QuickNode Releases The On-Chain Report Q3: Stablecoins Hit 400K Daily Active Addresses
Miami, Florida
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November 02, 2023 02:00 PM Eastern Daylight Time
QuickNode, an end-to-end development platform for Web3 innovation, has released The On-Chain Report to highlight the developments in the blockchain industry in the third quarter of 2023. Prepared with Artemis, an institutional data platform for digital assets, The On-Chain Report provides a comprehensive overview of blockchain usage and investments in Q3 by examining consumer trends, developer activity and the investment landscape.
Among the key findings of The On-Chain Report is the significant increase in stablecoin activity across blockchain networks. Stablecoins have become the most popular category as measured by daily active addresses (DAA), ending Q3 with over 400,000 average DAA. Stablecoin has also become the only category examined by the report that has shown growth in Q3 2023, outperforming DeFi, Social, Gaming and NFT categories
Key takeaways from QuickNode’s On-Chain Report include:
Consumer activity was dominated by financial activity, with stablecoin activity taking the crown from DeFi.
Fueled primarily by the Friend.tech trend, DeSocial is starting to emerge with viral product launches. The potential for a Web2 scale social app will turn the current adoption levels on its head.
Development activity remains strong only on Optimism’s OP Mainnet, suggesting that developers see EVM scaling solutions as a critical problem to solve in the near term.
Future trends, as informed by investment data, suggest that gaming and AI offerings are where the blockchain ecosystem will see the greatest emergence in the coming years.
Commenting on the report, QuickNode Co-founder and CEO, Dmitry Shklovsky said: “By centering the narrative around blockchain developers and end users, we gain valuable insights into the roadmap for building a sustainable and rapidly expanding Web3 ecosystem. These insights, combined with the context of product launches and investments, give us a comprehensive story of where we're heading.”
Prepared by QuickNode and Artemis, The On-Chain Report draws an insightful picture of the blockchain industry by looking at today, medium term and long term. The report offers detailed stats and analyses categorized by Stablecoins, DeFi, NFT, Social dApps and EVM-scaling Solutions.
To prepare the report, QuickNode has examined the average daily value on a weekly basis on Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet and Polygon PoS, using Artemis.xyz as the primary data source.
The On-Chain Report is available here.
About QuickNode
Since its founding in 2017, QuickNode has emerged as the go-to solution for businesses and innovators requiring world-class blockchain development tools for speed, reliability, and security. Handling over eight billion blockchain requests daily, QuickNode boasts a 2.5X faster response time than competitors and 99.99% uptime across 24+ chains and 35+ networks. With a user-friendly interface and a robust multi-chain developer tool suite, QuickNode is an ideal choice for top Web3 businesses and global brands.
About Artemis
Since launching in 2022, Artemis has emerged as a premier institutional data platform for digital assets. Delivering insights across 25+ blockchains, Artemis stands out as the definitive data science layer for crypto fundamental information. From sector-specific metrics to real-time developer engagement insights, Artemis ensures that users are equipped with the most comprehensive and customizable digital asset data available. With its wide availability of data ingestion choices, from Excel integrations to Snowflake Data Shares, Artemis is the data platform of choice for global financial institutions and investors.
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