Hassan Maishera
QuickNode, an end-to-end development platform for Web3 innovation, has published The On-Chain Report for the third quarter of 2023. The report highlighted the developments in the blockchain industry during the previous quarter.
In a press release shared with Cryptowisser, the team said they prepared the report with Artemis, an institutional data platform for digital assets. The On-Chain Report provides a comprehensive overview of blockchain usage and investments in Q3 by examining consumer trends, developer activity and the investment landscape.
One of the major findings of the report is the massive increase in stablecoin activity across blockchain networks. Stablecoins have become the most popular category as measured by daily active addresses (DAA), ending Q3 with over 400,000 average DAA. Stablecoin has also become the only category examined by the report that has shown growth in Q3 2023, outperforming DeFi, Social, Gaming and NFT categories
Here are some of the key takeaways from the report:
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Consumer activity was dominated by financial activity, with stablecoin activity overtaking DeFi.
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DeSocial is beginning to emerge with viral product launches, largely thanks to the Friend.tech trend. The potential for a Web2 scale social app will turn the current adoption levels on its head.
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Development activity remains strong only on Optimism’s OP Mainnet, suggesting that developers see EVM scaling solutions as a critical problem to solve in the near term.
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Gaming and AI products are attracting more investors as data suggests that those two will see the greatest emergence in the coming years.
While commenting on the report, QuickNode Co-founder and CEO Dmitry Shklovsky said:
“By centering the narrative around blockchain developers and end users, we gain valuable insights into the roadmap for building a sustainable and rapidly expanding Web3 ecosystem. These insights, combined with the context of product launches and investments, give us a comprehensive story of where we're heading.”
The On-Chain Report provided an insightful picture of the blockchain industry by looking at today, medium term and long term. The report offers detailed stats and analyses categorized by Stablecoins, DeFi, NFT, Social dApps and EVM-scaling Solutions.
To prepare the report, QuickNode has examined the average daily value on a weekly basis on Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet and Polygon PoS, using Artemis.xyz as the primary data source.
QuickNode has been around since 2017 and has become the go-to solution for businesses and innovators requiring world-class blockchain development tools for speed, reliability, and security. Handling over eight billion blockchain requests daily, QuickNode boasts a 2.5X faster response time than competitors and 99.99% uptime across 24+ chains and 35+ networks.
Meanwhile, Artemis is a premier institutional data platform for digital assets. Delivering insights across 25+ blockchains, Artemis stands out as the definitive data science layer for crypto fundamental information.
