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?

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    Background

    The ultimate goal of every L1 blockchain is to grow and capture the web3 market which is still considered very early. One important metric that is usually used to measure growth across projects is the number of unique users.

    The number of unique users (a proxy for unique wallets) that patronise a protocol is a strong indicator of how interested the market is, in the product offering.

    Therefore, in this dashboard, we shall compare the metric of unique users on the Solana network, against that of Ethereum and Terra since February 1, 2022.

    Conclusion

    We have compared the metric of unique users across Solana, Ethereum, and Terra and have come to the following conclusions:

    • Ethereum is the most adopted network, at 2x the rate of Solana adoption.
    • Terra is the least adopted network, at 1/4 the rate of Solana adoption.
    • Owing to market conditions, the rate of growth on these networks seem to have plateaued, especially for Terra.

    Unique Users (Solana vs Ethereum vs Terra)

    At a high level, let's begin with the cumulative number of unique wallets performing transactions on Solana, Ethereum, and Terra. We can use this metric to conclude on the network with the most growth since February 2022.

    Per the unique user metric, Ethereum has seen the most growth with 16.9M unique users since February 1, 2021, ahead of Solana with 8.23M and Terra with 1.9M

    To gain more insight, let's break this down into daily figures and see if we can notice a trend. Observe the chart below that shows the daily number of unique wallets transacting on Solana, Ethereum, and Terra since February 2022.

    As you can see, the trend in the chart above implies that the daily unique wallets across Solana, Ethereum, and Terra seem to be pretty constant over time. On a daily basis, unique users for Terra hover around 36k, 200k for Solana, and 400k for Ethereum.