Posts from @dalz

Ranking The Top Smart Contract Chains | Wallets, Transactions, Fees and Contracts | Oct 2026

dalz — Fri, 23 Oct 2026 13:11:00 GMT

The competition for smart contract chains has already been established! This is obviously an attractive sector as it positions itself as a sort of banking 2.0. Ethereum the OG is leading here, but there are now more and more competitors with few big ones and countless small ones.
There are attempts to bring smart contracts to Bitcoin as well via some sort of L2s. The noise is extreme in the sector! This shows that the smart contract market obviously has a high value, and big players are competing for it.
In the last bull run in 2021 there was an explosion in the smart contracts platforms. More and more kept coming online and a lot of them did well. A lot of them are EVM (Ethereum Virtual Machine) compatible and users can switch between them using the same wallet as Metamask. Some are unique and have their own wallets like Solana, Cardano, Aptos, Sui, etc. When we thought we have enough, there is now x10 more 😊.

Let’s see how things are standing during the current market conditions.

We will be looking at:

Number of Addresses
Active Addresses
Daily Transactions
Fees
Contracts

The period that we will be looking is the latest data available on 22 October 2026.

We will be looking into the following blockchains:

Ethereum
Solana
BSC
Base
Sui
Arbitrum
Polygon
Cardano
Avalanche
Aptos

As said, more and more smart contract chain are popping up. This list is now extended and Sui, Aptos, Base are new additions. Furthermore, there are now chains like Aptos, Injective, Selestia, Sei, Berachian the Cosmos ecosystem as well, etc. As said, there is no shortage of smart contract chains these days. Even with these more are available: Scroll, Linea, zkSync, Manta, etc.

The data for the chains will be extracted from their blockexplorers or some other data providers.

Number of Addresses

One of the key metrics for crypto projects is the number of wallets.
Here is the chart.

In the past Ethereum dominated this chart, but that is no longer the case.
Ethereum is now in middle of the chart. The Binance Smart Chain is in the first spot with more than 930M wallets, followed by Base with close to 720M. Ethereum has 445M wallets.
The Solana chain is also at the top, although the way new addresses are generated on Solana doesn’t leave clear data on chain to be counted on.

One thing to note about these types of wallets is that they are free and there is no cost for creating a wallet, like for example on Hive. Because of this there can be a lot of wallets created and even spammed.

Active Addresses

What’s more interesting in times like this is how many wallets are transacting. How many of those addresses are actually active?

BSC is at the top here with 2.9M DAUs.
Next is Solana and then Ethereum on the third spot. Interesting that BSC is on the top now, because in the past Solana was the leader here and by a lot.

Daily Transactions

The activity on the networks is mostly represented by the number of daily transactions. Here is the chart.

Solana is holding the number one spot by far here. It has around 163M daily non-vote tx in the recent period. That is what the blockchain is known for. Its speed.
BSC in the second spot and Sui on the third spot. There are around 16M and 11M tx per day, respectively.
Base is also in the top with close to 9M as well.

When looking at the transactions, the cost of them should be kept in mind. Solana has lower fees per tx and is on top. In the case of Base and BSC it is interesting there are cheaper options but obviously this is not the one thing to push them higher.

Ethereum is obviously the highest fees, and it comes lower in the ranks.

Fees

Fees are quite the unpopular topic and one of the main reasons for the new EVM chains, as users are trying to find a way to escape ETH high fees.

Here is the chart.

The fees here are in dollars.
While ETH is on the top here, these fees of around 19 cents are nothing compared to the fees in the bull run. At times ETH fees were going up to 200$ per transaction especially if it was a smart contract transaction.

Read the full post

HBD in October 2026: Supply Slightly Down, DHF Payouts Dominance, and HIVE Absorbing the Pressure

dalz — Thu, 22 Oct 2026 05:16:36 GMT

How is HBD doing these days?

The HIVE market cap has dropped significantly in the last months, which has reduced or stopped HBD payouts to authors. In theory, this should slow down new HBD creation and help reduce the supply.

But HBD still has other supply-expanding mechanics in place. DHF payouts and HBD interest continue to add new HBD into circulation, while conversions and the stabilizer work on the other side by removing HBD from circulation.

In 2026, the result through 21 October is a slightly lower circulating HBD supply, with DHF payouts becoming the dominant source of new HBD and conversions taking the lead in removing HBD. The key point is that while HBD supply is going down, HIVE absorbs the conversion pressure.

