Try Quests to earn FLOW[Flow] - Flash Bounty: Flow Wallet Dominance
Bounty Question
Show the landscape of wallets on Flow right now, like Dapper, Blocto, lilico, etc. Display metrics such as: overall number of users, comparison of NFTs traded by wallet, market share dominance, etc. What are active wallets doing more broadly? Help us get a current understanding of the expanding ecosystem of Flow wallets. \n
Flow Wallets
Overview
You need a wallet to manage your Flow account and digital assets like NFTs or crypto currencies.
What is a wallet?
Flow Wallets are applications that give access to your Flow accounts, allow you to send and receive funds, and enable you to interact with Flow applications.
What features do wallets provide?
A variety of wallets are available. Most commonly, they allow you to …
- Create Flow accounts
- Read address, balance, and transaction history
- Transfer tokens from one account to another
- Display NFTs and discover NFT collections
- Authenticate with Flow applications
- Send transactions
Methodology
I used the codes of this dashboard as a reference for my analysis. The credit of all the codes of this dashboard belongs to Rayyk.
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In the first step, an overview of Flow blockchain wallets was done. In this analysis, the number of transactions made with each wallet, the number of owners of wallets and the average number of transactions of each owner were determined.
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In the second step, these three parameters were determined daily for all wallets. In addition to these, a cumulative graph was also drawn for the number of transactions and the number of users.
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In the third step, the number of daily new users of each of these wallets was determined and their cumulative graph was also drawn.
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In the fourth step, it was checked how many owners of these wallets have purchased NFT and what percentage of the total owners of that wallet is this number?
- In the fifth step, it was checked how many of the owners of these wallets have had liquidity providings so far and what percentage of the total owners of those wallets is this number?
Overview
Dapper is the most used blockchain flow wallet. This wallet has about 1.064m owners, more than 72.8m transactions have been done by them so far.
The number of JoyRide wallet owners is 1.65 times the number of second-ranked wallet owners (i.e. Dapper).
The number of transactions made by Dapper wallet owners is 1.34 times the number of transactions made by the owners of the second ranked wallet (i.e. JoyRide).
The number of JoyRide wallet owners is 5.39 times the number of owners of the third ranked wallet (i.e. Blocto).
The number of transactions made by Dapper wallet owners is 7.95 times the number of transactions made by the owners of the third ranked wallet (i.e. Blocto).
In terms of the number of transactions per wallet, the first rank belongs to Seussibles, which has done more than 607k transactions with only 4 owners (it has the least number of owners among these wallets) and the average number of transactions per each of Owners of this wallet is 151.84k.
In the parameter of the number of transactions per wallet, if we exclude the index obtained for the Seussibles wallet, the superiority is still with Dapper. This fee for this wallet is 112.75 transactions per wallet. While in the next rank, you can see JoyRide, for which the value of this index is 51.03.
Daily Overview
In the analysis of the daily situation, because Dapper, JoyRide and Blocto wallets are the biggest and most important blockchain wallets, reviews will be focused on these three wallets.
Dapper:
- In the graph of the number of daily transactions, you can see three peaks, all three of which are equally wide. One related to April and March 2021, the second in February 2022 and finally one in September 2022. The biggest and most important peak among these three is related to February this year. Where many unattainable records have been set by the owners of this wallet in the number of transactions.
- It can be specifically mentioned on February 24 that more than 800k transactions were made by the owners of this wallet!
- At the end of 2021 and the beginning of 2022, you can see the significant growth of transactions made by the owners of this wallet in the daily graph of the number of transactions.
- More than a third of the owners of this wallet had at least one transaction on the 29th of July. This is the highest number of transactions by a unique owner of this wallet in one day. Apart from July 29th and the day before, only two other days have the number of unique owners of this wallet that have transacted in a single day exceeded 60k. (February 18 and 25)
- Until October 14th, the number of wallet owners did not exceed 3 owners. But a significant number of transactions were carried out by the same small number of owners. For this reason, the averages of this wallet before October 14 cannot be compared with any other wallet.
JoyRide:
- The explosive growth of the number of transactions made by the owners of this wallet can be seen from the beginning of June. This upward trend reaches its peak at the end of August and with 760k transactions in one day, they leave a record that will not be achieved soon.
- After August in September, a dramatic drop can be seen in the number of daily transactions by the owners of this wallet. The number of daily transactions, which peaked at 760k on August 30, dropped to 260k per day on October 4, roughly a third, in just one month.
- The number of daily owners has a very interesting trend. There are three peaks that get wider as you go from one to the next. These peaks were reached on May 25, June 27, and August 23, respectively. The highest number of owners who transacted in one day was on June 27, which was the top day with over 42.7k owners.
- The average number of transactions per owner for the owners of this wallet shows only three significant peaks, which increase by moving from one peak to another. On May 18th, over 30.8k transactions per owner on average (with one owner. It was quite expected that the number of unique owners on this day would be very low)
Blocto:
- In the daily chart of the number of transactions of this wallet, two sections can be seen, one wide and low, the other narrow and high. The first is in January 2022 and the second is in July of this year.
- The second peak has led to unattainable records. In this period, the number of daily transactions has reached more than 150k. While before this peak, the number of daily transactions made by the owners of this wallet in one day did not exceed 50k transactions!
- The graph of the number of daily unique owners of this wallet has a very interesting shape. A constant peak and valley pattern with a gentle upswing.
- September 28th is the top day with over 18.3k unique owners.
NFT
Only owners of 6 wallets have purchased NFTs.
Among these 6 wallets, Dapper wallet owners make up the largest portion of users who have ever purchased NFTs.
More than 57% of Dapper wallet users have bought at least one NFT so far. This percentage is about 3 times the percentage of Lilico wallet owners.
In second place is the Blocto wallet, the number of owners of which have purchased NFTs is more than 60% of the number of Dapper wallet users who have purchased NFTs.