Venture Capitalist at Theory

About / Categories / Subscribe / Twitter

2 minute read / Sep 6, 2022 /

Web3 Users Are Just Like Web2 Users

By my rough estimation, there are approximately 30m monthly active web3 users (getting closer to that 100m user mark!) The activity rates of those users mirror web2 finance apps.


MixPanel recorded the activity rate of web2 finance apps at 10.7% DAU/MAU. In other words, 11% of users who use the app every month, also use it daily.

Dune Analytics provides insight into the DAU / MAU of Ethereum users for August.

User Type Daily Count, k Monthly Count, k DAU / MAU
NFT 24 266 9%
DEX 18 114 16%
Total 42 380 11%

Across both the NFT & the DEX (decentralized exchange) use cases, the DAU/MAU ratio is nearly identical at 11%.

NFT use is a bit more sporadic, likely tied to single trades around specific art collections. The DEX use cases capture traders who tend to be more active. The nearly 2x MAU/DAU ratio suggests this is likely the case.

The point: we may call new applications web3 applications that because the technology underpinning the software is new. But the users behave just as they always have irrespective of the infrastructure. Web3 users are web2 users.

Which is yet another reason to believe the marketing stack in web3 is nascent but critical. Most users in web2 discover new products & services through marketing.

Read More:

200% NDR: What Does it Take to Achieve this Stellar Milestone?