HBD is being created and burned in multiple ways. Like many things on Hive, it has nuances. The main mechanics for expanding and contracting the supply are the conversions, but there are also the author rewards, proposal DHF payouts, interest payouts etc.

For better visibility we will be categorizing the HBD created/burned in the following manner:

Author rewards
Conversions
DHF Payouts
@hbdstabilizer
Interest payouts

The HBD in the DHF is treated differently than the rest of the HBD. HBD in the DHF is not considered as freely available HBD on the market, so it is excluded from debt calculations and similar.

The focus here will be on freely circulating HBD, excluding the HBD in the DHF.

We will be looking at the different HBD allocations here as well.

The period that we will be looking at is 2016 – 2026, with a focus on the last year, through 21 October.

HBD Added in Circulation

HBD enters circulation via multiple ways, like author rewards, DHF payouts and interest to HBD held in savings. HBD is added in the DHF as a share of the inflation, but we will be looking at the HBD that only leaves the Decentralized Hive Fund, the DHF payouts.

Here is the chart.

The chart includes the following:

Author rewards
DHF Payouts
Interest

As we can see the authors’ rewards have been the number one source for HBD created, but in the last years the other ways have been growing faster.

HBD in theory can be created through conversions as well, but conversions can be both positive and negative depending on market conditions. Here we will be looking at the data for conversions under the HBD removed section.

A 35M HBD was created as an author reward from the very beginning. A 12.6M as payouts from the DHF, and 5.4M HBD as interest. These are all cumulative numbers from 2016 to now.

We can notice that in the first years, all the HBD creation was due to author rewards, but this has changed in the last years and now the DHF is at the first spot, followed by the author rewards and then the interest rewards. In 2026, the DHF payouts and the interest rate have been the source of new HBD, with around 750k HBD for DHF workers and 700k for interest. The overll numbers are much smaller than 2025 or the preivouos 2024.

HBD Removed from Circulation

Now let’s take a look at HBD removed. Here is the chart.

We can see that up to the start of the stabilizer, the main way to destroy HBD was conversions to HIVE. Since the launch of the stabilizer, it has played a major role in the decrease in the HBD supply. In the last years it has been the main method for removing HBD from circulation.
Cumulatively, the stabilizer has removed close to 25.3M HBD from circulation, while 18M were removed through conversions. In the very last months there seems to be again shift towards conversions.

The stabilizer is providing support for the HBD price on the internal market, buying HBD with HIVE if the HBD price is below the dollar. The stabilizer has scaled down its operations in 2024 and lowered the funds that it is receiving from the DHF but in the long run it’s still playing the major role.

Cumulative HBD Added/Removed from Circulation

When we add the two charts above, we get this.

As mentioned already the author’s rewards are the main category in the positive, and the stabilizer is dominant in the negative.
When collapsed the both sides, give approximately 9M HBD where we are now.

When we zoom in the period since the Hive fork 2020-2026 we get this:

Read the full post

A Look at the Number One DEX Uniswap | Data on TVL, Volume, Users, Top Pairs and More | Oct 2026

dalz — Thu, 15 Oct 2026 13:31:00 GMT

From all the defi apps we have seen in the crypto market, Uniswap has kept its dominance and continued to develop and grow. It was the first defi app to bring in users thanks to its simplicity and incentives. Following the FTX collapse and the multiple other collapses centralized entities in 2022, its importance grew even more. In the last period Uniswap seems to be growing and spreading on other ETH L2 chains like Arbitrum, Base etc. It also facing a strong competition from other projects on Solana.

Let’s take a look how is the protocol performing under the current market conditions.

Here we will be looking at:

Total value locked
Trading volume
Top exchanges
Number of users
Top Pairs
Price

The period that we will be looking at is 2020 - 2026.

Total Value Locked

Here is the chart for the TVL on Uniswap starting from September 2020 according to DeFiLama.

Uniswap launched its token back in September 2020, and the liquidity grew fast then. A record high of 10B was reached in April 2021, and again in November 2021. Since then, it has been a downtrend and dropped to 3.5B at the end of 2023.
In 2024 the TVL grew at first reaching 6B in April, and since then it has been sideways in the range of 4B to 6B, up to recently when it recovered to around 4B where we are now.

Trading Volume

Trading volume is extremely important. That is where the fees come from and the APR for liquidity providers. No trading volume means no fees and no capital in the protocol.
The chart for the trading volume looks like this.

