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0 pointsspaceman_20203y ago0 comments

I said small Indian town, not Indiana town :)

Regardless, NFT platform unique daily users down to ~10-12k across platforms:

https://dune.com/queries/1622348/2688962?utm_source=mintorsk...

Total unique daily wallets for Tether (USDT) down to about 80k unique wallets. This is just unique addresses - doesn't filter out bots and users with multiple wallets. You can't go more mainstream than this coin.

https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c...

There are not more than 20-30k active users on chain at any given point.

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SparkyMcUnicorn3y ago

> I said small Indian town, not Indiana town :)

Big difference! My mistake.

The stats you're referencing appear to be ETH chain only. I'm not really into NFT's, but aren't they more popular on other chains/rollups because of gas cost?

I think the active users might be at least 3x your estimates, but I could be wrong. For example, tether's market cap is >$80b and only ~$30b of that is on ETH.

https://dune.com/rchen8/defi-users-over-time

jeremyjh3y ago

Aren’t most actual users just in exchange accounts ?

polygamous_bat3y ago

Yes, which means they are using a centralized third party instead of what's being extolled as the "decentralized, trustless" ecosystem. Maybe that's not as big of a feature as it is claimed to be?

As a reminder, this is what original comment was talking about:

> The actual users on-chain is abysmal and frankly, embarrassing.

Which isn't contradictory with most interaction being on a centralized platform.

jeremyjh3y ago

I guess I just don't think that's a distinction worth making. The size of the ecosystem is what matters. The billions sitting in accounts denominated in that currency, and the daily total volume actually do matter, even if the trades are not mostly not happening on chain.

polygamous_bat3y ago

It matters if you want to draw a distinction between "payment processing system of the future" and "illegal casinos and gambling den", since these two should also be regulated somewhat differently. Evidence points to crypto being more akin to the second, and your comment also provides supporting evidence for that.

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SparkyMcUnicorn3y ago

> I said small Indian town, not Indiana town :)

Big difference! My mistake.

The stats you're referencing appear to be ETH chain only. I'm not really into NFT's, but aren't they more popular on other chains/rollups because of gas cost?

I think the active users might be at least 3x your estimates, but I could be wrong. For example, tether's market cap is >$80b and only ~$30b of that is on ETH.

https://dune.com/rchen8/defi-users-over-time

jeremyjh3y ago

Aren’t most actual users just in exchange accounts ?

polygamous_bat3y ago

Yes, which means they are using a centralized third party instead of what's being extolled as the "decentralized, trustless" ecosystem. Maybe that's not as big of a feature as it is claimed to be?

As a reminder, this is what original comment was talking about:

> The actual users on-chain is abysmal and frankly, embarrassing.

Which isn't contradictory with most interaction being on a centralized platform.

jeremyjh3y ago

polygamous_bat3y ago

j / k navigate · click thread line to collapse