Daily Active Users (DAUs) are a critical metric reflecting the success and growth of a blockchain network. DAUs can be thought of as customers, and a high number of DAUs indicates a thriving ecosystem that attracts more developers and users. This creates a virtuous circle of growth and innovation. Many investors focus on metrics like price and market cap, but DAUs should not be ignored.
Here are the top blockchains ranked by DAUs in 2023:
1. Tron: Tron is a public blockchain created in 2017 by Justin Sun. It is the 10th largest chain today, with a market cap of over $7.5 billion. Tron has over 1.6 million DAUs, making it the blockchain with the largest daily active user base. Its support for decentralized finance (DeFi) has contributed to its ecosystem’s health.
2. BNB Chain: BNB Chain, created by the cryptocurrency exchange Binance, is a fast-growing blockchain ecosystem in DeFi. It has a market cap of over $32 billion. BNB Chain has over 1 million DAUs, although it experienced a 20% decrease compared to the previous month.
3. NEAR Protocol: NEAR Protocol is a Proof of Stake (PoS) blockchain launched in 2017. It focuses on scalability and offers fast and inexpensive transactions. NEAR has seen a sudden surge in DAUs, currently hovering around 700,000. This increase is unexplained but may be due to deals and partnerships the protocol has been making.
4. Ethereum: Ethereum is the largest blockchain network using smart contracts. It has a market cap of $191 billion and has dominated the DeFi space. Ethereum has around 336,000 DAUs, which has remained relatively stable over the past year. Its level of dominance in terms of users has decreased compared to other chains.
5. Bitcoin: Bitcoin is the largest and oldest cryptocurrency. While it doesn’t support dapps, it drives the entire crypto market. Bitcoin has over 720,000 DAUs, with a year-on-year increase of over 100,000. The DAU figure does not show a strong correlation with other metrics.
Special Mention: Starknet is a Layer-2 scaling solution for Ethereum that has seen a surge in DAUs. Its DAU figure has increased over 30,000% in the last year, reaching almost 170,000. Starknet aims to make Ethereum transactions more efficient and cheaper.
In conclusion, DAUs are an important metric for investors to consider when evaluating blockchain networks. A high number of DAUs indicates a thriving ecosystem and potential for growth and innovation. Tron, BNB Chain, NEAR Protocol, Ethereum, and Bitcoin are among the top blockchains ranked by DAUs in 2023.
