CEX.IO’s Latest Market Analysis Report Reveals Human Behavior Underpinning Crypto Ecosystem

COMPASS: Finding the “You” in Users explores address activity across Bitcoin and the six top L1 and L2 chains, by total value locked (TVL).

CHICAGO, July 27, 2023 (GLOBE NEWSWIRE) -- CEX.IO, a global ecosystem of products and services that connects people and businesses to the cryptocurrency economy and decentralized finance, released its market analysis report for Q2 2023, COMPASS: Finding the “You” in Users: How Human Behavior is Shaping the Crypto Ecosystem.

Prepared by The CEX.IO Market Research Team, the report examines the breadth and frequency of address activity across a variety of industry verticals. After isolating six of the top 10 L1 and L2 networks, plus Bitcoin, by total value locked (TVL), the Team clocked traffic at critical ecosystem waypoints. Interactions with decentralized finance (DeFi), decentralized exchanges (DEXs), NFTs, and network bridges were tracked to reveal community trends in the correlated data. In turn, the report interrogates why active addresses are often conflated with active users, despite individuals regularly maintaining multiple footprints in the digital economy. 

“While it’s often a vector for determining network health, relying on daily average user counts alone can give a warped impression of on-chain activity,” said Oleksandr Lutskevych, CEX.IO’s Founder and CEO. “In reality, maintaining a diverse digital portfolio can mean juggling a series of addresses to stay agile. Looking at this behavior in reverse, we can get a sense of how transactions are being prioritized, and where resources can be deployed to enhance the user experience.”

The report also provides technical analysis of trends impacting the Bitcoin and Ethereum ecosystems. The Team investigates how the rise of liquid staking tokens (LSTs) on the Ethereum mainnet are impacting the ability to pay network gas fees. Plus, the pros and cons of Ordinals and BRC-20 tokens among the Bitcoin community continue to split participants on the role NFTs should play on the network.

To read CEX.IO’s full Q2 2023 COMPASS report, please visit here


CEX.IO was founded in 2013 with a mission to support global financial inclusion through the adoption of cryptocurrency and blockchain technology. As one of the most tenured market participants, CEX.IO offers a comprehensive ecosystem of intuitive solutions built with safety and security at their core, enabling users to trade, store, transfer and earn digital assets. With over six million registered users globally, CEX.IO helps retail, enterprise, and institutional customers seize opportunities in decentralized finance every day. Learn more at CEX.IO or connect with us on LinkedIn.

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