As blockchain technology continues to evolve, understanding user engagement is critical to assessing the success of any network. One particularly useful indicator is daily active addresses. This refers to the number of unique blockchain addresses that participate in transactions on a given day, sending or receiving assets. Essentially, it provides insight into how many users are actively interacting with the blockchain at any given time, making it a reliable indicator of real-world usage and popularity.
On December 27, 2024, CryptoRank published a chart ranking the top 10 blockchains of the year based on their average daily active addresses. This data, sourced from CryptoRank and Artemis.xyz, highlights some interesting trends in blockchain adoption and provides insight into the platforms that have played a leading role in user acquisition. Let’s dive into the top three blockchains that dominate this metric, and then take a quick look at the rest of the top 10.
1. NEAR Protocol: 2.7 million active addresses per day (+766% YoY)
The NEAR protocol became the leader in 2024, with 2.7 million active addresses per day. This represents an astonishing 766% year-over-year growth, largely driven by a focus on scalability and developer-friendly tools. NEAR uses an innovative sharding technology called Nightshade, which breaks the blockchain into smaller, more manageable pieces, providing high transaction throughput at low cost. This efficiency has made NEAR a top choice for developers building decentralized applications (dApps).
NEAR’s success has been fueled by the rapid adoption of blockchain-based gaming and social applications on its platform. These applications attracted new users unfamiliar with blockchain technology, helping NEAR build a robust and growing ecosystem. Combined with the NEAR Foundation’s significant investment in developer grants, the protocol’s rise to the top underscores its appeal to both users and developers.
2. Solana: 2.6 million active addresses per day (+702% y/y)
Solana came in second with 2.6 million daily active addresses and an impressive 702% year-over-year growth. The network’s popularity in 2024 was largely due to its vibrant memcoin ecosystem, which saw massive trading activity on platforms like Pump.fun. These memcoins attracted both retail and institutional investors, significantly increasing Solana’s usage rates.
Beyond memcoins, Solana’s high-speed, low-cost infrastructure has made it a popular blockchain for decentralized finance (DeFi) and non-fungible token (NFT) projects. Developers and users flocked to the network to take advantage of its efficiency, while institutional interest grew as Solana proved its scalability and reliability. This combination of factors has cemented Solana as one of the best blockchains of the year.
3. TRON: 1.9 million active addresses per day (+20.3% YoY)
TRON came in third place with 1.9 million active addresses per day, representing a steady 20.3% year-over-year growth. TRON’s dominance in stablecoin transactions, especially using Tether (USDT), has been a key factor in the growth of its user base. With low transaction fees and high-speed transfers, TRON has become the platform of choice for users seeking seamless and cost-effective stablecoin transactions.
Blockchain has also maintained a strong presence in the decentralized finance (DeFi) sector, partnering with various global payment systems and financial institutions. Although its growth has not been as dramatic as NEAR or Solana, TRON’s consistent performance and utility have earned it a place among the top blockchains of 2024.
A quick look at the rest of the top 10
Aside from the top three, the rest of the blockchains on the list showed varying strengths and challenges.
The BNB network saw 1 million active addresses registered daily, down 4.8% from the previous year. Despite the fall, BNB Chain remains a hub for DeFi and token trading, maintaining its importance in the blockchain ecosystem.
Polygon (MATIC) recorded 855,000 active addresses per day, achieving strong year-over-year growth of 139%. As a Layer 2 scaling solution for Ethereum, Polygon continues to attract gaming, NFT, and DeFi projects, solidifying its role as a vital part of the Ethereum ecosystem.
Base, Coinbase’s second-tier solution, reached 655,000 daily active addresses, posting an exceptional 2,098% year-over-year growth. Its tight integration with Ethereum and the user-friendly Coinbase platform have greatly contributed to its adoption.
Sui emerged as a standout player with 519,000 active addresses per day, up 908% from last year. This growth is attributed to an innovative programming language and a rapidly expanding ecosystem of decentralized applications (dApps).
Bitcoin (BTC), the world’s most famous blockchain, recorded 496,000 active addresses daily, down 19% from last year. While Bitcoin remains the dominant asset in terms of market capitalization, the decline in the number of daily active addresses reflects changing user priorities.
The Open Network (TON), the blockchain associated with Telegram, experienced exponential growth in 2024, with the number of daily active addresses growing by 5,185% to 414,000. This growth was driven by TON’s integration with Telegram, which leveraged the messaging platform’s huge user base to speed up implementation.
Finally, Arbitrum, the leading Ethereum Layer 2 solution, reached 413,000 active addresses per day, up 180% from last year. Arbitrum’s ability to scale Ethereum applications while maintaining low fees and high throughput has made it a key player in the Ethereum ecosystem.
Comparing activity with locked total value: a broader perspective
An additional lens for assessing blockchain ecosystems is Total Value Locked (TVL), a metric that reflects the total dollar value of assets locked in decentralized finance (DeFi) protocols on a blockchain. TVL measures how much capital users have invested in DeFi applications such as lending, staking, and liquidity provision. Unlike daily active addresses, which highlight user activity, TVL provides insight into the financial depth and maturity of a blockchain’s DeFi ecosystem.
Ethereum is unmatched by this indicator: according to DeFiLlama, as of December 30, 2024, it accounted for 56.22% of the total TVL volume across all chains.
Ethereum’s dominance is driven by its well-established DeFi ecosystem, which is home to the most diverse and advanced set of decentralized applications, supported by its early adoption and strong developer community. However, Ethereum’s dominance in TVL contrasts with its position in daily active addresses, where it does not lead. This discrepancy highlights the different nature of these metrics: TVL captures the capital locked in protocols that require fewer but larger transactions, while daily active addresses reflect the frequency of user interactions, often associated with smaller retail-focused activities.
Solana and TRON, which rank second and third in terms of daily active addresses, rank significantly lower in the TVL rankings. Solana accounts for 6.94% of the total TVL supply, while TRON accounts for 6.07%, which is behind Ethereum.
The contrast between TVL and daily active addresses highlights the diverse strengths of blockchain networks. While Ethereum excels in financial liquidity and valuable applications, networks like Solana and TRON thrive on user interaction and transaction activity. Together, these metrics provide a more granular understanding of the blockchain landscape, demonstrating that no single metric can capture the full picture of network adoption and utility.
Featured image via Pixabay
