SOCIAL
Key Data and Insights Into Digital Asset Social Trends
USER ENGAGEMENT AND MARKET CONFIDENCE IS RISING.
The industry has witnessed a notable surge in user engagement, with average daily trading volumes experiencing a significant increase to $65.5 billion, up from $26.0 billion in July, for the analysed assets. This rise in market activity is closely linked with an uptick in the number of active wallets, underscoring a trend of growing adoption and heightened user activity both on and off-chain. Such momentum has been further buoyed by recent ETF approvals and the embrace of narratives such as tokenisation, which has spurred optimism and wider interaction with blockchain technologies.
The landscape of blockchain projects is witnessing a remarkable shift towards inclusivity and innovation, underscored by the adoption of developer grants . This commitment to developer grants signifies a heightened industry focus on nurturing talent and fostering technological advancements.
By allocating resources to support developers, the sector demonstrates a proactive approach to cultivating a diverse and skilled community and democratising access to development.
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While there has been a minor reduction in average transaction fees since July, costs remain high, particularly on leading platforms such as Ethereum.
This persistent issue poses significant challenges to accessibility, restricting access and deterring broader adoption. However, anticipated upgrades on several blockchains are expected to enhance scalability, promising a future where transactions are not only faster but also more cost-efficient, which is critical for advancing the inclusivity of blockchain technology, paving the way for its more widespread use and acceptance.
CONCENTRATION OF WEALTH AND POWER IS STILL AN ISSUE AMONG PROTOCOLS.
The unequal distribution of protocol tokens significantly undermines fairness within the industry, posing a substantial threat to inclusivity. This observation becomes particularly concerning given that the top 10 wallets control 25% or more of the coin/token supply for ~15% of the analysed assets. Such a concentration of wealth and power raises serious questions regarding the industry's adherence to ESG principles and its commitment to fostering a level playing field for all stakeholders.
$2.38 is the average transaction fee required to transact on the analysed blockchains and protocols. Compared to $2.98 for July-23.
733 is the total number of trading pairs in which analysed assets feature on Top-Tier exchanges, making them widely accessible. Compared to 678 in July-23.
9.5M daily active users across analysed protocols, represented by daily active wallets. Compared to 6.4M in July-23.
$65.5B is the average daily trading volume for the analysed crypto assets on centralised exchanges. Compared to $26.0B in July-23.
87.5% of analysed projects have some sort of community grants to fund their community development activity.
15% of analysed assets have over 25% of the supply held by top 10 wallets.
