Despite The Bear Market The Number Of Transactions On Hive Remains Consistent | Data On Posts, Votes, Transfers and Custom JSONs | Nov 2022
How is the number of transactions on Hive these days? Usually in the bear market transactions on most of the blockchains goes down. We can see this for Ethereum and Bitcoin, where because of the lower numbers of transactions fees are now much lower.
Hive has a fast and feeless transactions. Let’s see how is the bear market impacting these?
Here we will be looking in the numbers for transaction, and not just in terms of posting but other activities as well, like votes and custom JSONs that are mainly driven by games.
Usually when talked about activity on the Hive blockchain a lot of the users have in mind posting and commenting. Here we will be looking in the top 4 activities on the blockchain:
- Posts and Comments
- Custom JSON operations
The above consist the majority of all the transaction on the blockchain. The claim rewards operation also has a high number of transactions, but we will leave out that one.
The period that we will be looking at here is 2022.
Number of Posts and Comments
Although gaming is growing on the blockchain, blogging still remains the core activity and one of the keyways inflation is distributed. Users can blog about gaming as well 😊.
Here is the chart for the number of posts and comments on the Hive blockchain.
Quite a steady numbers throughout the year with a small drop in the numbers. The year started with around 30k daily posts and comments and now we are at 25k.
There seems to be a bigger drop in the summer, when the activity dropped to around 20k and increased afterwards up to 30k. Since then a stabilization around the 25k.
Even with the sharp drop in the crypto prices, the activity for posts and comments remains healthy.
Number of Votes
The chart for the votes looks like this.
Votes are one of the core operations on the Hive blockchain. That is how the rewards are distributed. The Proof Of Brain mechanism (PoB).
The number of votes has been quite steady in the period, compared to the price volatility.
Throughout the year the numbers are between 250k to 300k votes per day. On few occasions there was more then 300k per day.
We can notice the sharp drop and recover in October when the Hive.Vote service was down for a bit during the Hardfork.
Number of Transfers
The chart for the transactions looks like this.
Some ups and downs here but overall a steady trend. The year started with around 20k operation per day and in the last days is between 15k to 20k.
Number of Custom JSONs operations
The chart for custom JSONs operations.
This is the number one type of operation on the blockchain at the moment with millions made on a daily basis.
The custom json transactions are mainly used from the games on Hive, with Splinterlands on the top. Hive Engine operation are also contributing a lot. Custom jsons are just a text files, but unlike the post and comments, they are like sidenotes, don’t appear as post and are not eligible for votes.
We can see that the year started with 2.5 million to 3 million daily operations and now we are at 2 million daily custom json operations.
There was sharp drop in the number of operations in June, that is because of the change in the Splinterlands reward system and some bots stopped playing. Since then, the transactions started growing again and we are now again at 2M per day.
Overall Transactions on Hive
When we combine all the charts above, we get this.
As we can see the custom jsons operation are dominating the Hive blockchain. In the last period more than 80% of all the operations on the Hive blockchain are custom jsons.
Although the “weight” of these operations is not the same, so its not totally comparable. Posts have the largest weight, as they require a lot of texts and effort, unlike votes or jsons, that are usually a one click operation.
Number Of Transactions Per Month
The monthly chart presents a better overview of the transactions. Here it is.
Note that not all the Hive transactions are included above.
In the first half of the year the number of monthly transactions was between 80M to 100M and then we can see the drop in June. This again because of the change in the Splinterlands reward system. Since then the numbers of monthly operations has been steady around the 70M mark.
The chart for November 2022 top transactions looks like this:
Here once again we can see the dominance of the custom json transactions.
A 71M transactions in November out of which 60M are custom json transactions. Next are the votes with 9M, then posts and transfers with under 1M.
Overall we can conclude that the activity on the chain remains very healthy despite the drop in the price. At the beginning of the year the HIVE price was above $1 and now we are around the $0.35 mark. Posts are comments have remained almost consistent with a very tiny drop. Votes have not seen any dropout in the numbers, and transfers are also almost the same. The biggest drop that we have seen is in the number of custom json operation and that is because of a change in the game design.
Hivers are obviously resilient 😊.
All the best
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