This article discusses the unique users who have staked capital on Stargate on Ethereum every single day since its launch. Then let’s talk about how this analysis can be helpful to the protocol’s growth.
The Stargate network is a scalable, composable cross-chain bridge built on LayerZero that can transfer assets between different blockchains. One of the main shortcomings of most current bridges is their inability to transfer native assets between chains. They use an intermediary token instead of a wrapped token for the purpose of bridging. A disadvantage of this approach is that it is extremely inefficient and makes the user’s experience very difficult. Using Stargate, users can send native tokens directly to non-native chains and avoid tying up their funds in wrapped tokens. In order to guarantee instant and finality, the protocol makes use of unified liquidity pools shared by chains. Cross-chain bridging can be made seamless and easy with Stargate.
Here is a graph showing the daily growth of Stargate network users and its cumulative growth over time. We can see a significant increase in users of stargate on the Ethereum network during the early days of launch. However, it is gradually showing a decline in the number of new users. A maximum of 153 new users was observed on March 23, 2022.
In terms of stargate’s cumulative new user growth on Ethereum network, there have been 1730 new users added since launch.
According to the below heat map , more than 125 new users have been added most days over the second week of the launch of the stargate network on Ethereum. We can see from here that the number of new users is higher in the early days, but later on there is not much growth among the new users.
According to this analysis, the number of new users on the Stargate network on Ethereum decreased. The network gained many users in the initial days after it launched, but gradually the number of new users has declined. During the initial weeks, we can see from the analysis more than 135 new users on some days, but it recently fell to under 20 new users every day. We can probably assume that it was a result of volatility in the crypto market.