https://www.stateofthedapps.com is a rather interesting website that can give us an inside look at some Decentralized Exchange activity.
Recently, I ran across this website. Full Disclosure: I don't know anything more about it. (I don't know who built it nor have I tried to independently verify the data.) And was rather impressed with the data it has.
So one of the problems with blockchain projects and exchanges is that user activity is often cloaked, making it difficult to know what is going on. Here they pull out active users in the last 24 hours from the blockchain. And they have numbers for several big Crypto projects.
The website includes non-exchange projects. For example it shows Steem-it.
It shows Steemit with about 6,000 active users over a 24 hour period. This seems reasonable to me. If there is anyone out there with better data... let me know in the comments. Steemit has a market cap of $161 million with 6,000 active users a day. That means means an active user is worth $26,000.
We can also see several dice games and games are the top De-centralized apps.
This seems to make sense...
Looking at exchanges we see the following.
NewDex ..... 2,216 users,
Idex ..... 685 users
ForkDelta .... 644 users
Ox ........... 542 users
DexEOS ...... 448 users
Loopring .... 406 users
WhaleEx ...... 287 users
Bancor ....... 287 users
KyberNetwork ......239 users
The Token Store .....188 users
Augur .......................167 users
I have heard a lot about the Bancor protocol. I read the white paper. It all sounded good but I never joined or traded there. Here we get some indication of usage. I see are several listings for Bancor, so it might be more complicated.
I have looked at both NewDex and Idex in the past.
So 0x is the 33rd largest crypto currency project. It has a market cap of $175 million. With 542 users, each user is worth about $300,000.
Loopring is rank 60th, with a market cap of $70 million. With 406 active users each user is worth $172,000.
Bancor is ranked 99th with a market cap of $33 million. With 287 users each user is worth $114,000.
Kyber is ranked 135 with a market cap of $22 million, each of the 239 users are with $92,000.
Augur is ranked 34th with a market cap a $162, each daily user is worth about a million dollars.
Idex, -which has a couple of tokens- is confusing me.
There are some major projects not listed. BitShares Dex, if it was listed I think we be near the top of the list with thousands of active users a day. Somewhere between Steemit and NewDex. (Last summer I had estimated BTS with 12,000 active users over two days. I know activity has fallen since then. I am not exactly sure where it is at now.)
I also do not see Waves. I have previously looked at Waves and it generally appeared to have volume at about 1/2 to 2/3rd the level of BitShares.
Several Times I have looked at Augur -This is a gambling market/prediction market. While a neat idea, there was not much activity on the contracts. Again, it is an "interesting project", but "interesting projects" need "real users" to take off.
Augur currently las a market cap of 161 million. Is a project that has 167 users a day worth a market cap $161 million? I do not consider "a daily user" worth 1 million dollars.
Several of the other exchanges, I have not really heard much about.
There are lots of different ways to value projects, with social and trading apps, "people" are part of the value. It is real easy to set up any projects with hundreds, thousands, and tens of thousands of users. One simple writes a computer program to create extra "accounts." One could write a program to create 1 million, 1 billion or 1 trillion accounts. The value is not in accounts, it is in real people who are using the services, and what those services are. The more people that come to an event, the better off it is for everyone. In order for markets to be a success, there needs to be both buyers and sellers. In a crowded space, it can be hard to create and build a brand and get and keep users. People can also come, trade and leave. Keeping users and users engaged is hard. Because of all of this, users in the last 24 hours is a good metric to use to look at various projects. It can be hard to find some of that data, and I take all data with some salt and compare it to other data to confirm what is going on.
One can also click and get a little more info about each of these on the site:
IDEX
Bancor
LoopRing...
Idex...
However you want to look at the numbers, I think there may be a goldmine of information at this state of the Dapps website. Someone did a good job putting these numbers together. I thought I should share, so other can use the resource.