Cryptocurrencies and Daily Active Addresses (DAA)
Cryptocurrencies are meant to solve real-world problems and be used by people. Monitoring the Daily Active Addresses (DAA) metric can provide insights into which crypto projects are actually being used. DAA measures the number of unique addresses involved in all transactions for each crypto network on a daily basis.
Key Points:
– Bitcoin has the highest number of DDA in the last 30 days, as expected.
– Ethereum, the second largest crypto by market cap, is not the second most used token or network.
– Tether (USDT) appears three times in the top 10, using different networks.
– Peer-to-peer cash projects like Litecoin and Bitcoin Cash are among the most used coins and networks.
– Stablecoins like USDT and tokens like MATIC also have high DDA.
Hot Take:
Bitcoin remains the dominant crypto in terms of daily active addresses, reaffirming its position as the leading cryptocurrency. Ethereum’s lower ranking in terms of DDA usage highlights the diverse landscape of crypto adoption. While stablecoins like USDT are widely used, it’s interesting to see peer-to-peer cash projects gaining traction. The DAA metric is a valuable tool for understanding real-world usage of cryptocurrencies.
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