What are the Top Apps in Crypto in May 2023?

What are the top 10 apps in crypto in the last month? What’s “working” in crypto?

We think the best way to figuring that out is looking on-chain and looking at these 3 core metrics:

1. What are users (“daily active addresses”) doing on-chain?
2. What are users paying gas for to transact in crypto?
3. What applications are driving on-chain activity (“transactions”)?

Want data on top crypto apps?

👉 Get it here in Excel: https://docsend.com/view/istvyc7dqzf9px3v

👉 Get it here on Artemis: https://app.artemis.xyz/activity-monitor/screener?trendingGrouping=applications

Top 10 apps by gas fees spent in the last month

1. Uniswap - Ethereum: Not surprisingly Uniswap, the most popular DEX, is the top gas consuming application in all of crypto. Uniswap makes up 36% of all gas fees spent across EVM chains.

2.Tether - Ethereum: there are smart contracts that are calling the Tether ERC-20 smart contract in order to use Tether as a means of exchange. The more fundamental reason for this is fiat denominated assets are important to maintain a stable source of value to interact across protocols.

3. XEN - Ethereum: Xen Protocol lets anyone mint XEN for free. Coingecko describes XEN Protocol as “XEN is a social mining project based on a PoP mechanism”. Token has infinite supply and the token is down 10% in the last 30 days and has ~$30m of market cap.

4. Arbitrum - Ethereum: L2 that’s getting more and more adoption.

5. Metamask - Ethereum: The crypto wallet is seeing a surge in gas fees spent due to swaps. Its interesting to see that fees peaked in April 2022 but there’s been a slight uptick more recently to a weekly average of $1.5m per week.

6. Opensea: Opensea, the NFT marketplace, continues to dominate with ~40% of gas fees spent among all NFT marketplaces among EVM chains.

7. OneInch: the DEX aggregator continues to make up >50% of marketshare on gas fees spent among 0x Matcha / 1inch / Paraswap.

8. Blur: Blur the NFT Marketplace makes up 40% of marketshare on gas fees spent.

9. 0xMatcha: the DEX aggregator makes up 46-47% of gas fees spent.

10. ZKSync: L2 on Ethereum that continues that saw a surge in gas fees growth as a % of all L2s in late March. ZKSync currently is 14% of all L2 transaction fees.

Bonus: 17 . Pepe: Yes, $PEPE is a top 20 token in gas fees spent!

Top 10 apps by users in the last month

It’s worth noting that BNB Chain has 1.3m daily active users and has the most amount of users among the top chains (Tron is the only exception at 2.4m) so naturally most of the top apps by users are on BNB.

1. Tether - BNB: the largest user base in all of crypto on EVM are addresses using USDT on BNB. Tether on BNB users continues to grow.

2. PancakeSwap on BNB: The DEX had 782k active users in the last week and staying roughly flat since the peak in the fall of 2021.

3. Arbdoge: Arbdoge is a meme coin on Arbitrum which saw a rise in users in mid April before falling.

4. Stargate: Stargate is a omnichain liquidity protocol that allows users to transfer tokens across blockchains. In April 2023, Stargate announced that it had surpassed $1bn in monthly volume for the first time, which coincides with the heavy user traffic we see on BAM.

5. BUSD on BNB: BUSD on BNB is 13% of the user base for stablecoins on BNB

6. Tether on Ethereum: Tether - Ethereum remains the dominant stablecoin on a user basis with >75% market share.

7. Uniswap on Ethereum: while Uniswap is #1 in gas fees spent in the last month, it’s #7 in terms of users among EVM

8. Tether - Polygon: Polygon Tether users have grown over the last 2 years

9. Circle - Polygon: Circle Polygon users have grown as well.

10. Circle - Arbitrum: Same with Circle Arbitrum users in the last year

Top 10 apps by transactions in the last month

1. Tether on BNB: Tether on BNB has both the largest user base and largest source of transactions across EVM

2. PancakeSwap on BNB: Pancake swap had 13.9m transactions in the last month just shy of Tether BNB transactions

3. Uniswap on ETH: Uniswap is #1 in gas fees spent, #7 in users and #3 in transactions across EVM.

4. Planet IX on Polygon: the game on Polygon saw a huge surge in user activity in January ‘23 and has seen a recent spike again as of recent

5. Hooked on BNB: we highlight Hooked as an interesting app on BAM of the Week

6. Fintoch on BNB: The Fintoch ERC-20 BNB smart contract has seen an almost perfect up to the right in transactions 🤔. This could potentially be bot activity.

7. Chainlink on Polygon: there’s a fair amount of transactions from applications calling Chainlink for reliable data inputs.

8. Link3 on BNB: web3 version of Linktree built by CyberConnect has seen transactions grow steadily in the last year.

9. Tether on Ethereum: Tether being used as a medium of exchange for smart contracts on Ethereum and users transferring USDT

10. BUSD on BNB: BUSD being used as a medium of exchange for smart contracts on BNB and users transferring BUSD.

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Want to get the top 10 fastest growing applications by gas fees, users, or transactions? Want a different cut of the data?

Drop me a note in the comment section and I’m happy to customize the dashboard and send it over to you.

Cheers,

Jon

The content is for informational purposes. None of the content is meant to be investment advice. Use your own discretion and independent decision regarding investments.