CoinDesk Reports:
Jamie Coutts, Chief Cryptocurrency Analyst at financial services platform Real Vision, suggests that on-chain metrics indicate a promising future for cryptocurrencies.
In a post on social media platform X, Coutts noted a significant spike in daily active users (DAU) on blockchain networks, indicating unique interactions with platforms within a 24-hour period.
Over the past six months, DAUs across 22 blockchains have surged by 132.8%, with a further 117.4% increase in the last three months.
“Ranking by 3-month DAU growth (14-day average), blockchain has seen a 20% overall decline to 12.8 million, while the average price of smart contract platforms has dropped by 36%.”
Source: Jamie Coutts/X
The highest increases in DAU were observed on the decentralized first-layer blockchain and smart contract platform SUI. Interactions with the network saw DAUs rise by 1957.4% over the last six months and by 3503.4% in the past three months. Ethereum’s (ETH) second-layer scaling solution Mantle recorded a 231.3% increase in DAU over six months and a 518.1% rise over the past three months.
Last week, low-cap altcoins underperformed against major digital assets. Coutts highlighted that despite recent declines, the DAU metric remains positive for cryptocurrencies, as an increase in daily active users often correlates with increased market value for first-layer blockchains.
“Prices may have peaked in March/April due to an overvaluation. However, user acquisition continues to grow exponentially, aligning with expectations for index-level assets/technologies.
The current trajectory points to 20 million crypto DAUs by EOY, or approximately 200 million MAUs (monthly active users). Proud.”
Source: Jamie Coutts/X
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