A brief look at on-chain metrics of the largest L1s

By looking at the largest crypto assets by market cap, it’s apparent that most of the projects that are worth the most are still Layer-1 blockchains. This is despite the fact that the vast majority of these blockchains have very little on-chain activity. 

While it’s hard to distinguish between the real economic activity and inflated metrics, especially for low-fee blockchains where it costs next to nothing to send transactions, the on-chain data still telling. In this brief overview, we will look at five metrics measuring activity on blockchains — number of active users, number of passive speculators, collected fees, economic volume, and number of transactions.