Crypto Users
Dive into the 2023 crypto activity stats with "acquired users": user addresses that have returned to use blockchains at least once after their first transaction.
What are users?
In general, there are contracts (or programs on Solana) that implement code, and accounts that interact with that code.
- Ethereum Virtual Machine chains: As of 2024, all transactions on EVM chains (Ethereum, Polygon, Avalanche, Base, Arbitrum, Optimism, etc.) are initiated by an Externally Owned Account, i.e., an account with a private key. These EOAs transfer tokens and interact with smart contracts.
- Solana has fee signers, the account the pays for transactions to alter balances of token accounts and interact with programs.
- Bitcoin has Public Key Script Addresses which control Unspent Transaction Outputs (UTXOs) from previous transaction(s). These Public Key addresses initiate transfers of BTC.
To summarize, we identify EOAs, Fee Signers, and PubKey addresses as users across the blockchains.
Categories of Users
- New user: The first time an address (EOA or Signer or Pubkey) initiates a transaction.
- Acquired user: The second time an address initiates a transaction it is acquired.
- Super user: A user who has done 100 or more transactions (on a specific chain, ever).
For a variety of reasons, a significant percent of addresses across chains are only used once. (Since 2020, 39% of addresses never did a 2nd transaction on Ethereum).
To better compare across chains, this dashboard focuses on acquired users as users having done two transactions on a blockchain.
So, acquired users in 2023, is the # of users whose second transaction occurred in 2023. The first transaction may have been in the same year or earlier.