Algorithmic stablecoins attracted only a few daily active addresses in June 2022, with TerraClassicUSD being the biggest. The metric of active addresses is the closest thing available in the cryptocurrency world to active users. Within the blockchain, addresses are assigned to digital wallets so as to reliably ensure a transaction. An address can become active only within a set period of time, essentially allowing a user to make transactions. Successful transactions are then recorded and made visible on the blockchain with that address - although one cannot re-trace the exact location or who is the owner of that specific address.
Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022
* Technically, FRAX is only partially a USD-backed stablecoin as it also uses an algorithm for its backing. It has nevertheless been added to this statistic, due to its market size. Tron's USDD started out as a purely algorithmic stablecoin in May 2022 - and has therefore been added as such - but technically it changed to a model similar to FRAX not long after.
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Statista. (June 27, 2022). Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022 [Graph]. In Statista. Retrieved November 13, 2024, from https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/
Statista. "Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022." Chart. June 27, 2022. Statista. Accessed November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/
Statista. (2022). Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022. Statista. Statista Inc.. Accessed: November 13, 2024. https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/
Statista. "Number of Unique Addresses That Were Active on The Blockchain Network Either as a Sender or Receiver of Algorithmic Stablecoin on June 26, 2022." Statista, Statista Inc., 27 Jun 2022, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/
Statista, Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022 Statista, https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/ (last visited November 13, 2024)
Number of unique addresses that were active on the blockchain network either as a sender or receiver of algorithmic stablecoin on June 26, 2022 [Graph], Statista, June 27, 2022. [Online]. Available: https://www-statista-com.ezproxy.canberra.edu.au/statistics/1316851/algorithmic-stablecoin-active-addresses/
