Today, I will teach you how to check the number of active addresses. This metric is useful not only when researching public chains and DeFi projects but also in NFTs, blockchain games, stablecoin payments, and even new chains and airdrop activities.
1. What is the number of active addresses?
The number of active addresses refers to how many wallet addresses have engaged in transactions or interactions within a certain time period.
In simpler terms: it shows how many people are actually using money and doing things on the chain. For example, transferring funds, depositing money into DeFi, or buying NFTs all count towards the number of active addresses.
2. How to check the number of active addresses?
Generally, it is divided into the number of active addresses on public chains and the number of active addresses for specific protocols.
The number of active addresses on public chains can usually be found on their own blockchain explorers, as each public chain has its own explorer. For example, to check the number of active addresses on Ethereum, open the Ethereum explorer Etherscan and find "Icons and Statistics" in the top menu.
Click on the blockchain data on the left, and you can see the active addresses.
You will see how many wallet addresses have conducted transactions on Ethereum each day.
You will find that Ethereum has about 600,000 to 700,000 active addresses daily. What about Solana and BSC? You can check for yourself.
Besides public chains, how do you check the active addresses for specific protocols?
We will use another tool, Token Terminal, which is a platform specifically for viewing financial data of on-chain projects, such as active user numbers and revenue metrics.
For example, if we want to see the number of active addresses for Uniswap, the largest decentralized exchange, we open Token Terminal, search for Uniswap, and see that its daily active addresses are around 620,000. You can check the largest decentralized exchange on Binance Smart Chain, Pancake, to see its number of active addresses.
3. Why check the number of active addresses?
Because it reflects the real popularity of the chain and protocol. TVL can only indicate "how much money there is," while the number of active addresses indicates "how many people there are." Combining both can reveal the ecosystem's heat.
4. When should you check the number of active addresses?
When researching public chains: to observe the trend of active users and whether it is growing.
When researching projects: if the TVL is very high but the number of active addresses is low, it may indicate false prosperity.
When researching new chains or new projects: to see if users can stick around.
When analyzing airdrops: to determine if they are real users or bots.
In summary
The number of active addresses indicates how many people are using the chain.
To check the active addresses of public chains, you can use blockchain explorers; to check project active addresses, you can use Token Terminal.
Remember: don't just look at the numbers; consider transaction volume and trends to determine if it is genuinely hot or just a false fire.
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