Jamie Coutts, Chief Cryptocurrency Analyst at Real Vision, a cryptocurrency companyrecently classified layer 1 networks using their network growth. Interestingly, the networks that top the list are not the usual names that members of the crypto community are used to.
SUI and Mantle Network top the list
According to the list that Coutts sharing on its X platform (formerly Twitter), Sui and Mantle SUI blockchains were the first and second in terms of the growth in daily active users (DAU) that these blockchains witnessed over the last three months. The SUI network saw an impressive 3,503% increase in its DAU during this period, while Mantle saw a growth of 518%.
Celo, Arbitrum and Blast The top five in the rankings are as follows: they have recorded growth of 414%, 157% and 107% in daily active users over three months. The Open Network (TON), which has undoubtedly had an impressive year, came in sixth with growth of 97%. TON’s network growth appears to have slowed down over the last three months, as it has recorded growth of 1,346% in daily active users over six months.
Meanwhile, the Ethereum Layer 2 Network Base also made the list, ranking behind TON with a 78.6% DAU growth over 3 months. Much of Base Network’s growth can be attributed to its growing meme coin ecosystem, with many meme coin traders flocking to the network in search of significant gains from these crypto tokens.
Near, Tron, and Polygon rounded out the top 10, ranking behind Base with 3-month DAU growth of 37.9%, 31.2%, and 30.6%, respectively. MultiversX and Fantom were the only other networks in the green, and saw significant growth over the past three months.
Interestingly, major networks by market cap, including Bitcoin, Ethereum, BNB Chain, Solana, and Cardano, have all seen declines in their daily active users over the past three months. BNB Channel saw the biggest decline among these major networks, with a growth of -28.6% in its daily active users.
Solana’s 3-month decline in daily active users might come as a surprise, given the network’s thriving meme coin ecosystem. However, the 6-month DAU paints a better picture for Solanawith the network seeing an impressive 124.9% increase in daily active users during this period.
A bullish move for all cryptocurrencies
Regardless of how these blockchains rank, this metric paints a bullish picture for the broader crypto ecosystem. Coutts noted a 20% increase in the total number of daily active users across these combined networks, reaching 12.8 million users during this period. The analyst also highlighted how this user acquisition could affect positively the price of the network’s native token.
Meanwhile, Coutts projects that cryptographic networks could boast a total of 20 million daily active users by the end of the year. This is again good news, as these new users could bring new money in the crypto ecosystem, which would help drive prices up.
Featured image created with Dall.E, chart by Tradingview.com
