Flow - 3. Daily Active Users

Track how the Flow blockchains daily active users have evolved over time. What about monthly? All-time wallets? Recently, we’ve identified some interesting spikes (in both directions) in daily active users. Chart this activity, and try to uncover any reasonable explanations for the results.

Overview

What Is Flow?

A blockchain platform called Flow was initially intended for gaming, but since its debut in 2020, it has expanded. The flow blockchain supports smart contracts and allows for quick, inexpensive transactions. It drives blockchain applications like the non-fungible token (NFT) giving NBA Top Shot. Moreover, Flow has its own native cryptocurrency, which trades under the ticker FLOW.
It is crucial to comprehend how flow functions and how it contrasts with the top blockchains if you are thinking about investing in FLOW. Here's a closer look at flow, the blockchain platform and cryptocurrency. *The flow blockchain was introduced alongside Dapper Labs' NBA Top Shot, a blockchain-based online marketplace for digital memorabilia that specializes on basketball cards. As of May 2022, more than 20 million NBA Top Shot transactions totalling more than $1 billion had been completed on the flow blockchain, according to Dapper Labs. *Flow was initially created as a tool for the game developers at Dapper Labs to satisfy their own needs, and it was then made available to the general public to assist other decentralised apps.
The flow blockchain can potentially handle the transactions of millions of active users and was built to facilitate games and consumer applications. The flow blockchain can support apps that support games, collectibles, and related content.
The flow blockchain is positioned to enable a wide range of applications on its platform, similar to the ethereum blockchain, by supporting interaction among smart contracts. 1

Monthly Active Users

Month active users show a similar trend of the daily active users with increasing number of Monthly active users until Sep 2022.
Sep 2022 peaked with 27M users in a single month, after which it has as low as 11M active users in a month.
The 3-Month moving average saw an upwards trend until Sep 2022 and is now on a downward trend.
Looking at the monthly change numbers, Sep 2022 saw an increase of 8M users compared to the previous month.
Oct and Dec 2022, saw the highest decrease in the numbers with 7M in Oct 2022 and 11M in Dec 2022.

All Time Wallets

All wallets looks at the new users joining the Flow ecosystem, a wallet is considered a new wallet when they do their first transaction in the Flow Ecosystem.
June saw a staggering 2.78M new users join the ecosystem.
Till date a cumulative 7.3M users have joined the ecosystem and done atleast 1 transaction on the Flow ecosystem.

Conclusion

Even though June 2022 saw the highest number of new users joining the Flow ecosystem, still we saw Sep 2022 with the highest number of active users.
That seems to be co-related with the Instagram integration with Flow Blockchain in Aug 2022.
The decrease in the number of active users is definitely due to the falling NFT activity and decreasing NFT trend with saw its lows in Dec 2022.
Dec 2022 was also the time when a lot of team members were laid off from the Flow ecosystem.

Resources

Definitions

Any wallets which have more than 5 transactions in a week, for each week those wallets are classified as daily active wallets.
Any wallets which have more than 25 transactions in a month, for each month those wallets are classified as monthly active wallets.

Daily Active Users

The Daily Active wallets was quite constant until May 2022, however it just started growing and peaked in Aug 2022
Highest was a whopping 1.46M active users in a single day.
That number has come down since then to about 500K Daily Active Users.
The 30-day moving average peaked on Sep 22, 2022

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