Real Vision’s lead cryptocurrency analyst has highlighted a key on-chain indicator that suggests a promising future for the crypto sector.

Jamie Coutts, in a recent update shared on platform X, pointed out that there’s been a noticeable uptick in the daily active users (DAU) across various blockchains. This metric measures the distinct number of individuals interacting with a platform within a 24-hour cycle.

Over a span of six months, the combined DAU for 22 blockchains has escalated by 132.8%, and over the last quarter, by 117.4%. Coutts illustrated, “When examining blockchains by the growth of their 3-month Daily Active Users (14-day average), we see a significant rise. The total DAUs increased by 20% to 12.8 million, even as the average prices of smart contract platforms dipped by 36%.”

Credit: Jamie Coutts/X

The decentralized layer-1 blockchain and smart contract platform SUI witnessed the most substantial growth in DAU, with a staggering 1,957.4% increase over half a year and a 3,503.4% rise in the past quarter. Following SUI, Ethereum’s (ETH) layer-2 scaling solution Mantle saw its DAU swell by 231.3% in six months and 518.1% in three months.

Despite a recent performance dip where smaller-cap altcoins lagged behind their larger-cap counterparts, Coutts remains optimistic. He interprets the DAU surge as a positive indicator for the crypto market, noting that the market capitalization for layer-1 blockchains generally climbs in tandem with DAU growth.

Coutts remarked, “The price peaks of March/April might have been slightly inflated. Yet, the consistent growth in user numbers hasn’t slowed down, aligning with the expected pattern for an asset or technology experiencing exponential growth. We’re on track to hit 20 million crypto DAUs by the year’s end, which could translate to roughly 200 million MAUs (monthly active users). This is a bullish sign.”

Source: Jamie Coutts/X

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