Cryptocurrencies represent more than just price movements, market capitalization, and tokenomics. These innovative technologies, which drive a trillion-dollar market, should actually be used by people to solve real-world problems.
In this context, monitoring Santiment’s metric called Daily Active Addresses (GAA) can help discover which projects are truly used and to what extent. According to the platform, GAA measures the number of unique addresses involved in all transactions daily for each crypto network.
By examining this data from Santiment, the top 10 cryptocurrencies with the highest number of daily active addresses in the past 30 days were considered. Here are the findings of the research:
Bitcoin emerged as the dominant cryptocurrency and network with a significant lead in terms of daily active addresses in the past 30 days. This is generally expected from the leading cryptocurrency by market capitalization. Interestingly, Ethereum, the second-largest cryptocurrency by market capitalization, was neither the second most used token nor the most used network among other cryptocurrencies.
Tether (USDT) appeared three times in the top 10 through different networks. While BNB Chain was the favorite of USDT users, followed by Polygon and then Ethereum. Polygon’s token is among the top 5 cryptocurrencies with the highest GAA.
The fact that stablecoins, ETH, and MATIC are among the most used coins and networks highlights the focus on peer-to-peer cash projects. Litecoin and Bitcoin Cash are considered direct competitors to Bitcoin in terms of usage.