Cryptocurrencies encompass more than just their current trading price, total market cap, and tokenomics. This groundbreaking technology, that’s behind shifting a trillion-dollar industry, was created to benefit individuals and tackle tangible issues, like the use of peer-to-peer cash systems.
Given this reality, the examination of the Daily Active Addresses (DAA) indicator, as accessed on the Santiment screener, can assist in identifying which projects have been actively used, and to what degree. As per the Santiment’s definition, DAA quantifies the count of unique addresses involved in all transactions for each crypto network on a daily basis.
Finbold analyzed the data delivered by Santiment on October 6, pinpointing the top 5 digital currencies boasting the highest daily active addresses within the preceding 30 days. Here’s what we discovered:
- Bitcoin (BTC): 1.04 million DDA in one month;
- Ethereum (ETH): 423,880 DDA in one month;
- Polygon (MATIC): 221,510 DDA in one month;
- Litecoin (LTC): 218,580 DDA in one month;
- Bitcoin Cash (BCH): 79,500 DDA in one month.
USDT address activity goes down, while Bitcoin Cash DAA goes up in ranks
Notably, comparing today’s 30-day Daily Active Addresses with a similar report published on August 25, Tether USD (USDT) has lost its second position, with Bitcoin Cash surging to the top 5 most active crypto networks.
It is also worth mentioning that USDT is measured individually on each chain and the second position was previously taken by the stablecoin using addresses on the BNB Chain. However, at the time of publication, the BNB Chain is not the most active blockchain per unique addresses to move the Tether USD anymore.
On that, the Ethereum Network is the preferred choice for USDT holders, followed by Polygon, and then the Arbitrum network, a layer-2 blockchain for Ethereum. Nevertheless, above the Tether stablecoin on Arbitrum is Circle USD (USDC) showing higher activity on Polygon, Optimism, and Ethereum respectively.
Interestingly, it is possible to note a dominance for peer-to-peer cash cryptocurrencies, with Bitcoin, Litecoin, and now Bitcoin Cash in the top 5 by DAA. Showing that there is still a huge demand for on-chain payment systems to be explored in the cryptocurrency market.