Crypto Market Shifts Focus to Monthly Active Addresses

The cryptocurrency market has undergone a significant change in how success is measured by the network. Historically, Total Value Locked (TVL) was used to measure success, but the crypto community is now prioritizing Monthly Active Addresses (MAA) to better represent the use of the network in actual transactions and retail uptake.

Recent data from Phoenix Group indicates a stark contrast in active users on layer-1 and layer-2 protocols across the 3 main active networks by user volume. BNB Chain, Solana, and Ethereum are among the top performers, with BNB Chain leading the way with over 40 million monthly active addresses.

Ethereum continues to be a dominant force in the DeFi space due to its widespread adoption and institutional focus, but layer-1 and layer-2 networks like BNB Chain and Solana are gaining traction among high-volume retail users with lower transaction fees and faster speeds.