The number of daily transactions and active wallet addresses on Fuse Network have surged over the last three months. In so doing, Fuse outperforms chains such as Cardano.
According to the on-chain analytics platform Artemis, daily active wallet addresses grew 61% from 22,600 in mid-June to 36,420 by mid-September 2023. At the same time, daily transactions surged by more than 87%, from 41,040 to 76,960.
A comparative lens shows that Fuse Network outperformed big chains such as Cardano, whose ADA cryptocurrency is in the top ten by market capitalization.
The results show that while TVL may still be a core metric in DeFi and the blockchain industry, actual usage can show real-world technology adoption. Specifically, it shows how Fuse’s real-world use case infrastructure and Web3 payments focus come into the frame.
Individuals, businesses, and financial institutions are embracing Web3 and cryptocurrency payments. They offer benefits such as lower transaction fees and faster cross-border transactions, making them attractive alternatives to traditional payment systems.
Moreover, Web3 payments have the potential to provide financial services to underserved populations, promoting financial inclusion on a global scale and opening up new, exciting markets.
What’s fuelling growth?
Several factors are responsible for the surge in activity. The first point is that growth in both metrics results from organic and product launch activity. Sustained targeting of Operators, which fuels the Fuse ecosystem by providing Web3 services to businesses and improved, more aggressive community and developer outreach, communications, and the Fuse Force ambassador program launch have all played their part.
In August, we celebrated our 4th Birthday with a month-long fiesta of events and opportunities for people to engage with Fuse Network, bringing new eyeballs to the ecosystem and token. These activities showcased the Fuse technology stack and invited people to learn more about how we cater to businesses and SMEs that want to integrate crypto payments into their applications while also providing value to our existing token holders.
Aiding this growth is sustained work with partners Etherspot integrating Ethereum ERC-4337 and complete account abstraction to the Fuse stack to enable developers to build non-custodial Web3 wallets with seamless and user-friendly interfaces.
Add to this the soft launch of a new Fuse Token Bridge, enabling asset transfers between Fuse, Polygon, Arbitrum, and Optimism, and the arrival of perpetual trading on Fuse powered by Mirakle.
At the same time, and perhaps most importantly, awareness of Web3 and crypto payments amongst merchants and online retailers is growing as businesses seek ways to integrate Web3 and not get left behind by the plethora of huge companies experimenting with crypto payments, asset tokenization, and Web3 loyalty.
What’s next?
While outperforming chains like Cardano gives an overall sense of progress, we understand that consistency and further awareness of Fuse Network and its services are paramount to user retention and growth over the longer term.
We are constantly conversing with leading payment companies that want to experiment with blockchain while onboarding new Operators that are key to driving real-world adoption of Web3 payments on Fuse.
More campaigns are coming soon, including the full launch of the Fuse Token bridge and the chance for users to win a share of $5,000 in Fuse for completing specific tasks. Additionally, we will announce a trading competition with our partners at Gate.io with more reward opportunities for participants.
Alongside several new hires in business development, marketing, and operations, who join the team with experience from Web3 brands such as Binance and DappRadar, we are confident we are well-equipped to go into the next cycle with an aggressive roadmap and focus on being the most user-friendly blockchain platform for businesses that want to integrate Web3 payments and loyalty.
