DappRadar Reports on Hive | Activity is Thriving While Steem is Declining

in LeoFinance11 months ago

DappRadar Reports on Hive | Activity is Thriving While Steem is Declining.png

DappRadar is a popular blockchain dApp tracking website. They’ve covered the Steem & Hive situation from a data standpoint fairly well and I’ve enjoyed reading their various reports about the activities on Hive versus Steem. It’s interesting to see how the wallet activity/dApp activity stacks up against the two chains post HardFork.

In their Q2 dApp Industry Review they discussed the various dApp chains and how they’re all performing. In the report, they also give an update on the Hive vs. Steem situation and show some stats about wallet activity on the two chains.

They start by talking price. It’s been interesting to see where Hive and Steem land in terms of market cap and overall pricing:

Source: DappRadar

When the hard fork was happening back in March, I honestly didn’t know what to think. As the details came out, I (and I think most active users on the chain thought this way) believed that Hive would absorb the value of Steem. I hoped that the Hive price would mirror the prior STEEM price and we would come out of the whole hostile takeover situation relatively unscathed.

In the aftermath of the fork and the ultimate resolution of the hostile takeover (in which we shunned Justin Sun and relocated our home) I was both surprised and pleased to see that Hive was not only just as good as pre-Tron Steem, but it was actually better than before. Out of the ashes, Hive arose like a phoenix and it was an incredible testament to what a decentralized community could accomplish (and many crypto influencers including Vitalik and Dan Larimer commented as much).

Many of the top Steem dApps migrated quickly from Steem to Hive. Some took longer than others due to complexity or hesitation (and most likely a mix of the two). DappRadar covered the migration of dApps in real-time and did a great job reporting it.

From their Q2 report, it’s interesting to read about the wallet activity changes. It’s been just under 4 months since the Hive HardFork and here’s where we stand today:

"It has been fascinating to observe daily active wallets within Hive and Steem as the protocols faced the cross movement of important dapps like Spinterlands with a wallet base of 6,000 daily active users. As a result, we see that Hive wallet activity has grown by 213%, while Steem decreased by 23%.” - DappRadar

When Splinterlands finalized their migration from Steem to Hive, we saw an incredible spike in wallet activity. Hive was already gaining on Steem, but Splinterlands delivered the killing blow:

Source: DappRadar

A 213% growth in Hive wallet activity is absolutely insane. I hope people outside of Hive are looking in and seeing this growth and realizing the potential of Hive. While there is a long way to go in terms of mass adoption, user growth and usability, this is still one of the most active blockchains in the world. It’s also the most undervalued blockchain in the world (in my opinion).

Steem’s wallet activity decreasing is a beautiful site to see. While I normally wish no ill will toward anyone, Justin left a bad taste in the mouth of everyone who loved Steem and had to leave. In the end, I’d like to thank him for giving us the motivation to create Hive. When businesses aren’t growing, they often need a catalyst to force a major change. Justin was our catalyst and the Steem community rebranded itself as the Hive community and emerged stronger than ever.. now we’ve got the wallet activity to prove it.

Another interesting statistic is one that @dalz mentioned in a recent post about HIVE stake activity:

"on Steem currently there is around 143M Steem Power but with the Steemit Inc stake included. If we exclude that (~80M) this number will be just above 60M users’ funds powered up, out of the 360M total.” - @dalz

Powered up stake by users is a great confidence metric. On Steem, the users (that are left) have 60 million STEEM powered up. In contrast, Hive users have about 137 million HIVE powered up.

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Lovely to see the graph with the daily active wallets and how it increased for Hive.

We are heading in a good direction!

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Damn over twice the amount powered up, gosh that liquidity squeeze on HIVE is going to be interesting come the next run

I think the amount of HIVE powered up is a better indicator when comparing the two blockchains as one user could have own several HIVE accounts.

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