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Why Active Addresses Do Not Reflect Real Blockchain Adoption
Crypto teams, analysts, and reporters routinely cite active addresses as a stand-in for users, and the conflation distorts nearly every adoption narrative in the industry. An active address is a cryptographic identifier that transacted on a blockchain inside a given window. Users are people, and one person can sit behind hundreds of those identifiers while millions of users sit behind a single one. The two counts rarely match, and on most networks the gap is now wide enough that headline figures from L1s, L2s, and protocols overstate real participation by an order of magnitude or more. Addresses are cheap to count ... (full story)
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