New Users (Ethereum)

Measures the number of new users on-chain.

Early Adoption Signals

New user growth often precedes price rallies as it reflects grassroots adoption before institutional capital arrives. Historical patterns show networks like Ethereum and Solana experienced large user growth spikes 3-6 months before major price appreciation cycles

This metric captures first-mover activity – retail investors and developers testing new protocols – which often seeds liquidity and narrative momentum.

Network Effect Proxy

Blockchain value accrual follows Metcalfe's Law (network value ∝ users²). Key dynamics:

• Each new user increases potential transaction partners and use cases
• Viral growth phases create self-reinforcing ecosystems
• Platforms crossing critical mass (≈1M DAUs) tend to sustain compounding growth

Unlike lagging price metrics, user growth directly measures protocol health.

Blockchain nodes are connected via polling (active block queries) to capture transaction data. The metric is derived by counting unique wallet addresses appearing for the first time, then normalizing against historical averages to create a relative index.