How is the activity on the Hive blockchains doing?
We will be looking in the numbers for activity, and not just in terms of posting but other activities as well, like votes and custom JSONs that are mainly driven by games.
Before we continue with the analysis just a note on the activities. Unlike the good old Bitcoin, that has only one operation (transfer coins), Hive has a lot of them.
Usually when talked about activity on the Hive blockchain a lot of the users have in mind posting and commenting. Here we will be looking in the top 4 activities on the blockchain:
- Posts
- Comments
- Votes
- Transfers
- Custom JSON operations
The above consist the majority of all the activities on the blockchain. The claim rewards operation also has a high number of activity, but we will leave out that one.
The period that we will be looking at here is June 2020 to June 2021.
This post is in line with the post about active hive accounts by category, but here we are looking at the raw numbers of transactions made.
Number of Posts and Comments
Here is the chart for the number of posts and comments on the Hive blockchain.
We can see that in June and during the summer 2020, the number of posts and comments was quite stable, around the 15k per day, then it dropped a bit in the period October to December. Starting from January the posting went up, reaching almost 25k post and comments per day in May 2021. In the last weeks the numbers are down again just below 20k.
The numbers of posts and comments follow the price a lot. They peaked in the start of May 2021, the same as the price, and then as the crypto correction followed so does the numbers of posts and comments.
The overall number of posts and comments on a daily basis has been in the range of 15k to 25k per day.
Number of Votes
The chart for the votes looks like this.
Votes are one of the core operations on the Hive blockchain. That is how the rewards are distributed. The Proof Of Brain mechanism (PoB) đ.
The number of votes has been quite steady in the period, compared to the price volatility. In June there was around 230k votes per day, then a growth to 250k, followed by a drop to around 200k per day. Starting with 2021 the votes increased to 300k per day, and a drop in the last weeks to 250k.
In the last year the number of votes has been in the 200k to 300k votes per day range.
Number of Transfers
The chart for the transactions looks like this.
This is quite a random chart, but we can see an overall trend for growth. There has been around 10k to 15k transfers per day in the last year.
Number of Custom JSONs operations
The chart for custom JSONs operations.
The custom json transactions are used mainly from the games on Hive, with Splinterlands on the top. Custom jsons are just a text files, but unlike the post and comments, they are like sidenotes, and donât appear as post.
This chart has a different trend then the others. It has a nice and steady growth all over the year. It hasnât spiked with the increase of the Hive price, but it hasnât drop eighter, but has performed with a steady growth.
The numbers has doubled in the past year, starting with around 400k and reaching a 800k transactions per day in the last days. As mentioned Splinterlands is the main driver behind these transfers, but the other games like Crypto Brew Master, Rabona, Rising Star, dCity, etc. are doing their part as well.
Overall Activity on Hive
Well not quite overall but most of it đ.
When we combine all the charts above, we get this.
As we can see the custom jsons operation are now dominating the Hive blockchain. In the last period more than 70% of all the operations on the Hive blockchain are custom jsoms.
Although we should mention that the âweightâ of these operations is not the same, so its not totally comparable. Posts have the largest weight, as they require a lot of texts and effort, unlike votes or jsons, that are usually a one click operation.
Overall, the activity on the Hive blockchain has gowned in the last year.
What is interesting it seems that the activity is not as volatile as the price action. It follows the price but not with a 100% peg. When the price dropped to 10 cents, there was still a lot of activity and when the price spiked to more than 70 cents the activity increased but not at factor of 7X.
When we include all the operation, the Hive blockchain now has more than one million transactions per day. Compared to some of the top blockchains, BTC around 500k, Ethereum around 1.4M transactions per day, and BSC around 10M transactions per day. Seems that the blockchain is having a decent activity although in terms of market cap it is way bellow the top dogs.
