Osmosis is a decentralized exchange (DEX)-focused blockchain operating in the Cosmos ecosystem. This means it serves both as a blockchain and a DEX.

As the Cosmos ecosystem continues to explode, it has been important for protocols to have the first-mover advantage. Osmosis was the first to deliver the seamless transfer of tokens across IBC-enabled chains.

To measure Osmosi's growth, we want to look at the metrics of unique users and the number of unique monthly users since inception. We will also attempt to identify the biggest event that brought the most user activity to Osmosis.

To begin with, we investigated the average number of active wallets on Osmosis per day and we found that the estimated number was 20,964.

Let us look at how this number has changed over the months since Osmosis' inception. We can see from the graph below that the rise has been gentle from June 2021 until a very steep rise in December 2021 and an eventual peak in March with 260k unique active users.

Now our next point of query will be to look at the events that contributed to the rise in user activity on Osmosis.

What Events Contributed To The Increase In User Activity?

It is worth noting that prior to March 1, 2022, Osmosis Proposal #176, Osmosis Proposal #182 passed which will see Osmosis become carbon-neutral through June 2022 and will also see Osmosis create a carbon market.

In addition, Osmosis listed 7 new tokens for exchange including pSTAKE, HOPE, and MARBLE. All these ensured that March was set for huge activity.

March 2022, saw the launch of superfluid staking, one of Osmosis' biggest innovations to date. Superfluid staking allows liquidity providers to additionally stake their liquidity positions in the network earning extra rewards. With all these updates that happened in the first quarter of 2022, it is not surprising that Osmosis peaked in user activity in March.