Introduction and methods

The first L1 stablished network was Ethereum. However, it has received a lot of competeness during the last year. Some of the important competitors are Solana, Terra or Algorand. Both has grown a lot during the last months.

In this dashboard, we will compare the number of new wallets that have sent their first transactions since April 2022 between these networks. As well, we will see the number of total transactions done in a daily basis in all of these chains as well as the daily average number. Afterthat, we will try to extract some important information and insights about that and will see how user adoption seems to be trending on Algorand. Will have market conditions affected on this?

To carry out the tasks commented above, we will need to compare Algorand vs Solana vs Terra vs Ethereum statistics. To do that, we will need to focus our word on getting Algorand from Algorand.transactions new users, Solana new users from solana.transactions table, Terra new users from terra.transactions table and finally, the Ethereum new users from ethereum.transactions table. After that, we will compare the numbers between all of them.

Results

Taking a look at the first chart about the trends on the new users accessing each L1 network, it seems like despite Solana, the other networks are receiving less daily new users over time.

In order to take a deep look on it and get better results, we can take a look as well at the second chart where we can see the percentage of new users coming from each network. In this case, we can see how the Ethereum users represented more than 90% of the total users, being the most important network on the blockchain. However, the last day registered shows that this percentage has decreased to 87%. Terra network seems to be similar over time because of it has passed from the previous 0.44% to the current 0.53%. Algorand, as Ethereum, decreased its percentage of new users from 0.32 to 0.16%, losing a half of its previous percentage, which is a lot. Finally, as said before, and corroborating the statement, Solana network is the only that has increased their new unique daily users, starting from 8.5% and increasing to 11%.

Conclusions

It is a clear downtrend in the unique new users coming to these L1 platforms, confirming that the bear market matters because of April was a bad month and then, the number of users decreased in overall. The unique L1 network that could increased its activity in terms of new users was Solana. The rest of the networks, including Algorand, shown a decrement of new users. In fact, Algorand has suffered one of the worst scenarios losing percentage of users coming to the platform from the initial 0.32% to 0.16% right now in comparison to the whole 4 L1 network numbers.