This is a chart for the daily trading volume. It’s quite volatile.

The daily trading volume has been more constant in the last year, similar to the TVL, with occasional spikes whenever there is some volatility in the market. At times there was more than 5B in daily volume, all legit and recorded on chain with fees paid.

We can notice the drop in the last months with the training volume hovering around 2B. Still it’s a big number.

Note that the data for the volume above is a summary of all the different chains where Uniswap operates. Uniswap is now multichain with BSC, Base, Arbitrum, Unichain etc. integrated.

The monthly trading volume looks like this:

A clearer picture here than the daily volume.
An increase in the trading volume in 2021, a drop in 2022, and a growth since then up to October 2025 when it reached more than 100B in trading volume in one month.
A drop since then and a recovery to around 94B in September, with 24B so far in October.

When we break down the trading volume for the selected chains we get this:

We can notice the fragmentation since 2024. More and more chains came online ad they sort of took over a share from Ethereum. In the last period, chains with high volume except Ethereum have been Robinhood Chain, Base and Arbitrum.

DEX VS CEX Volume

If we take a look at the data for the trading volume on the other exchanges provided by some of the aggregators like Coingecko the numbers looks like this.

Uniswap ranks on the second spot among these exchanges, that is quite good ranking. At times it has been even on the second spot just after Binance.

Monthly Active Users

How many users does Uniswap have? Here is the chart.

This is a chart on a monthly basis, with October still partial.
We can see a massive growth in 2024 monthly due to the expansion on other chains. The record high numbers of MAUs was reached in June 2025 with 22M users. Quite the number. Since then a sharp drop in the MAUs, followed by a recovery to around 6M this month.

Top Trading Pairs on Uniswap

Here is the chart for the top trading pairs ranked by liquidity.

The USDB/ATC pool is on the top spot with 212M on the V3 on BSC.

Read the full post

Where Are Stablecoins Growing? | Supply and Market Share by Blockchain | Oct 2026

dalz — Sun, 11 Oct 2026 13:36:00 GMT

Stablecoins are spread across a growing number of blockchains. But how much of the supply is still on Ethereum and Tron, and how much is moving toward Solana, Base and the other chains?
Here we will look at the allocation of the stablecoins across chains. Ethereum and Tron still hold around 78% of tracked stablecoin value, but several smaller chains are growing faster in percentage terms.
The distinction matters. A large chain can add billions with a modest percentage increase, while a smaller one can double and still account for less than 1% of the market. Let's take a look at both.

Here we will be looking at:

Historical stablecoin supply by blockchain
Current rankings and market shares
How those shares have changed
Monthly growth in dollars and percentages
The stablecoin mix on each major chain

The data is from DeFiLlama, using its daily data. Supply is shown as circulating stablecoin market value in USD.

Historical Stablecoin Supply by Blockchain

First, a look at the supply across the major chains since November 2017.

This chart goes back as far as 2018 but as we can see from it, prior to 2020 the stablecoins allocation to chains was very small and it is almost not visible on the chart. There is some liquidity mainly on Ethereum, but it is in the hundres of millions. The chain allocation not to be confused with the raw market cap of stablecoins as some of them might be on another chains at time, or just on exchanges.

The first major increase happened in 2020 and 2021, with the bull market run at the time and both Ethereum and Tron grew, with Ethereum outpacing Tron. ETH especially outpaced Tron in 2022 reaching more than 100B, while Tron was around 40B. But then ETH dropped in stablecoins supply and both come closest they have been in 2024 with ETH at 80B and Tron at 60B in stablecoins supply. In 2025 Ethereum grew stronger again reaching 160B, while Tron grew slower. But in 2026 Ethereum dropped, while Tron continued to grow and we are now at 147B stablecoins on Ethereum and 95B on Tron.

When we zoom in on the smaller chain we get this:

BSC grew fast back in 2021 up to 13B but then stopped. This is probably due to the BUSD stablecoin that started strong but then got banned and stopped and was discontinued slowly. Solana then appeared and reached more than 5B, dropped in 2023 and grew again in 2025 together with the BSC chain. Some other chains appeared like Base and Hyperliquid that now have more than 5B stablecoins.

Top Blockchains by Stablecoin Supply

Here are the ten largest chains in the latest daily snapshot.

