Introduction

Harmony is a layer 1 blockchain that uses sharding and Effective Proof of Stake to achieve scalability, security and decentralisation. The network was launched in 2019 and features trustless cross-chain bridges and four shards, which process transactions in parallel. Your native ONE token is used for transaction fees, governance and wagering.

In this post we will analyse how many transactions have been made on a daily basis on the platform over the past 3 months and what the dynamics have been.

Methodology

I have done the task thanks to Flipside Crypto data. From that, I used the mdao_harmony txs table and selected the data between the past 3 months and the current date.

Results

As we can see in the charts, there is a downtrend on the number of transactions. Despite the spike on the January 24th, the dynamic continued the same and the number of daily transactions decreased. The number of daily transactions has decreased from around 5M to around 3M. Another important metric observed is that the number of false transactions have increased durign the past months. Maybe, it could be the reason why the transactions have been decreased during this time. If I was an Harmony user, I would try to do less transactions when I have more percentage of possibilities to not succeed when I did the transaction. Finally, we can take that there are around 50 transactions per second (TPS) in Harmony network. Networks like Solana, have 10x more times of TPS and should be improved.

Conclusion

To conclude, we have seen how the number of transacitons in Harmony network have been decreased over time. We have analyzed as well that one of the problems could be the issues with false transactions.