New wallets in May

In this investigation, we'll be looking at open balances over time by wallet type that holds > 1 ALGO. Then get the percentage of these wallets that transacted at any point during May (and only May).

Number of wallets

Let's first look at the number of wallets with balances >1 ALGO over time.

Other than this massive spike ~ Mar 22nd on multi-sig wallets, which is odd and I do not understand what that would be from, we can see that Sep-Dec 2021 was a good time for Algorand, a lot of users onboarded to check out what the ecosystem had to offer.

Percentage Wallets

Let's look now at what percentage of the above wallets transacted within the month of May.

What these numbers tell us is that in May ~13.8% of all-time wallets that hold at least 1 ALGO in their balances have transacted in the ecosystem in May. But this does not really give us any indication of how other months looked or how it compares to them, so let's also look at April and March.

Summary

What we can see is that May is comparable to March in terms of the % of wallets with > 1 ALGO transacting within that month. Whereas April seems to be above average in terms of activity from these wallets. On average and only looking at these 3 months we get that ~ 14% of these wallets are active in the ecosystem, which is not anything to write home about sadly. But these have been sampled in a bear market, so that might explain things also Algorand could have users that are long-term investors that just hold a lot of their assets in their own wallets (instead of exchanges) which would cause this value to dampen a little.