Ethereum ranks first with $146.5 billion, followed by Tron with $94.8 billion. There is then a large gap to Solana at $16.8 billion and BSC at $13.3 billion. BSC is the label DeFiLlama uses for BNB Smart Chain.
Hyperliquid L1 takes fifth place with $7.46 billion. Base is sixth with $5.27 billion, ahead of Arbitrum at $3.78 billion and Polygon at $2.96 billion. X Layer and Plasma complete the top ten, each with around $1.4 billion to $1.6 billion.
This is a ranking of balances held on each chain. It does not measure how often those balances move. A chain with a smaller stablecoin supply can still generate substantial transfer or trading activity.

Stablecoin Market Share by Blockchain

Next, the same supply viewed as a share of the full tracked market.

Ethereum holds 47.6% and Tron 30.8%, giving the two a combined 78.4%. Solana follows with 5.4% and BSC with 4.3%. Together, these four chains account for about 88.2% of stablecoin value.
Hyperliquid L1 represents 2.4%, while Base holds 1.7%. All remaining chains together account for 7.6%. That remaining group includes Arbitrum, Polygon, X Layer, Plasma and the smaller networks.
The market has expanded to many chains, but the distribution remains concentrated. Base's $5.27 billion is a sizeable balance in its own right, yet it is still a relatively small part of a market above $300 billion.

How Market Shares Are Changing

The historical share chart removes the effect of the market's changing size.

Read the full post

Hive Communities | Communities Created, Top Communities by Subs, Activity, HP Weight and Authors | Oct 2026

dalz — Fri, 09 Oct 2026 13:37:00 GMT

How is Hive doing with Communities these days? Communities are an essential feature of the Hive ecosystem as they allow for easy content discovery and finding specific topics that users are accustomed to. Almost all content is posted in some community that is later used by users to filter content, or by curators to support authors and communities.

If we combine communities with the possibility for easy tokenization, communities’ tokens, and provide tools for users to monetize, things can become very interesting. So far nobody manged to crack the code for this, but it’s never too late 😊.

There have been some well-established communities on Hive, and some new coming in. Some of the communities already have their token on Hive Engine.

Here we will be looking into the following things:

Number of communities created
Top communities by number of subscribers
Top Communities by activities
Top communities subscribers’ stake
Top communities by active authors

Communities went live officially in February 2020, but they were in a test phase before that.

The period that we will be looking here is from November 2019 till October 2026.

Number of Communities Created

First let’s look at the total number of communities created with time.

We can notice the spike in the number of communities created is quite visible in 2020 when they launched. Afterwards the number dropped and lately there are few communities created per day.
In the last period there have been a few communities created, usually it is below 5 per day.

If we look at the monthly chart, we get this:

More than 300 communities per month as ATH number, while in the last months there are between 15 to 35 communities created per month.

There are now 4.7k communities on Hive.

Top Communities by Number of Subscribers

Who are the top communities on the blockchain?
We will be looking at this with more than one parameter, but for starters let’s take a look at the most obvious one, the number of subscribers.

Here is the chart.

The LeoFinance community is now at the top with 27k subscribers, closely followed by the Photography Lovers and then the GEMS community.
Foodies, Worldmaping and the Gaming community in the top as well.
The subscribers’ numbers to the communities keep growing.

Top Communities by Subscribers’ Stake

Another interesting way to rank communities is the stake of their subscribers. After all we are on a DPoS chain.
What is the stake weight of the subscribers in each community?
Here is the chart.

In this type of ranking the HiveDevs community comes on top with 68M HP. OCD, Worldmaping, and Hive Statistics comes next.

Top Communities by Activity

The number of subscribers in a community and their stake is important. But more important probably is how active the communities are.

Here is the chart for the top communities by the number of posts and comments made in the last 30 days.

The red is the number of posts, while the white is the number of comments.
We can see that Snaps is at the top here, and by a lot. This is mostly because of the short form content and the blogging happening there. On the second spot is Hive Grove, another short form and then comes Town Square that also provides a short form content trough waves.

Some other know communities as Actifit, Worldmappin, Photography Lovers, Splinterlands in the top as well.

Top Communities by Active Authors

What about active authors? Here is the chart for the last 30 days. The MAUs.

These are accounts that have made posts or comments in the community.
Snaps comes on top with 900 MAUs, followed by Town Square, LeoFinance and Actifit. All short form communities. Overall the short contents seems to be overtaking with what’s left from the activity on chain.

