- Consumer activity was dominated by financial activity in Q3/2023
- DeSocial is starting to emerge with viral product launches
- Development activity remains strong only on Optimism’s OP Mainnet
QuickNode, an end-to-end development platform for Web3 innovation, has released The On-Chain Report to highlight the developments in the blockchain industry in the third quarter of 2023. Prepared 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.
Startling increase in stablecoin activity
Among the key findings of The On-Chain Report is the significant 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.
Key takeaways
Consumer activity was dominated by financial activity, with stablecoin activity taking the crown from DeFi.
Fueled primarily by the Friend.tech trend, DeSocial is starting to emerge with viral product launches. The potential for a Web2 scale social app will turn the current adoption levels on its head.
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.
Future trends, as informed by investment data, suggest that gaming and AI offerings are where the blockchain ecosystem will see the greatest emergence in the coming years.
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.
Prepared by QuickNode and Artemis, The On-Chain Report draws 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 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.
