In the midst of this bear market, I believe it’s more important than ever to have a grounded and long-term view of the industry.
Today, let’s look at DAUs over the past 5 years across 5 L1s: Bitcoin, Ethereum, Solana, Polygon, and Arbitrum.
DAU is defined as the total number of unique addresses that were active on the blockchain or interacted with the asset’s known smart contracts.
Bitcoin DAUs up 4% YoY between Feb 2022 and 2023, up 49% since Feb 2019, currently stands at ~960k DAUs
Ethereum DAUs down 18% YoY between Feb 2022 and 2023, but up 122% since Feb 2019, currently stands at ~420k DAUs
Solana DAU’s down 32% YoY between Feb 2022 and 2023, but up 104% since Feb 2021, currently stands at ~330k DAUs
Polygon DAU’s up 2% YoY between Feb 2022 and 2023, up 14832% since Feb 2021, currently stands at ~340k DAUs
NOTE: The 14832% figure is likely correct but sounds shocking mostly because my methodology happened to catch a month where their number was very low, if Arcana had that same time period for other L1s, that number would be more apples to apples
Arbitrum DAUs up 626% YoY between Feb 2022 and 2023, currently stands at ~98k DAUs
Bitcoin has twice as many DAUs at Ethereum, three times as many DAUs as Solana and Polygon, Solana and Polygon have nearly the same number of DAUs, Bitcoin has ten times as many DAUs as Arbitrum
Source: Arcana, depending on L1, a mix of RPC node, native block explorer, or BitQuery.
Note: these numbers date back to when Arcana has numbers. i.e. Solana launched March 2020, hence no data for February 2020.
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