All the best
@dalz

Burning Ethereum | Who is Burning the Most ETH? | Oct 2026

dalz — Wed, 07 Oct 2026 13:45:00 GMT

Ethereum burns ETH whenever users pay base fees to use the network. But where is that burn coming from? Are decentralized exchanges still doing the heavy lifting, or have stablecoins and other applications taken the lead?

Here we will be looking at the historical trends of burning Ethereum but also look at the applications behind the burn. The total tells us how much ETH has been removed, while the rankings show which contracts are contributing to that number.

Here we will be looking at:

Daily ETH burned
Recent burn trend
Cumulative ETH burned
Fees
Top contributors
historical leaders

The data is from ultrasound.money and etherscan. Recent figures cover rolling 30-day and 7-day periods ending around that time.

ETH Burned Per Day

First, a look at the total ETH removed since the London upgrade in August 2021 till now.

We can notice that at the beginning the amount of ETH burned was much bigger than in the last years. Back in 2021 there was a period of time where on average there was around 10k ETH burned per day. In the last period in 2026 this number is close to 100 or bellow that. The numbers are barely visible on the chart.

The highest daily burn reached 71,718 ETH on May 1, 2022. By comparison, October 5, 2026 recorded 100 ETH. The chart starts with the first full day after London and excludes blob fees.

When we zoom in 2026 we get this:

This is for 2026 only and the y axis has been zoomed in from 80k on the previous chart to 800 here or a 100x zoom in.

We can notice here that there are few spikes in the amount of daily burns of ETH, with the maximum in February 2026 closing on 600. There is another one in May with above 500 and smaller increase in the last period with around 300 ETH burned per day. In most of the other days the numbers are well bellow 100. This is obviously far bellow the record highs of 2021.

Cumulative ETH Burned

When we plot the daily burns on a cumulative scale, we have this:

Around 4.64 million ETH has been burned. Of this, 2.62 million was burned before the Merge and 2.02 million afterwards.

We can notice the increase in the fist years after the burn option was activated, while in the last few years the numbers are smaller.

Note that burning does not automatically mean supply is falling, new ETH continues to be issued, and net supply depends on the balance between the two.

ETH Burned Vs Inflation

Here is the daily amount of new ETH issued compared with the ETH burned, from August 2021 through October 2026.

This chart is a good marker are the burns compesating for the new ETH thart is issued. As we can see in the past there was a time this was the case, especialy after swich to Proof of Stake (PoS) in 2022 and the overall reduction in new ETH issuance from around 13k to 2k at the time per day. In the period of 2022 to 2023 on many occasions ETH was deflationary.

But in the last years, the regular inflation continued and the burns dropped so the ETH supply cotinue to grow although with the merge the inflation is signicanlty reduced and is less than 1%, or around 1M ETH per year, while the curent ETH supply is at 122M.

Ethereum Base Fees

Here is the daily average execution base fee from the London upgrade in August 2021 through October 5, 2026.

Daily base fees were much higher in 2021 and early 2022 than in the last years. The highest daily average reached 728.0 Gwei on May 1, 2022. At the October 5, 2026 snapshot, the latest daily reading was 0.24 Gwei.
This helps explain why the burn can change quickly. Execution burn depends on both the gas consumed and the base fee paid for that gas. A busy spell at higher fees can contribute much more than a similar amount of activity when fees are cheap. This chart excludes validator tips.

Top ETH Burn Contributors in the Last 30 Days

Who did the burning? Where did the burns come from? Here is the chart for the last 30 days.

Read the full post

Hive Witness Report | Ranking, Voting, Missed Blocks, HBD Interest Changes and More | Sep 2026

dalz — Mon, 05 Oct 2026 15:00:33 GMT

How is Hive doing from a witness standpoint? This report looks at the voting support behind the current Top 21, September witness-vote activity, voting concentration, missed blocks, software version readiness, HBD interest-rate settings and price-feed quality. Monthly activity covers the complete UTC month.

Here we will be looking at:

Number of votes received / removed per witness
Hive Power HP, received / removed per witness
Witness ranking and change through the month
Missed block per witness
HBD interest rate change per witness
Price feed
Software version updates
Witness vote concetration

As mentioned, the data will be for September 2026, with the current-state snapshot taken on 5 October.

Witness Vote Actions

Who gained the most number of new votes, and who lost votes? Here is the chart.

