The Hive blockchains has around 2.4M. In the last year 2021, it has added almost a 1M accounts. In the last months this growth has slowed down.
What percent of these accounts are active? How many active accounts the Hive blockchain has and how are they transacting on the blockchain?
How is the bear market influencing the number of active accounts?
Let’s take a look!
Top Four Hive Operations
We will be looking at the activity on the chain by the top operations made:
- Post and comment
- Vote/Curate
- Transfer coins
- Make Custom JSON transactions
Apart from the above, reading, or page views, is also a crucial part of this ecosystem, but this type of operation is not stored on the blockchain. There are some general traffic websites that can be used for this, like https://hypestat.com/.
We will be looking at the number of active accounts by the operations stated above for a period of one year, ** June 2021 – June 2022**.
We will be looking at the number of DAUs (daily active users) and the number of MAUs (monthly active users).
Number of Accounts That Posted or Commented
First let’s take a look at the number of accounts that are posting on the blockchain, as one of the core operations.
The above is the chart for DAUs, for accounts making posts or comments on the blockchain.
In the period from June 2021 until January 2022, there has been an overall up trend in the number of accounts posting or commenting. The peak was in December 2021, but then there was one more peak in January 2021 with around 5.5k accounts posting or commenting daily.
Since January 2021, we are in a slow decline mode and the number of accounts posting or commenting per day now is around 4k. This is a drop from the previous 5.5k but not that big as the price drop has been in the period.
On a monthly basis the chart looks like this.
We can see the overall trend here as well with a peak in January with 18k accounts posting or commenting per month, while June is now at 14k accounts.
The monthly data for accounts posting or commenting MAU’s is probably the better indicator then the daily one DAU’s, since not everyone is making a daily activity on chain. Around a 3 to 1 ratio.
Number of Account that Vote/Curate
How about then number of accounts that vote. What is their number? After all the voting feature on the blockchain is at its core. Rewards are distributed via votes.
Here is the chart.
In the period the number of accounts voting/curating has been between 12k to 14k per day, and it has been quite constant, just a small growth in the 2021.
The *monthly chart for accounts voting/curating looks like this.
Here we can see a better trend then the DAU’s. A similar trend as for the number of accounts posting, a growth up until January 2022, with a peak of 25k MAUs, and then a slight drop to a 22k MAUs where we are now.
Compared to the number of posting accounts, a 14k in June, the number of accounts curating is bigger with a 22k now.
Number of Accounts That Are Making Transfers
What about the basic crypto activity? Transferring value. How many users are making daily transactions? Here is the chart.
A growth in the summer of 2021 to a 3k accounts making transfers per day, a peak in December and a small decline since then up to now where we are around 2k accounts making transfers per day.
The monthly chart looks like this.
Some ups and downs in this chart with a peak in November 2021 at 24k and then another one similar in March 2022. In the last month we are at 16k accounts making transfers in June 2022.
Number of Accounts That Are Making Custom JSON Operations
Now let’s take a look at the dominant operation. The custom json transactions!
This is an interesting chart!
Splinterlands grow a lot in 2021, starting in August and reaching a peak in November with a 450k accounts DAU’s making custom json operations per day. In the next months there was a slight drop, but then a very significant one in June 2022.
This is most likely due to the changes in the reward system where a lot of bot accounts stopped playing in the lowest leagues, that caused the number of accounts making these operations drop from 400k to around 150k.
On a monthly basis the chart looks like this.
A clearer trend here.
A sharp increase in August to 700k MAU’s, then a similar numbers in the following months up until February 2022 when it started declining and now almost at 500k accounts in June that are making custom json operations.
What is interesting here is that then number of MAU’s haven’t seen that significant drop as for the DAU’s.
Monthly Active Accounts By Type Of Operation
What about monthly active accounts? Not everyone is making daily activities. Monthly active accounts can be a more accurate representation. Here is the chart for MAUs by category.
A total domination of the custom json operation that are coming from Splinterlands.
A 14k accounts posting, 24k accounts curating and almost 500k accounts making custom json operations!
Overall we can see that there is a small decline in the number of DAU’s and MAU’s to all the type of activities on chain, but the drop seems to be very small compared to the price drop. The price of HIVE was at $3 in November 2021, while now it is at $0.5. More then 80% drop from the ATH, while in terms of active accounts the drop is somewhere between 20% to 30%.
Splinterlands have made some changes and that impacted the accounts making custom json operations on daily basis a lot, while on a monthly basis the change has been much less.
