Reason for investigation

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:

Layer 1 - Hodl Bag

Data Selection

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.


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.

We notice in terms of active addresses that

(1) Fantom/Avalance are leading, heco/klatyn, followed by cronos