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Compare the number of unique wallets that have sent a transaction since February 1st on Solana vs Ethereum vs Terra. How does user adoption seem to be trending for Solana compared to these other major chains? Does it appear that market conditions are slowing down growth or activity on the networks?
Chart 1 : Number of unique users daily on respective chain
Analysis Approach
In this dashboard, I have done two analysis based on 2 metrics to observe the trend of adoption to respective chain Ethereum, Solana and Terra.
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Number of unique users daily who made at least 1 transaction on 1st Feb 2022
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Number of transaction daily on each chain
Ignore the last day data, as the analysis was made on that day and the DB has not been refreshed
Number of transactions daily on respective chain
Looking at the transaction count, Solana has dominated under this metric. Why? Because it is simple , the transaction fee and gas fee on Solana chain is cheapest among all. At the early days on February 2022, the transaction count is maintaining at 5 Million to 6 Million. Coming to the end of February 2022 to month of March 2022, the transaction count increases from 6 Million to around 8 Million. I can observe that users are making more transactions lately.
Solana is taking up 80% of of overall market as comparing to Terra and Solana.
Chart 2 : Number of transactions daily on respective chain
Number of unique users daily on February 2022 onwards
First thing first, Ethereum number of unique users daily are having around 400k. Then, the daily average of unique users on Solana is around *200k. Lastly, the amount of unique users on Terra is around 40k.
Ethereum as one of the most popular chain on crypto still outpaced the other chain in terms of users count. It is having twice the number of users in Solana and 10 times the number of unique users on Terra.
Is there any growth or change of trend in Solana for unique users count?
As from the analysis shown below, I don't quite found the relation in the trend happening on Solana. As there is no significant amount of unique users change over the period of time. Hence, I would say Solana has captured it's own users target. Solana have relative strong community and large users count.
Conclusion
Solana has captured its own users target. Solana unique users amount has been maintaining at 200k. Solana is good at its cheap transaction fee and gas fee. Hence, more users are attracted to Solana chain. However, it possess a serious problem in Solana chain which is the chain has experienced several times halt or lagging in transaction process. Where users had experienced long wait time to wait for their transactions to complete.