There were 768 new approvals in September and 264 removals across all 120 witnesses with vote activity, coming from 211 voter accounts. Compared with August, approvals fell by 266 while removals fell by 45, total actions eased from 1,343 to 1,032. The mix therefore remained weighted toward additions even though overall transaction activity was lower.

@stoodkev ranks first with 60 total actions and a net gain of 48, close to its August activity but with three fewer net approvals. @gtg follows with 45 actions and a net gain of 37, while @arcange and @ocd-witness recorded net gains of 30 and 25. @stayoutoftherz was the largest removal-heavy name across the full activity set, with one addition and twelve removals. New and removed actions show participation, but not the exact HP change at transaction time.

Witness Hive Power Changes

Individual votes do show the overall support, but what really counts in a stake based system is the mount of HP each witness has gained / lost. Here is the chart for the last month.

Across the full monthly activity set, new approval operations represented approximately 27.18M effective HP, while removal operations represented 32.63M HP. Both gross flows were higher than August, when the comparable estimates were 22.04M and 25.64M HP, and the September balance was approximately -5.45M HP. That balance shows that a month with more approval transactions can still carry less stake than its removals. This is a snapshot-weighted flow measure, not an exact reconciliation of support.

@gwajnberg had the largest positive difference at approximately +1.73M HP, followed by @seattlea at +1.65M HP and @atexoras.witness at +1.56M HP. @deathwing had the largest negative difference at approximately -2.30M HP, followed by @stayoutoftherz at -1.89M HP and @town-hall at -1.81M HP. These larger removal weights explain why the aggregate HP flow was negative despite the strong count of new approvals.

Witness Ranking

With the actions above, new support gained and lost, here is the current situation about witness rank and support.

The current ranking is led by @gtg with 105M HP in witness support, followed by @ocd-witness with 104.8M HP. Both remain above 100M HP, while ranks 3 through 8 form a relatively tight band from 96M to 100M HP. At the lower end, @smooth.witness holds rank 20 with 81M HP and @howo is rank 21 with 76M HP.

The gap between ranks 20 and 21 is 5M HP, while the full gap between ranks 1 and 21 is 29M HP. The number on each bar also shows the current count of witness approvals. It should not be confused with voting weight: one large account can contribute more HP than many small accounts.

@blocktrades moved up three places to rank 3, while @stoodkev fell four to rank 7. @threespeak gained two places to rank 12, while @therealwolf fell two to rank 14. @steempeak, @roelandp, @abit and @pharesim each gained one place; @arcange moved down one and @deathwing two. The other eleven positions were unchanged, and no new witness entered the Top 21.

Biggest Governance Movers

Which accounts had the most stake behind their September witness-vote changes? The chart below screens every account that added or removed at least one witness approval during September, then ranks the 20 largest by effective HP. The bars measure current account voting weight, while the labels show how many approvals the account added and removed.

Read the full post

Dormant Bitcoin — Are Older Coins Starting to Move? | Oct 2026

dalz — Sun, 04 Oct 2026 13:31:00 GMT

What is the status of the so-called dormant Bitcoins? Are there more movements of older coins? This report follows the age of Bitcoin outputs being spent across the network and is that change sustained? Lets take a look.

What Do CDD and Dormancy Measure?

Coin Days Destroyed (CDD) adds the BTC value of each spent output multiplied by its age in days. For example, 2 BTC moving after 1,000 days contributes 2,000 BTC-days. The same total could come from 200 BTC moving after 10 days: CDD reflects both amount and age.

Dormancy divides CDD by the gross BTC value of spent outputs, giving their value-weighted average age. Here, age means time since an output was created, rather than how long the current owner has held an investment. From the previous example 2 BTC moving after 1,000 = 2,000 BTC-days and 200 BTC moving after 10 days = 2,000 BTC-days, we get 4,000 coin days and 202 BTC that is 4000/202 equals to 19.8 dormancy days.

The data for CDD and Dormancy was taken from Open Bitcoin Metrics’ public datasets.

Coin Days Destroyed

Here is the long-term chart for CDD.

The chart above shows the daily moves and the 30-day average, or mean to be more accurate, starting back from 2013. It’s a long-term series.

The value on the y-axis is in millions of coins days, and it oscillates a lot for the daily CDD, between 1 to 500. That’s why the chart is on the log scale. So basically, we have days with more than 100x difference between them in CDD. This shows that this parameter is very volatile.
The largest daily reading in the displayed history was 518.3 million BTC-days on May 28, 2024. Another large observation reached 420.0 million on July 4, 2025.

