This Week On-DAG - 2024 Week 4

Total UTXOs Drop Significantly

An interesting on-DAG event this month is the ongoing decrease in Unspent Transaction Outputs (UTXOs) since December 25th, 2023.

Kaspa UTXO Count October 23rd to January 23rd 2024.

During the September 2023 dust attack, Kaspa’s UTXO count skyrocketed from about 8 million to 62 million. Post-mitigation, UTXO activity normalized. However, on December 25th a consistent daily decrease in total UTXOs began. At the time of this writing, it’s now just below 60 million (59.98 million). Seeing as all dust UTXOs still exist, this represents a significant ~37% decrease from the pre-attack count of ~8 million.

This trend likely indicates UTXO consolidation by exchanges, aligning with recent MEXC and KuCoin address activities.

The full UTXO Count chart can be found here.

Daily Transaction Counts

Daily coinbase and regular transaction counts are useful insights into Kaspa network usage and adoption.

Kaspa Daily Transaction Count December 23rd to January 23rd 2024.

Coinbase transaction counts ranged between 45,000 to 49,000 daily. These transactions generate approximately 86,400 coinbase UTXOs. The difference between coinbase transactions and coinbase UTXOs is a result of Kaspa’s unique merging mechanism.

Regular transaction counts, a key indicator of network usage, ranged between 36,000 and 43,000. A notable peak on December 31, 2023, with 43,200 transactions, might hint at end-of-year financial activities.

The full Transaction Count chart can be found here.

Whale Addresses Growing Again

The number of Kaspa whales (addresses holding over 1 million KAS) is nearing a 4-month high. This number of addresses reached ~3,000 twice in the last 4 months. Both times it then dropped to ~2,900.

Currently sitting at ~2,990, could it break through that ~3,000 barrier this time?

Number of Addresses Holding More than 1 Million KAS

The full Addresses Holding More Than 1 Million KAS chart can be found here.