A Look Back At The Transactions On Hive In 2022: A Breakdown of Posts, Comments, Votes, Transfers, and Custom JSONs
One of the key features of the Hive blockchain are fast and feeless transactions. The power up and resource credits system provide a unique concept for a feeless transactions. Additionally, with the Hardfork 27 in October, RCs were separated from HP, and this enabled even better management of the resource credits system and the feeless transactions.
Developers can now take advantage of the concept and develop applications that are without transactions costs for users. Splinterlands has obviously made the most of this, onboarding hundreds of thousands of users and providing them with the RC to make transactions on chain. We are now seeing more games developing and taking advantage of the system.
Let’s take a look how 2022 was in terms of transactions.
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Usually when talked about activity on the Hive blockchain a lot of the users have in mind posting and commenting. Here we will be looking in the top activities on the blockchain:
- Posts and Comments
- Votes
- Transfers
- Custom JSON operations
The above consist of the majority of all the transaction on the blockchain.
The period that we will be looking at here is 2022.
Number of Posts and Comments
Although gaming is growing on the blockchain, blogging still remains the core activity and one of the key method inflations is distributed. Users can blog about gaming as well 😊.
Here is the chart for the number of posts and comments on the Hive blockchain.
Quite a steady numbers throughout the year with a small drop in the numbers. The year started with around 30k daily posts and comments and ended around 23k.
Even with the sharp drop in the crypto prices, the activity for posts and comments remains healthy.
Number of Votes
The chart for the votes looks like this.
Votes are one of the core operations on the Hive blockchain. That is how the rewards are distributed. The Proof Of Brain mechanism (PoB).
The number of votes has been quite steady in the period, compared to the price volatility.
Throughout the year the numbers are between 250k to 300k votes per day. On few occasions there was more then 300k per day.
Number of Transfers
The chart for the transactions looks like this.
Some ups and downs here but overall, a steady trend. The year started with around 20k operation per day and in the last days is between 15k to 20k.
Number of Custom JSONs operations
The chart for custom JSONs operations.
This is the number one type of operation on the blockchain at the moment with millions made on a daily basis.
The custom json transactions are mainly used from the games on Hive, with Splinterlands on the top. Hive Engine operation are also contributing a lot. Custom jsons are just a text files, but unlike the post and comments, they are like sidenotes, don’t appear as post and are not eligible for votes.
We can see that the year started with more than 3 million daily operations, dropped a bit in June 2022, due to changes in the game econonmy, and since then increased going forward and at the end of the year these transactions are again close to 3M per day.
Monthly Number of Transactions Per Catgeory
The monthly chart presents a better overview of the transactions. Here it is.
The year started with almost 100M transactions per month, had a drop in the summer and ended the with close to 80M transactions in December 2022. On average 80M transactions per month, or 2.65M per day.
From the breakdown above we can see that the custom jsnos operations are leading throughout the year.
A total of 967M transactions made on the Hive blockchain in 2022. Close to 1B.
Top Transactions In 2022
Here is the chart for the transactions per category.
Not surprising, the custom jsons comes on the top with more than 830M transactions, followed by the vote operation with a 100M, and then interesting the claim reward. There is 10M transactions for the claim reward button 😊. This operation can be automated and most have it on auto for few times per day, as in a way it acts like a compounding button.
The comment is no.4 on the chart with a total of 10M. This is a number for both, posts and comments, while the number of posts only is 1.4M.
The delegations operation is also in the top 10, and interesting the operations for trading on the internal market are also here with more than one million operations. As the internal market is becoming more liquid and attractive more and more activity is appearing.
The bottom operations on the chart are under one million.
The pie chart looks like this:
Here once again we can see the dominance of the custom json transactions. An 86% of all the transactions on chain in 2022 belong to this category. The vote operation has a 11% share. The posts and comments, transfers, claim rewards and others are all with around 1% share.
While the custom json operations are dominating the chart, we should have in mind that not all the transactions above have the same weight. Publishing a post usually requires more effort than just clicking an in-game button or clicking the like button.
Having in mind that 2022 was a bearish year for the crypt industry, the transactions on the Hive blockchain remained relatively stable. The vote and the transfers operations have very little variation in the numbers, the post and comments have a slight drop, while the custom json transactions have moved according to the Splinterlands economy. In terms of share the custom json are dominant with 86% from the total of 967M transactions.
All the best @dalz
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