The 30-day average is more stable and can be plotted without using the log scale. Here it is.

We can see the spikes here in 2017, that coincides with the increase of price, then another one in 2019 and again in 2021. There were spikes again in 2024 and 2025. In 2026, compare to the previous years we are more quiet, although there were some movements in august, but down again since then.

The largest move remains back in August 2017 with a value close to 44M coin days. There was one more move above 40M in November 2025, and since then the values have been lower, around the 10M mark.

Dormancy: How Old Was the Value Being Spent?

How about dormancy value. It represents daily value so it might be a more natural way to look at things.

The daily movements can be volatile here as well. With values below 1 up to 700 or more. The ATH was on July 4, 2025, when the daily dormancy reached 758 days.

The chart above uses the 30 day average for better representation. On the y axis we have the value in days, and it’s a regular axis, not a log one. Look at this as age of the coins that moved each day, but averaged for the last 30 days.

As we can see from the chart, the age of the coins moving increased in the last years, especially from 2024 up to now. Previously the coin age moved was in most of the time bellow 10 days. Meaning on average the coins that moved in a day, last moved 10 days ago. But in the last period this increased and the ATH was in 2025 when it reached more than 50 for the first time. This shows that some large amounts of old coins moved in 2024 and 2025. There was no such movement in the previous bull markets like 2021 and 2017.
This shows that this last bull market might had a bit of a different angle, or as some have point out it was the first time that large old holders can sell in big quantity, therefore comparing this as Bitcoin IPO.

This is raw on-chain activity. Self-transfers, wallet consolidation, change-related activity and custodial reorganizations can all affect the series. Repeated spending contributes repeatedly to gross spent value; it is not a count of unique coins or a measure adjusted to known owners.

The Recent CDD Trend: A Pickup, Then a Cooling

When we zoom in the last years we get this.

Read the full post

Hive Inflation for September 2026 | Slowing Down But Still Above the Projected

dalz — Fri, 02 Oct 2026 14:37:00 GMT

How did Hive do in September 2026 from an inflation standpoint? In 2026 the Hive inflation continued to run hot. Let's take a look.

The projected inflation for Hive for 2026 is around 5.4% on a yearly basis, or around 0.45% on a monthly basis.

Hive has a double currency system, HIVE and HBD, with conversions between them that add or remove HIVE from circulation on top of the regular inflation. Furthermore, the decentralized hive fund DHF, that serves as a DAO converts the HIVE that is in the DHF into HBD.

The @hbdstabilizer has also grown and it plays an important role in the overall tokenomics, making conversions and trading on the internal market.
Because of this additional mechanics the HIVE inflation and supply can be drastically different in real time than the regular/projected one.

To be able to follow the HIVE supply we need to take a look at all the different ways HIVE is created, author, curation, witness rewards, conversions etc, then net that out with the HIVE burned from conversions, accounts fees, null transfers etc. To get the virtual supply we need to do the same for the HBD supply as well.

HIVE Created

Here is the chart.

The chart above includes:

Author rewards
Curation rewards
Witness rewards
Staking rewards

These are the regular ways new HIVE enters circulation. In September they averaged around 96k HIVE per day before conversions, slightly below August.

If we zoom in November 2025 - September 2026 to see this change, we can see this:

We can notice that in the first part of the chart the regular inflation was close to 90k, while after the HF took effect, it dropped around 72k. In the latest months it returned to the 90k area because author payouts shifted from HBD to HIVE. September averaged around 96k HIVE per day.

The thing is the conversions are playing a major role in the ecosystem. Here is the chart again, including conversions.

We can notice that the HBD to HIVE conversions are the dominant in the chart. This works in both ways and a big part of them is converted back to HIVE, especially through the work of the stabilizer.

Conversions remained elevated in September. Around 10.9M HIVE was created through HBD to HIVE conversions. After the HIVE sent to the DHF and the ninja-mined conversion component are deducted, net conversions added around 3.8M HIVE. Market dynamics still influence this category the most.

HIVE Removed from Circulation

Here is the chart.

The above takes into consideration six different ways of HIVE removed:

Ninja Mined HIVE To HBD Conversions In DHF
HIVE transfers to DHF and converted to HBD
Transfers to null
Null as post beneficiary
New accounts creation fee
HIVE to HBD conversions

HIVE transfers to the DHF remained the dominant removal category in September, totaling around 6.7M HIVE. The ninja-mined conversion component removed another 424k HIVE, while account fees, null transfers and null beneficiaries were much smaller. There were no completed collateralized HIVE to HBD conversions during the month basically to burn HIVE to created HBD.

