At the moment, only a small amount of people use the apps built on blockchains, with the following being the most popular:
. Exchanges
. Market places
. Gaming
The majority of the world that are involved in crypto are simply buying coins to return a profit. People can recommend projects because they love what they do, but people don’t care about what they do, they just want to get rich from it.
In the short term coins prices are driven upwards by marketing and a narrative that takes hold on investors. Over the long term, what drives the price higher of a coin, of value should I say, is usage.
We need more people using these apps and we need to be patient.
Blockchain.com reported having more than 83 million blockchain wallet users (or owners of exchange accounts) worldwide as of July 2022. I have detailed below the daily active addresses of 7 blockchain DApp platforms. I have included a couple of Legacy platforms in there also.
Daily active addresses on the Ethereum blockchain are 0.93 million.
Daily active addresses on the Solana blockchain are 644,000
Daily active addresses on the Cardano blockchain are 72,000.
Daily active addresses on the Avalanche blockchain are 39,757.
Daily active addresses on the Polkadot blockchain are 21,000.
Daily active addresses on the EOS blockchain are 3,900.
Daily active addresses on the NEO blockchain are 0.20k.
The Cardano network has 4 times more active users than Ethereum in percentage terms.
The total number of Cardano wallets is currently at approximately 3.6 million, which is less than 5% of Ethereum’s total number of opened wallets on the network, however, Cardano is constantly beating ETH and LTC in transaction volume, which tells me people are here to use Cardano, not just to buy and sell the ADA token.
Food for thought...
Anyway I am about to head to Spain for 10 days in the Sun, so may not get an update on here until I’m back. I will be taking my laptop with me as we are at a controversial stage in the market and I have some buy orders set for Bitcoin.
I just hope $17,600 holds for Bitcoin (currently $18,788 at time of writing), or we are screwed. If that price doesn’t hold we break through everything, including the 200 weekly moving average….not good.
Fingers crossed! See ya!
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