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



###
ABOUT CEX.IO

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.

© 2023 | CEX.IO Ltd All rights reserved. Not to be reproduced or retransmitted without permission.

CEX.IO is a trading name of, and [digital asset platform products and services] are offered by: in the U.S., CEX.IO Corp., registered with FinCEN in jurisdictions where it is licensed to operate as a Money Service Business (MSB Activities 409 499), registered office 900 E Diehl Rd STE 110, Naperville, IL 60563; in Canada, CEX.IO Limited, registered with FINTRAC; in Europe, CEX.IO Limited, registered in Gibraltar, No. 116846, registered office 8-10 Queensway Montagu Pavilion Gibraltar GX11 1AA. CEX.IO Limited is authorised and regulated by the Gibraltar Financial Services Commission as a DLT Provider under the authorization number: FSC0686FSA; CEX Overseas Ltd, registered in the British Virgin Islands, No. 2046189, registered office Craigmuir Chambers, Road Town, Tortola, VG 1110. CEX.IO Limited and CEX Overseas Ltd are subsidiaries of CEX.IO Holding Ltd.

These materials are for informational purposes only, and are not intended to be used for trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product. These materials do not provide any form of advice (investment, tax or legal). CEX.IO is not a registered investment adviser and does not provide investment advice or recommendations to buy or sell securities, to hire any investment adviser or to pursue any investment or trading strategy.

The value of digital and virtual currencies is derived from supply and demand in the global marketplace which can rise or fall independently of any fiat or government currency.

Holding digital and virtual currencies carries exchange rate and other types of risk.

Transactions in virtual currency are irrevocable, and, accordingly, losses due to fraudulent or accidental transactions may result in the loss of your money with no recourse.

Any questions regarding this document or application of any law, rule or regulation can be referred to us via email at [compliance@cex.io].

All trademarks, service marks, and trade names not owned by CEX.IO Ltd are the property of their respective owners.


Please refer to the Terms of Use for more details.

 

Contact Data