a greater number of unique users compared to Algorand, with Polyon having quite a large share of unique wallets. Let's replot this data in a different form to visualise it a bit better next.

    Loading...


    Here we can see that prior to the existence of Polygon/Optimism/Avalanche data on Flipside, Solana and Ethereum had the biggest shares of unique wallets. We can also see several spikes of new unique users incoming to the chains, such as on June 20th 2022.

    Loading...


    Finally, having a pie chart allows us to see more clearly how many unique wallets there are in total for each network. We can see that Algorand is not doing that well, as it has only just over 3M unique users, compared to over 22M for Solana or over 19M for Ethereum.

    Fees paid by Algorand users

    As the final part of this dashboard, let's look at how much fees have been paid by Algorand users.

    Loading...


    As we can see, there have been some huge spikes, which I assume to be caused by a big increase of daily transactions.

    Loading...


    We can also look at the overall cumulative sum of all of the fees paid by Algorand users since its inception. If we look at the last day, at the time of writing, the total amount of fees paid equals to almost 1M Algo - which is quite a lot of money!

    Conclusion

    As this was my first Algorand dashboard, I wanted to see how much Algorand has been growing compared to other networks. As we have seen, the analysis is not very positive, as Algorand's unique wallets seem to be dropping and are already much lower than in other networks, mainly in Solana and Ethereum.