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Press Release

Exploring Post-March 2024 Crypto Surge: Has On-Chain Utility Improved?

In the wake of the March 2024 cryptocurrency surge, where Bitcoin and various altcoins hit all-time highs, questions arise about the underlying on-chain utility of blockchain technology. While market prices soared, did the appeal and functionality of decentralized applications (dApps) within blockchain networks witness a significant uptick? This analysis, supported by data from D'CENT Wallet, delves into the realm of on-chain utility, focusing on Stickiness and Retention metrics to evaluate the engagement of dApp users.

Stickiness and Retention Metrics

Stickiness, indicating user engagement with a particular dApp, and Retention, measuring the sustained usage of an app over time, serve as crucial indicators of on-chain utility.

Stickiness Analysis Results

Despite the bullish market trend, Stickiness across most blockchains, including Ethereum, remained relatively unchanged. Notably, Polygon exhibited a sharp increase in Stickiness, albeit potentially influenced by specific contract calls rather than a broad enhancement in dApp attractiveness.

Retention Analysis Results

Weekly Cohort Retention analysis revealed no significant alterations post-crypto surge, signifying the challenge in correlating market price spikes with increased dApp usage frequency among new addresses.


Despite the fervor surrounding cryptocurrency investments, Ethereum and major EVM-compatible blockchains are yet to solidify their positions as robust "app infrastructures." While market indicators drive token prices, sustained demand for smart contract execution remains pivotal. To truly gauge blockchain utility, the emergence and growth of diverse dApps and their seamless integration into blockchain infrastructures must be considered. As blockchain technology evolves and adoption widens, the proliferation of dynamic dApps is poised to elevate blockchain utilization. Evaluating this progression, guided by Stickiness and Retention metrics, is imperative for understanding the true potential of on-chain utility.

Through this analysis, it becomes evident that while market surges may inflate token prices, the long-term viability and utility of blockchain networks hinge on the sustained engagement and evolution of decentralized applications.

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