Flow Wallet Dominance Analysis

An overview of landscape of wallets on Flow like Dapper, Blocto, lilico, etc.

Introduction

Flow is a Proof-of-Stake blockchain that went live in 2019 after the founders of Dapper labs got fed up with the slow and expensive state of the Ethereum blockchain with Crypto Kitties and NBA Topshots soaring in popularity. The main advantage of Flow chain is its fast, low cast transactions supporting smart contracts.

Let us analyze the landscape of wallets on Flow such as Dapper, Blocto, Lilico etc.. and assess in terms of metrics such as overall number of users, comparison of NFTs traded by wallet, market share dominance, etc.. and identify any interesting metrics, notes or trends or outliers noticed if any with supporting graphs or visuals.

What are NFTs ?

NFTs stands for Non-fungible tokens, where in Non-fungible can be defined as something that cannot be exchanged for another item because its unique. For example, one piece of Art is not equal to another as both will have unique properties.

Basically, NFTs are tokens that lives or survives on a blockchain and represent ownership of unique items. These NFT tokens in general will contain bit of information specific to it, such as unique token name, symbol etc.. and will be owned by the creator or artist of that token.

These NFT tokens will be sold by performing sell & buy transactions on the particular blockchain.

Methodology

As part of this analysis, we will first look at the tables such as flow.core.fact_transactions and flow.core.fact_events to derive the Total transactions performed, total number of users related to various wallet providers on Flow chain as

Blocto - 0x55ad22f01ef568a1
Dapper - 0x18eb4ee6b3c026d2
Lilico - 0x39e42c67cc851cfb
Everbloom - 0x94bb84386cfc3b5d
Monsoon - 0x8234007b36f8113c
Joyride - 0xecfad18ba9582d4f

Then we will verify the flow.core.ez_nft_sales table to analyze the overall and daily trend of NFT sales activity across above wallet providers in terms of various interesting metrics.

Tweet link:

Wallet Transactional Activity and Metrics

Here we will explore the user transactions performed by the below wallet providers over the Flow chain captured on a daily, weekly basis etc..

Blocto
Lilico
Dapper
Monsoon
Everbloom
Joyride etc..

Observations

According to these visuals, when we look at the overall metrics captured for users related to various Flow Wallet providers such as Blocto, Dapper, Lilico, Monsoon, Joyride, Everbloom etc.., we can observe that

Blocto wallets records the maximum transaction volume traded so far, where as Joyride wallet provider grabs the maximum number of users 1.06M transacted over the last few months on Flow chain.
Also, highest number of transactions 103.797M has been recorded for Dapper wallets comparatively.

Comparison of NFTs traded by Wallet Providers

Conclusion

On seeing all the above graphs or visuals, here are few observations with respect to the Wallet providers such as Blocto, Dapper, Lilico, Monsoon, Cricket moments, Everbloom, Fentastec etc.. over the past few months on on Flow chain.

Blocto Wallet provider users records the maximum transaction volume traded so far, where as Joyride wallet provider grabs the maximum number of users 1.06M transacted over the last few months on Flow chain.

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Dapper wallet provider remains to be the most popular one when verified in terms of the total number of NFTs sold or traded so far over the past 2 months on Flow chain, followed by Blocto in the second position.

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When observed on a daily basis, maximum number of Transactions has been performed by Dapper wallets on 24th February 2022, with a count of 843.22K, later which it started to followed slightly declining trend.

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Also, highest number of Dapper users 20.556K who have purchased NFTs on Flow chain has reached its peak on 27th Sep 2022, further there has been a mild drop in terms of Dapper users count when verified over the past 2 months.

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To summarize, Dapper wallet provider appears to be the most popular among wallet providers such as Blocto, Lilico, Monsoon, Everbloom, Cricket moments etc.. compared in terms of both number of transactions performed by users as well as the trading volume.

References

Twitter link

https://twitter.com/bachkav/status/1589314234537889793?s=20&t=W7la1XAjqGMnavAjcDGpHQ

Here are the visuals that represents the comparison of NFTs provided by Wallet providers such as Dapper, Blocto, Lilico, Fantastec, Cricket moments etc. over flow chain assessed in terms of

Total number of Users purchasing NFTs across various wallet providers
Total number of NFTs sold or traded by users of different wallet providers
Daily NFT Sales Transactions performed by traders across various wallet providers
Daily Total number of traders who bought NFTs across various wallet providers
Daily Total count of NFTs sold or traded by users of different Wallet providers

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Findings

When we look at the daily statistics of total number of users performing transactions across each Flow wallet provider such as Blocto, Dapper, Lilico, Monsoon, Everbloom, Joyride etc., it is evident that Dapper wallets are performing maximum number of transactions throughout comparatively.

Also, it is clear that highest number of Dapper wallets around 214.75K has performed transactions on 30th of July 2022, post which there has been a sudden drop and continued with a consistent trend further.

Observations

According to these charts or visuals that shows the weekly metrics of users performing transactions across various Flow wallet providers such as Blocto, Lilico, Dapper, Everbloom, Joyride, Monsoon etc, we could infer that Dapper wallets were the leading wallets performing maximum transactions till the moment Joyride wallets were introduced.

After the launch of Joyride wallet provider, they seem to be dominant over other type of wallets, especially Dapper wallets in terms of maximum number of transactions performed.

Also, we could see that a maximum of 4.66M transactions were performed by Joyride wallets in the week starting 29th of August 2022.