Research Summary

The report provides an in-depth analysis of the performance and trends of three major blockchain platforms: Solana, NEAR, and Ethereum. It highlights key metrics such as stablecoin supply, daily active addresses, transaction fees, and validator growth, among others.

Key Takeaways

Solana’s Stablecoin Supply Growth

  • Significant Increase in Stablecoin Supply: Solana’s stablecoin supply has grown by 50% to $2.34 billion since mid-2023, ranking it fifth among major blockchains. This growth is attributed to Solana’s low-cost and fast transaction times, as well as recent partnerships with Shopify and Visa.
  • Stablecoin Holdings: Unlike other blockchains where 20-30% of the stablecoin supply is held on exchanges, 70% of Solana’s circulating stablecoin supply is held on centralized exchanges, with approximately 25% held in DeFi apps.

NEAR’s Daily Active Addresses

  • Leading in Daily Active Addresses: NEAR Protocol maintains a leading position in Daily Active Addresses (DAA), with a steady rise to 1.3 million. This growth is driven by the viral Telegram wallet HOT and KaiKai’s impressive retention rates.
  • Consumer Projects on NEAR: Four of the top ten consumer projects are hosted on NEAR, with HOT Game and KaiKai leading in DAA. NEAR’s cost-effectiveness and scalability have contributed to the success of these projects.

Ethereum’s Transaction Fees and Validator Growth

  • Rise in Transaction Fees: Ethereum’s total transaction fees have risen to a 7-day average of $17 million, a 236% increase year-over-year. This increase is due to increased network traffic, leading to higher costs for users.
  • Validator Growth: Ethereum’s active validator set has grown to approximately 970,000 validators, with 31 million ETH staked, representing about 26% of the total supply. To manage state size bloat, a max epoch churn limit has been set to 8 validators.

Actionable Insights

  • Monitor Solana’s Stablecoin Supply: Given the significant growth in Solana’s stablecoin supply, it would be prudent to monitor this trend and its potential impact on the overall Solana ecosystem.
  • Assess NEAR’s User Engagement: With NEAR leading in daily active addresses, it would be beneficial to assess the factors driving this high user engagement and how it could influence NEAR’s future growth.
  • Consider Ethereum’s Transaction Fees: The rise in Ethereum’s transaction fees could impact user behavior and the economic feasibility of Ethereum dApps. It would be worthwhile to consider these implications when evaluating Ethereum’s performance.

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