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Introduction and Methodology

For this bounty, I will investigate which kinds of transitions are the most common amongst Metamask users. What has to be noted here, is the fact that there are many types of transactions (event names): swaps, transfers, mints, burns... and many more. In order to know which ones I should focus on in this analysis, I have decided to write a short count query that will tell me which types of transactions are worth analysing here.

As we can see, Transfers are the top 1 most executed type of transaction on Metamask, followed by Swaps (as approvals don't really count as a transaction type). This count leads me to the decision of including the following in my analysis:

• Transfers,

• Swaps,

• Deposits,

• Withdrawals,

• Mints,

• Burns.

Any other kinds of transactions will be labelled as 'Other' throughout the rest of this dashboard.

Most Common Transactions on Metamask

Let's analyse the results next!

We can see that transfers have the biggest share when looking at the total number of transactions, with over 55M transfer transactions. The second place belongs to swaps, with over 20M of swap transactions. Let's see how this data will look like in a pie chart.

The 'Other' label takes up the majority of the space here - this is quite inconvenient, given that some of the labellings within the table seem to be repetitive, for example, 'deposit' or 'deposited' should both refer to the same kind of transaction, yet two event names are included. I am pretty sure that this occurs more often within the table, I tried to clear up the query as much as I could, however, the 'other' part could still include some of the actually labelled types. However, I don't think this would change the results by a big factor, this is just a note.

Next, let's look at the count based on the number of unique wallets.

Here there is more competition between transaction types - we can see that swaps, transfers and deposits are totalling almost the same count each. Transfers still come at the first place, with 1.27M, swaps at the second place with 1.22M and in the third-place we have deposits, with 1.11M.

Most Common Transactions - a different perspective

Instead of looking at which transactions are the most common by the type of transaction, I have decided to also look at the labels table and categorise the transactions based on label_type, or in other words, whether they are a CEX/DEX/DeFi transaction etc.

We can see that applications win here by far - with over 30.6M transactions. This could include things such as games, signing up for an NFT pre-mint, or certain decentralised protocols. The second place belongs to Dexes with 21.5M, followed very closely by token transactions with 20.6M. We can visualise these results even further by looking at another pie chart. 😌

Next, let's count the types of transactions based on the unique wallets that use them.

Here we can see that Dexes take over Dapps - with 1.27M for Dexes and 1.25M for Dapps. The third-place here belongs to token transactions with over 800k, followed very closely by layer 2 transactions (woohoo) with almost 788k.

Categorising by label

Lastly, let's look at the top 25 most common transactions based on the transaction number and by the label.

Conclusion

This dashboard consisted of two main parts - categorising the most common transaction based on the type of transaction it is, namely whether it is a transfer, swap, a mint or a burn etc. The second part focused on categorising these transactions based on their nature, i.e. whether they are a DEX transaction, a Dapp transaction or a layer 2 interaction etc. There are probably other ways to split the categories here and shift the perspective of what the most common transactions are - but I hope that looking at the same data from two different perspectives has been insightful enough! 😇

We can see that 'WETH' transactions are the winner here - this could potentially mean users going from layer 1 to layer 2 and vice versa, or could constitute of OpenSea transactions (as all of the OpenSea NFTs operate under WETH).

The second place in this category belongs to UniSwap 🦄 transactions, with over 16M! The third-place belongs to Hop Protocol which has lately been acquiring more and more user interest. The rest of the list, OpenSea, SushiSwap, StrongBlock etc, are all a part of the top 25 labels based on how many MetaMask transactions have interacted with them.