The current narrative is that the markets are a Game of Macro. In the Unchained Episode: “Cobie and Chris Burniske on How to Navigate a Crypto Bear Market” [1] the narrative is that Layer 1 of this cycle will get rekt like Eth and may show recovery in the next cycle with builder building and drawing in people with the build applications. This resonates with me. Thus the Spiel is to buy AVAX, Solana, Near, Arweave, Filecoin, Moonbeam, (etc) at max pain - essentially looking at Layer 1 of the last bull run.
Refer to for more information:
We begin our investigation by looking at the 30 day transaction count, Active Addresses, Addresses deploying Contracts across following projects:
As we use covalent as a data provider we are limit by to chains index by them. In addition, we removed layer 2 networks and the major protocols like BSC, Polygon and Ethereum. The rational for this is based in value accrual and upside potential from a financial perspective.
Source: https://www.covalenthq.com/platform/#/increment/pages/covalent/blockchain-analysis/
https://covalent-embed.vercel.app/card_863b3249c9704d51828242817d8?embed=356c2827223a2b3c6c74282f223d2b626c2d262f27203d6c74156c2f382f222f202d262b11232f2720202b3a6c626c282f203a212311232f2720202b3a6c626c232121202c2b2f2311232f2720202b3a6c626c25222f373a2011232f2720202b3a6c626c262f3c2321203711232f2720202b3a6c626c3e2f222311232f2720202b3a6c626c3c3d2511232f2720202b3a6c626c262b2d2111232f2720202b3a6c626c2d3c2120213d11232f2720202b3a6c626c2b3823213d11232f2720202b3a6c626c2f3d3a2f3c11232f2720202b3a6c626c27213a2b3611232f2720202b3a6c13626c2f29296c746c2a2f2722376c626c3c2f20292b6c746c222f3d3a117d7e2a2f373d6c33
When we look at the transaction count over the last 30 days we can notice several interesting insights.
We notice based purely on looking at transaction data a discrepancy in where the market values the different projects relative to the transaction count (a fundamental metric from many)
Note: We further narrowed down the analysis by avoiding chains with a smaller transaction counts.
https://covalent-embed.vercel.app/card_8660729620034412b2cf74d4d37?embed=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
We notice in terms of active addresses that
(1) Fantom/Avalance are leading, heco/klatyn, followed by cronos
https://covalent-embed.vercel.app/card_bd49b5734c28416499ee3368f96?embed=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