L1 Unique Users
Goal:
This bounty asked us to Compare the number of unique wallets that have sent a transaction since February 1st on Solana vs Ethereum vs Terra. After comparing we should answer the following questions:
- 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?
Solution:
The bellow chart shows us the number of transactions per days of each blockchain.
The first question is about user adoption. Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana claims to offer faster transaction times and lower costs than its main competitor, Ethereum ذut as the chart shows, it has not yet been able to replace Ethereum. The case for Ethereum over Solana results on three main pillars:
- Usage
- Tax efficiency
- Future upgrades
Given this discussion, it is normal that Ethereum's unique wallets more than Solana during the day. what about Terra and Solana?
Tera is always evolving. At the moment, the number of its unique wallets is much less than Solana, but it is not at all unlikely that it will leave it behind in the future.
Let's also look at the time of the creation of each network. In my opinion, one of the influential factors in the activity of users is the age of a blockchain.
- Solana: Founded in 2017
- Ethereum: conceived in 2013
- Terra: created in 2018
The last question is about impact of the market condition on user activity.
According to the above chart, The passage of time increases the activity of users. The fact that the situation in the world and the market is not favorable now has not reduced the activity of wallets.