Blockchains Split into Four Usage-Based Groups

A comparison of fully diluted valuation (FDV) vs daily active addresses on layer 1 blockchains has been mapped by @ourcryptotalk, a cryptocurrency analyst. The analysis sorts major players into four groups based on their 30-day usage.

The 'Blue Chips' group consists of Ethereum (ETH), Binance Coin (BNB), Solana, and Tron, which have valuations backed by millions of daily users. In contrast, Cardano, Stellar, and Sui are classified as 'Ghost Chains', characterized by billions in FDV but thin activity.

The 'Grinders' category includes NEAR, Aptos, and Injective, which deliver real usage without a significant lift in valuation. The 'Walking Dead' group comprises Polkadot, ICP, and Sei, with low user numbers and depressed valuations.