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Weekly On-Chain Data Review: XRP Active Addresses Drop by 67%, TRON USDT Utilization Rate Increases

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Weekly On-Chain Data Review: XRP Active Addresses Drop by 67%, TRON USDT Utilization Rate Increases

The blockchain data analysis firm CoinMetrics recently released its latest on-chain data report. It discusses the on-chain data of cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc., over the past week, and offers insights into the development of Tether (USDT) across various blockchains.

Table of Contents

  • XRP active addresses decrease by 67%, while Tron mainnet's USDT usage steadily increases
  • Ripple CEO mentions the possibility of an IPO this year

Weekly On-chain Data

The report indicates that Bitcoin remained relatively stable over the past week, with its market cap, active addresses, and transaction count fluctuating by less than 3%. Ethereum's active addresses decreased by 17.8% and transactions decreased by 21.2%. XRP's active addresses saw a significant drop of 67%.

All cryptocurrencies showed an overall improvement in network security data, with Bitcoin's network hash rate growing by 5.7% and Bitcoin Cash by 7.4%.

Source: coinmetrics

The report also discusses the transition of Tether (USDT) from the Omni protocol to an ERC20 version based on Ethereum in 2019, which quickly surpassed the Omni version in market capitalization. Currently, the TRC20 version of USDT on the Tron blockchain is also continuing to grow.

In addition to the 2.29 billion and 1.55 billion USDT issued on Ethereum and Omni respectively, USDT issued on the Tron blockchain has reached a market cap of approximately 1 billion.

USDT market capitalization on various mainnets (Source: coinmetrics)

According to their respective transfer amount market cap ratios (adjusted), the ERC20 version still dominates. Currently, ERC20-USDT accounts for 74% of the total market cap, TRC20-USDT accounts for 15%, and Omni-USDT accounts for 11%.

USDT transfer value ratio (adjusted) (Source: coinmetrics)

Ripple Going Public?

Recently, Ripple's Product Vice President Asheesh Birla tweeted, quoting Ripple CEO Brad Garlinghouse, stating that the company plans to conduct an Initial Public Offering (IPO) within 12 months. The tweet mentioned:

In the next 12 months, you'll see IPOs in the crypto/blockchain space. We will not be the first and we will not be the last, but I expect us to be on the leading side. It's a natural evolution for our company.

Although the impact of Ripple's public listing on Ripple's coin (XRP) is uncertain at this time, investors in XRP, which has long been in a state of losses, seem less enthusiastic about this news.

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