QuickNode Unveils Q3 2023 On-Chain Report: A Deep Dive into Blockchain Trends and Developments

FinanceFeeds Editorial Team

QuickNode, in collaboration with institutional data platform Artemis, has unveiled The On-Chain Report, shedding light on the blockchain industry’s progress in Q3 2023, revealing a notable surge in stablecoin activity and hinting at gaming and AI as the next frontier in blockchain evolution.

QuickNode, a complete development hub for Web3 innovation, unveiled The On-Chain Report to spotlight the advancements within the blockchain sector during 2023’s third quarter. Crafted in collaboration with Artemis, a reputable institutional data platform for digital assets, The On-Chain Report furnishes an all-encompassing synopsis of blockchain utilization and investments during Q3, delving into consumer tendencies, developer engagement, and the investment scenery.

A major revelation from The On-Chain Report was the remarkable upsurge in stablecoin activity throughout blockchain networks. Stablecoins ascended to become the most favored category, as denoted by daily active addresses (DAA), concluding Q3 with an average of over 400,000 DAA. Moreover, stablecoin emerged as the sole category, as reviewed by the report, to exhibit growth in Q3 2023, surpassing DeFi, Social, Gaming, and NFT categories.

Key insights from QuickNode’s On-Chain Report encapsulate:

Consumer engagement was predominantly driven by financial operations, with stablecoin activity usurping the throne from DeFi.

Primarily propelled by the Friend.tech wave, DeSocial is on the rise with captivating product launches. The prospect of a Web2 scale social app could radically overturn the existing adoption metrics.

Development engagement persists robust solely on Optimism’s OP Mainnet, indicating that developers perceive EVM scaling solutions as a pivotal issue to address imminently.

Forthcoming trends, as delineated by investment figures, hint that gaming and AI propositions are the domains where the blockchain milieu will witness the most significant emergence in the near future.

Reflecting on the report, QuickNode’s Co-founder and CEO, Dmitry Shklovsky articulated: “By centering the narrative around blockchain developers and end users, we gain valuable insights into the roadmap for building a sustainable and rapidly expanding Web3 ecosystem. These insights, merged with the context of product launches and investments, provide us a comprehensive story of where we’re heading.”

Compiled by QuickNode and Artemis, The On-Chain Report sketches a perceptive portrait of the blockchain industry, evaluating the present, mid-term, and long-term scenarios. The report provides extensive statistics and examinations categorized by Stablecoins, DeFi, NFT, Social dApps, and EVM-scaling Solutions.

To compose the report, QuickNode scrutinized the average daily value on a weekly basis on Arbitrum One, Avalanche, Base, BNB Chain, Ethereum, OP Mainnet, and Polygon PoS, employing Artemis.xyz as the chief data source.

The On-Chain Report is accessible here.

Established in 2017, QuickNode has evolved as the prime choice for enterprises and innovators seeking superior blockchain development tools for speed, reliability, and security. Managing over eight billion blockchain requests daily, QuickNode outperforms competitors with a 2.5X swifter response time and 99.99% uptime across 24+ chains and 35+ networks. With a user-centric interface and a sturdy multi-chain developer tool suite, QuickNode is the preferred selection for leading Web3 enterprises and global brands.

Since its inception in 2022, Artemis has become a leading institutional data platform for digital assets. Offering insights across 25+ blockchains, Artemis is recognized as the quintessential data science layer for crypto fundamental information. Ranging from sector-centric metrics to real-time developer engagement insights, Artemis ensures users are well-equipped with the most thorough and adaptable digital asset data obtainable. With a broad spectrum of data ingestion options, from Excel integrations to Snowflake Data Shares, Artemis is the data platform of choice for global financial institutions and investors.

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