Try Quests to earn FLOWFlow User Activity
Flow is a blockchain platform designed to enable decentralized applications and digital assets, including non-fungible tokens (NFTs). It was created by the team behind CryptoKitties, a popular NFT game built on the Ethereum blockchain. Flow uses a unique architecture that separates the consensus layer from the application layer, which allows for greater scalability and faster transaction processing times. It also features a built-in marketplace for buying and selling NFTs, as well as a developer-friendly toolkit for building decentralized applications.
Here are the key takeaways from the analysis of Flow's user activity:
- Flow surpassed 10m unique addresses in 2023 with an average month-over-month rise of nearly 190% since its launch.
- It has a daily active user count of 35k and a daily new user count of 12k addresses.
- While Flow has generally followed the overall crypto market trend, there have been numerous days with an Interesting high level of activity.
- 75% of the days had a normal, around 18% had a high, and around 7% had a low level of activity.
- NBA Top Shot, NFT Storefront, Token Forwarding, and Dapper Utility Coin were the top contracts with the most interactions by active users on days with a high level of activity.
- More than 75% of the addresses on the days with high activity were only active for 2 days at best while they only accounted for 13% of the total transactions conducted on those days.
- More than 95% of these users conducted less than 10 transactions since their creation.
- The amount of FLOW transferred to and from the addresses that were active on days with a high activity level was exactly the same.
- More than 800m FLOW was transferred (roughly $1.5b) resulting in a zero balance for those addresses.
- 6m addresses sent nearly around 676m FLOW tokens and received around 723m FLOW to those active users on the days with high activity.
- These addresses accumulated a net balance of more than 47m FLOW tokens.
- Overall, it seems that these addresses only acted as an intermediary, first receiving some funds, then conducting a task, and finally sending those funds back.
Throughout its lifespan, Flow has experienced different periods with a variety of user counts on a daily basis. It has generally followed the overall crypto market trend, gaining a huge boost during the crypto summer back in 2021, with a considerable increase during the first months of 2022. While the Terra crash back in May 2022 had a relatively small impact on the average number of daily users, the number of users has started to decline since September 2022, probably in coincidence with the FTX crash.
Besides the general summary of the user activity mentioned above, there have been numerous days with an Interesting high level of activity. The number of users on those days surpassed multiple hundred thousand which is much higher than the daily average number of active users. This dashboard aims to uncover the source of this type of Abnormal activities and the reasons behind it.
Overall, the number of unique addresses on Flow surpassed 10m in 2023 with an average month-over-month rise of nearly 190%. Although the growth/decline in the number of new users was relatively low over the last 2 years, those months with an incredibly high number of activities helped the network to register a high jump in its overall user count.