Historical HIVE Supply

When all the above is added and removed, we get this chart for the all-time HIVE supply.

Up until August 2021, the HIVE supply was overall growing, and then had a deflationary period for a month or two. Since then, supply mostly moved higher, with a small exception in February 2023. The upward pace remained elevated in September and slowed from August.

September 2026 ended with an estimated 586.7M HIVE in circulation.

HBD Supply

Here is the chart for the HBD supply.

The light color is HBD in DHF. The HBD in the DHF is not freely circulating HBD and only enters circulation when payouts to the DHF workers are made.

HBD is being created and removed in various ways, but the conversions play the major role here in both directions. Other ways HBD are created are DHF proposal payouts, author rewards and interest.

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Top Hive Earners by Category | Authors, Curators, Witnesses, DAO, HBD Interest | Sep 2026

dalz — Thu, 01 Oct 2026 12:56:36 GMT

Hive has multiple ways to distribute rewards: authors, curators, staking, witnesses, the DHF and HBD interest. These payments help distribute tokens across the ecosystem. Here we follow the five paid categories and their cumulative totals; general staking appreciation is not assigned to individual accounts.

Let’s look at the rewards paid during September 1–30, 2026 (UTC), using HiveSQL, across the following categories:

Author rewards
Curator rewards
Witness rewards
DHF/DAO payouts
HBD interest
Cumulative rewards

Top Authors

Here is the chart for 20 selected Hive author and beneficiary accounts that earned rewards in the month.

Note: Converted HIVE amounts are approximate. The excludes the top systemic accounts, like hbdstabilizer etc and focus more on authors. All accounts are in the complete top-100 table below.

I have made a breakdown between author and beneficiary rewards.
Author rewards remain one of the best-known ways to earn on Hive. Beneficiary rewards are shown separately, since the recipient may differ from the author.
@cryptoandcofee on the top here followed by @acidyo.
There are 3,319 accounts in September’s author and beneficiary payout records, with the median is 40 HIVE and the average around 337 HIVE rewards.

Top Curators

Here is the chart for the top 20 Hive curators that earned the most in the month.

@blocktrades is on top with 85k HIVE, followed by @alpha and @appreciator.
A total of 10k accounts received curation rewards. The accounts above are the largest recipients; hopefully their votes continue to help good content reach an audience.

Top Witnesses

The top witnesses’ earnings chart looks like this.

I have included 2 accounts to show the drop in earnings after the 20th spot. The top 20 earned roughly 12k HIVE each.
In total, 87 witness accounts received producer rewards during September.

The DHF/DAO Payouts

Here are the worker accounts that received funding from the DHF/DAO in the period.

DHF workers are paid in HBD, and the numbers above are in HBD.
There are four worker accounts in the chart, with six recipients in the complete payout data.
@keychain leads with 16k HBD, followed by @hdev.fund, @acidyo and @ecency. These four received a total of 36.4k HBD.

As before, @steem.dao and @hbdstabilizer are excluded from this chart and the cumulative chart. @hbdstabilizer received 342.5k HBD during September and returned it back.

Top HBD Interest Earners

Here is the chart of the largest HBD interest payments.

@lazy-panda is on top with 22k HBD, followed by @investegg with 4.5k and @parkman with 1.5k. A total of 53k HBD was paid to 1,257 accounts. This is a ranking of interest actually paid during the month, rather than savings balances or interest still accruing.

Top Earners Cumulative

From the data above, we can compile a single ranking of overall rewards paid to Hive accounts during September.
Here is the chart, split by reward category.

Note: HBD and VESTS are converted using September’s aggregate conversion ratios. These are approximate HIVE-equivalent allocations, not net profit. Allocations to @null represent burns.

Author amounts here include beneficiaries. The separate categories show how each account earned its total.
@lazy-panda leads the displayed ranking with 454k HIVE equivalent, followed by @keychain and @hdev.fund. @acidyo is fourth, followed by @blocktrades.

All the best
@dalz

I’m a witness. Please consider supporting me.

P.S. Most Hivers want to check author rewards, so here is the full top 100, including beneficiaries. Figures are rounded to whole HIVE equivalents.

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