Introduction

Harmony is an Effective Proof of Stake (EPoS) blockchain founded in 2018. Like most post-Ethereum networks, it aims to solve the blockchain trilemma of decentralisation, scalability and security. Harmony's answer to the problem is fragmentation and its Effective Proof of Stake consensus mechanism.

Another key feature of the Harmony platform is its cross-chain funding model. The popularity of cross-chain and multi-chain capabilities has increased dramatically, and Harmony addresses this. The blockchain offers bridging services between BNB Smart Chain (BNB), Ethereum (ETH), Bitcoin (BTC) and other networks, making it very attractive to users and investors of cryptocurrencies and blockchain technology.

That is why in this post we are going to analyse the behaviour of Harmony users over the last 3 months. We will see that a large number of users are active within the Harmony network, as well as the evolution of this trend over the last quarter.

Methodology

I have done the analysis using the Flipside Crypto database. I have used the mdao_harmony.txs table to obtain the distinct users who have been using the platform in a daily basis during the last 3 months.

Results

The evolution of the number of active wallets seems to come in waves. It seems that there are days when the number of users rises and others when the number of daily users falls. However, it is clear that during the month of December and the month of January, the number of daily users increased considerably from around 300k users to the highest peak observed on the 6th of February reaching more than 1.3M users. However, since this point, the number of active users has been declining, down to 500k. The aggregate for the last 3 months has been over 57M, which is quite a striking figure.

If we plot the daily active wallets in a weekly basis, the trends looks better. We can see how during the first week of December the total number of active wallets were around 1M, however, the number was increasing till finals January when more than 6M of active wallets were detected during the two last January weeks. However, during February, the number of wallets fallen to less than 4M.

Finally, in a monthly basis, the number of active wallets dramatically increased during January, but fallen a little bit in February, from 23M to 18M.

Conclusion

To conclude, we have studied the number of active wallets in Harmony network. We have seen how the number of daily active wallets is high. However, after the good ascending in numbers over the past year and initials of this one, there was a descending trend during the month of February. It could be good to make an analysis about what this could be happening in order to be able to improve the numbers in case of Harmony team.