Introduction

The adoption rate is an important metric for tech-related projects including blockchain projects. Adoption rate indicates "the pace at which a new technology is acquired and used by the public". Projects with higher adoption rates are more promising. However, more importantly, to have sustained users, the project should fully understand how adoption happened.

Algorand blockchain experienced a high adoption rate and saw a surge in new wallets created in January 2022. Understanding why users adopted the project and how (through what channel) users were recruited is crucial.

This dashboard focuses on wallets created in January 2022 and examines:

• What particular assets these new wallets interact with?
• what patterns can be found in the amount of Algos these wallets held?

Results

New wallets <> Assets

The donut chart below shows top assets (in addition to ALGO) that new wallets interact with for the first time.

We can see that more than one-third (39%) of wallets have interacted with Opulous tokens. Opolous, a decentralized finance solution for artists has recently been implemented on the Algorand blockchain. Through Opolous pools artists can borrow from and also contribute to art projects.

The second most popular token among newly created wallets is PLANET. PLANET is the token of Planet Watch project. Planet Watch distributes rewards for the contribution of their application's users by PLANET token.

Tether and USDC are stablecoins that always are popular among all users.

Another most popular token is the BUY token which is used in Buying.com

New Wallets <> Algo amounts

The graph below shows a surge in Wallet creation in January 2022. The data shows that some 4,12 million wallets have been created in that month. Among those wallets, 3,85 million wallets hold the exact number of 0,25 Algo. This is a striking pattern that requires explanations.

Discussion

• Were the new wallets interacting with any assets in particular?

The data shows that on Algorand blockchain new wallets tend to interact with particular applications or projects that have utilities: the projects that have already been popular or have already run a popular campaign. The Algorand wallet adoption is largely influenced by these campaigns. For instance, the Twitter account of Planet Watch shows that the project has had a successful campaign towards the end of 2021. The google trend also confirms that Planet Watch has drawn a lot of attention in January.

• Were there any patterns in the amount of Algos these wallets held?

The vast majority of new wallets hold 0,25 Algo. To explain this pattern we should look at the context.

These .25 Algo were transferred from Vitalpass as data shows.

In September 2021 the Columbian government selects the Algorand blockchain-based Vitalpass as the nation's official digital vaccination passport. In January 2022 millions of Columbians were involved in Algorand blockchain through Vitalpass. This confirms how providing blockchain infrastructure for use cases can increase the adoption rate successfully.