L1 Unique Users

    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?

    Introduction

    1. A Layer 1 network is a blockchain in the decentralised ecosystem, whereas a Layer 2 protocol is a third-party integration that may be used in conjunction with a Layer 1 blockchain.

    2. In this dashboard, we will look at the number of distinct wallets that have sent a transaction on three Layer 1s - Solana, Ethereum, and Terra - since February 1st.

    3. Next, we will look at how user adoption is progressing for Solana in comparison to Ethereum and Terra, and see if market conditions are slowing growth or activity on these Layer 1 networks.

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    1. As can be seen, Ethereum has the highest number of active users since February. ETH has about 7.8M unique daily users, accounting for 69.6% of the total active users of these three Layer 1 blockchains.
    2. This is followed by SOL and Terra, which have around 2.8M and 617.7k unique wallets, respectively, accounting for 25% and 5.42% of the total wallets of the three Layer 1 blockchains since February 1st.
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    1. The above line graph displays the number of daily unique active wallets on ETH, SOL, and Terra since February 1st.
    2. As can be observed, the daily ETH wallet count has been the highest, at over 400k each day. This is followed by SOL daily wallet count, which ranges between 150k and 200k, and Terra daily wallet count, which is approximately 80k.
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    1. To compare user adoption on Solana to other chains, I added a line to the line graph that shows the average of ETH and Terra daily active wallet count.
    2. The daily wallet count for SOL appears to be lower than the average for ETH and Terra in February.
    3. However, starting in March, the number of daily wallets on Solana began to outnumber the average daily wallet counts of ETH and Terra on some days. This indicates that SOL's user adoption is gaining traction and is rising faster than the average for ETH and Terra in March.
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    Conclusion 1) Since the beginning of 2022, the macro crypto market has been in a state of consolidation with no obvious direction. Despite this, there has been no slowdown in network expansion or activity.

    1. The growth and activity on networks appears to be stable, with no major increase or decrease in growth.
    2. However, I anticipate that if the macro market gets more positive, more users will adopt crypto, resulting in a rise in the number of daily users on Layer 1 blockchains like as ETH, SOL, and Terra.