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Determining the ‘real’ value of a blockchain network or a blockchain-based dapp can be an esoteric business. It’s no secret that much of the crypto industry is built on nothing but speculation and hype–projects that wouldn’t stand a chance in the rest of the fintech world somehow find ways to flourish (at least temporarily) in the blockchain space.

Therefore, finding innovative ways to examine data is important for discovering the ways that the blockchain world operates. In an epic ‘tweetstorm’, Tyson Drake, the Head of Digital Marketing at UnitiWireless, compiled data to visually compare dapps (decentralized apps) with the number of transactions that happen on them.

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Finding Better Ways to Measure and Compare Blockchain Networks

It all began with a tweet from Meltem Demirors, Director at Digital Currency Group. Seeing transaction volume as an “imperfect measure” for how a blockchain network’s value or actual usage is calculated, she proposed that comparing utilization against speculation was a better way to examine a network’s worth, and sent out an open call for “other ideas for how to measure” blockchain networks.

Drake found that in terms of transaction volume, decentralized exchanges represent the largest amount of the transaction volume on all dapps–46.6 percent over a seven-day period. Crypto game dapps (ie CryptoKitties) came in second place, accounting for 32% of dapp transaction volume. “Almost 80% of dapp transaction volume is related to trading (tokens or kitties),” he wrote.

Drake dissected the data further from there. He discovered that of all decentralized exchange dapps, IDEX was responsible for the largest trading volume by far–50 percent of trading volume over the same seven-day period happened on the exchange. ForkDelta followed with 37 percent of trading volume.

The crypto gaming and gambling markets were similarly dominated by one or two larger players. Cryptokitties dominated crypto gaming with 37.2 percent of all gaming transaction volume; Etheroll, a blockchain-based casino game, accounted for 90 percent of all transaction volume in the crypto gambling sector.

The open-source, communal nature of much of blockchain’s technological culture is inspiring. True to this spirit, Drake has made his data public, and it can be viewed as a Google sheet.

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