Bitcoin News and Finance
Study: Stablecoin Activity the Highest in Q3 of 2023 With Approximately 400K Daily Active Addresses Skip to main content

Study: Stablecoin Activity the Highest in Q3 of 2023 With Approximately 400K Daily Active Addresses

Study: Stablecoin Activity the Highest in Q3 of 2023 With Approximately 400K Daily Active Addresses

By the end of Q3 2023, activity in the stablecoin category as measured by the number of daily active addresses (DAA) stood at over 400,000 — the highest in any category. In the decentralized finance (defi) category — the next highest-ranked category — the number of DAAs at the end of Q3 was just over 200,000.

Stablecoin Activity Nearly Doubles That of Decentralized Finance

According to the findings of Quicknode’s latest study, stablecoins are now ranked the most popular blockchain category after ending Q3 with 400,000 daily active addresses (DAA). In addition, the stablecoin category is the only one to register growth in the three quarters that were reviewed. For instance, in Q1 the average DAAs stood at 317,000 and went up to 450,000 in Q2. In Q3, the category’s DAAs had increased marginally to 461,000.

As shown by the study data, the stablecoin category’s DAAs at the end of Q3 are approximately double that of the next highest-ranked category — decentralized finance (defi). In the past, defi had the most DAAs and at the start of Q1, and the category had slightly more activity. However, after rising to nearly 400,000 DAAs sometime in Q2, activity in the defi category gradually declined. By the end of Q3, there were just over 200,000 DAAs.

Study: Stablecoin Activity the Highest in Q3 of 2023 With Approximately 400K Daily Active Addresses

The study, which was prepared alongside the institutional data platform for digital assets Artemis, was primarily focused on seven notable chains, namely: Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet, and Polygon PoS.

Rise in Decentralized Social App Activity

Commenting on the study’s findings, Dmitry Shklovsky, the co-founder and CEO of Quicknode, an end-to-end development platform for Web3 innovation, said:

By centering the narrative around blockchain developers and end users, we gain valuable insights into the roadmap for building a sustainable and rapidly expanding Web3 ecosystem. These insights, combined with the context of product launches and investments, give us a comprehensive story of where we’re heading.

Meanwhile, in addition to highlighting the rise in stablecoin activity, the study findings also revealed decentralized social applications’ emergence as a new force and how the Friend.tech phenomenon has been central to this. The findings also indicate that development activity “remains strong only on Optimism’s OP Mainnet.” This, according to the study, suggests that “developers see EVM scaling solutions as a critical problem to solve in the near term.”

In terms of future trends, the investment data examined suggest that gaming and artificial intelligence offerings “are where the blockchain ecosystem will see the greatest emergence in the coming years.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory