Jamie Coutts, the chief crypto analyst at crypto firm Real Vision, recently ranked layer-1 networks using their network growth. Interestingly, the networks that topped the list aren’t the usual names that crypto community members might be accustomed to.
SUI And Mantle Network Top The List
According to the list that Coutts shared on his X (formerly Twitter) platform, Sui and Mantle were first and second in terms of growth in the Daily Active Users (DAUs) these blockchains have witnessed in the last three months. SUI network witnessed an impressive 3503% increase in its DAUs during this period, while Mantle witnessed a 518% growth.
Celo, Arbitrum, and Blast completed the top five rankings, as they witnessed 3-month DAU growth of 414%, 157%, and 107%, respectively. The Open Network (TON), which has undoubtedly had an impressive year, came sixth on the rankings with a growth of 97%. TON’s network growth is seen to have declined in the last three months, considering that it boasts a 6-month DAU growth of 1,346%.
Meanwhile, the Ethereum layer-2 network Base also made the list, ranking behind TON with a 3-month DAU growth of 78.6%. Much of Base’s network growth can be attributed to its growing meme coin ecosystem, with many meme coin traders flocking to the network in pursuit of significant gains from these crypto tokens.
Near, Tron, and Polygon completed the top 10 list, ranking behind Base with a 3-month DAU growth of 37.9%, 31.2%, and 30.6%, respectively. MultiversX and Fantom were the only other networks in the green and experienced significant growth in the past three months.
Interestingly, the top networks by market cap, including Bitcoin, Ethereum, BNB Chain, Solana, and Cardano, all witnessed declines in their Daily Active Users in the last three months. BNB Chain experienced the most decline among these foremost networks, with a -28.6 % growth in its Daily Active Users.
The decline in Solana’s 3-month Daily Active Users might be a surprise, considering the buzzing meme coin ecosystem on the network. However, the 6-month DAU paints a better picture for Solana, with the network witnessing an impressive 124.9% increase in its Daily Active Users during this period.
A Bullish Metric For All Of Crypto
Irrespective of where these blockchains are ranked, this metric paints a bullish picture for the broader crypto ecosystem. Coutts noted a 20% increase in the total Daily Active Users on these networks combined, rising to 12.8 million users during this period. The analyst further highlighted how this user acquisition could positively affect the price of the network’s native token.
Meanwhile, Coutts projects that crypto networks could boast a total of 20 million Daily Active Users by year-end. This is again bullish, as these new users could bring new money into the crypto ecosystem, which would help drive prices up.
Featured image created with Dall.E, chart from Tradingview.com
Author: Scott Matherson ::: Source link
