Jamal Al-Farouq As Q3 2023 concluded, the domain of stablecoins witnessed its peak in terms of user engagement, recording upwards of 400,000 daily active addresses (DAA), outstripping all other categories. The decentralized finance (defi) sector, while being the runner-up in this metric, saw its DAAs culminating at just above 200,000 by quarter’s end.
Stablecoins Surpass Decentralized Finance in User Numbers
Per the latest insights from Quicknode’s research, stablecoins have ascended to become the leading category within the blockchain ecosystem, wrapping up Q3 with a DAA figure of 400,000. This class remains unique in displaying consecutive growth across the trio of quarters analyzed. For context, the DAA count commenced at an average of 317,000 in Q1, elevated to 450,000 in Q2, and edged up to 461,000 by Q3’s conclusion.
The stablecoin sector’s DAA numbers at the closure of Q3 were nearly twice as much as those of the defi sector, which formerly held the top spot for user activity. Defi’s DAAs were close to 400,000 at a point in Q2 but exhibited a downward trajectory subsequently. The decline left the sector with a little over 200,000 DAAs as Q3 ended.
This assessment, crafted in collaboration with the institutional-grade digital asset data platform Artemis, concentrated on an array of prominent chains, which include Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet, and Polygon PoS.
Growth in Decentralized Social Application Usage
Dmitry Shklovsky, Quicknode’s co-founder and CEO, remarked on the study:
Focusing on blockchain developers and end-users provides critical insight for charting a course towards a sustainable and burgeoning Web3 framework. These insights, when viewed alongside product launch and investment dynamics, paint a holistic picture of the industry’s trajectory.
The research also shone a light on the advent of decentralized social applications as significant new players in the ecosystem, with the Friend.tech phenomenon playing a pivotal role in this upswing. The study further observes that development vigor is notably persistent solely on Optimism’s OP Mainnet, hinting that developers deem EVM scalability solutions as an urgent challenge awaiting resolution.
In forecasting upcoming trends, investment data scrutinized within the study indicates a tilt towards gaming and artificial intelligence as the primary growth sectors in the blockchain environment in the foreseeable future.
Table Of Contents
Frequently Asked Questions (FAQs) about Stablecoin Activity
What does the latest study say about stablecoin activity in Q3 2023?
The latest study indicates that stablecoin activity has reached its zenith in Q3 2023, with over 400,000 daily active addresses, which is nearly double the activity in the decentralized finance category.
How does stablecoin activity in Q3 2023 compare to decentralized finance (DeFi)?
Stablecoin activity in Q3 2023 is approximately double that of decentralized finance, with stablecoins seeing over 400,000 daily active addresses compared to just over 200,000 for DeFi.
Which blockchain chains were focused on in the study?
The study focused on seven notable chains: Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet, and Polygon PoS.
What emerging trends did the study forecast in the blockchain ecosystem?
The study forecasts that gaming and artificial intelligence are likely to be the areas where the blockchain ecosystem will see the most growth in the coming years.
More about Stablecoin Activity
- Stablecoin Market Analysis Q3 2023
- Decentralized Finance (DeFi) Trends
- Blockchain Chain Activity Study
- Future of Blockchain: Gaming and AI
- Quicknode’s Web3 Innovation
- Decentralized Social Apps Rise
5 comments
Defi’s slipping? last year everyone was all about defi, what happened?
interesting numbers but what about the methodology of the study? anyone dug into that yet
missed a mention of how regulations are impacting these trends, it’s a big part of the story too isn’t it
so stablecoins are really taking the lead here, that’s huge for the market, right? Seems like they’re becoming the backbone of crypto!
this study’s got some solid data but i’m not sold on AI in blockchain just yet, seems like a stretch