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2023 was the year of recovery for the cryptocurrency market, in stark contrast to the darkest moments of 2022. With the optimism brought by the introduction of spot Bitcoin ETFs, the crypto market gradually emerged from the shadows of events like the UST de-pegging and the FTX incident.
Undoubtedly, DePIN (Decentralized Permanently Indexed Note) was the hottest topic in the crypto industry in 2023. Arweave, as one of the leading projects in the DePIN space in 2023, witnessed explosive growth in various data metrics, achieving milestones and revitalizing the allure of decentralized permanent storage.
Behind the data growth lies the commitment, innovation, and dedication of the Arweave ecosystem projects and contributors. Even during the bear market, Arweave hosted events like the Asia Summer Hackathon and Arweave Day in Asia to promote the development of its ecosystem and the widespread adoption of permanent storage. With the anticipation of the Bitcoin halving in 2024 and expectations of a Federal Reserve interest rate cut, Arweave is leading the DePIN revolution, not just in the technological convergence of blockchain and IoT but also in incentivizing the construction of infrastructure at the business level.
This article explores the growth of Arweave's various data metrics in 2023, an inventory of segmented projects within the Arweave ecosystem and their significant progress in 2023, key events in the Arweave ecosystem throughout the year, and a year-end summary with future prospects.
**Network Overview**
**Data Performance Analysis**
**Transaction Volume**
Arweave's network transaction volume experienced explosive growth in 2023. Monthly transaction volumes from June onwards hovered around 100 million transactions, reaching 321,659,762 and 527,684,498 transactions in November and December, respectively. This represented a month-over-month growth of 160% and 64%, setting multiple historical highs. The annual transaction volume for 2023 reached 1,759,817,766 transactions, a staggering year-over-year increase of 427.8%.
**Network Storage Volume**
Arweave's overall network storage volume in 2023 did not match the performance of 2022, totaling 32.96 TiB for the year, a decrease of 55.78% compared to the previous year. Monthly network storage volumes ranged between 2-4 TiB in 2023, with the lowest recorded in June at 1.43 TiB. However, after June, network storage volume showed an upward trend, reaching the yearly high of 4.61 TiB in December.
**Address Growth**
In 2023, the total number of on-chain addresses increased by 47,872, a year-over-year growth of 39.54%. Starting from April, the growth surpassed the same period in 2022, with year-over-year increases ranging from 53% to 189% during this period. In December, the growth in on-chain addresses reached 7,568, an 88.3% month-over-month increase, the second-highest monthly growth in on-chain addresses in history.
**Contract Growth Total**
Arweave's network was exceptionally active in 2023, with contract growth being a key indicator. Contract growth in 2023 saw a massive increase compared to 2022, with a year-over-year growth of 1063%. The first half of 2023 outperformed the second half, with April setting a record with 1,919,789 contracts, a year-over-year increase of 29531% and a month-over-month increase of 42%.
**Transaction Fee Revenue**
Arweave's transaction fee revenue in 2023 amounted to 24,877 AR (equivalent to 176,822 USD), representing a growth of 33.76% compared to 2022. For nine months of 2023, transaction fee revenue exceeded 1500 AR, with a noticeable growth trend starting in June and reaching its peak at 4260.32 AR in December. Due to the increase in AR coin price, the slope of transaction fee revenue (USD) sharply increased in October, reaching 39,962.48 USD in December, a month-over-month increase of 53%.
**Endowment Fund Income**
Most of the storage fees paid by users on the Arweave network are directed to the Endowment fund, incentivizing miners for long-term data storage. Endowment fund income in 2023 consistently accounted for 83.3% of transaction fee revenue, mirroring the trend in transaction fee revenue. The total Endowment fund income for the year reached 20,731.26 AR, equivalent to 147,352.47 USD.
**Storage Costs**
Arweave's minimum storage cost in 2023 was recorded in February at 0.156 AR/GiB. Starting from March, storage costs began to increase, stabilizing at 0.858 AR/GiB.
**Ecosystem Overview**
**Ecosystem Map**
**Project Inventory**
**Infrastructure (Gateways, Storage Protocols, and Middleware)**
1. **Ar.io**
Ar.io is a gateway platform for the Arweave network, serving as an
umbrella organization comprising an increasing number of protocols and applications that support the Permanent Web (Permaweb). These open-source protocols include the ar.io network protocol for gateway operators, Arweave File System (ArFS), Arweave Naming System (ArNS), and ArDrive (a file synchronization application for the Permanent Web).
Highlights:
- In September 2023, Ar.io opened registration for Arweave Gate on its testnet, introducing a registry of gateway addresses. A week later, ar.io announced that there were over 60 nodes in the network.
- In November 2023, Ar.io launched the WayFinder network browser extension, with over 100 nodes joining the gateway address registry.
2. **KYVE**
KYVE is a blockchain storage middleware built on Arweave, providing a standardized verification and archiving framework. The project aims to offer a unified solution for all blockchain data needs, allowing easy permanent storage and retrieval of data for various blockchain projects without the need for customization and development. According to the KYVE team, the project aims to help various blockchain projects achieve convenient on-chain permanent storage and data reading, promoting infinite scalability for Web3.0 projects. KYVE seeks to enable data providers to standardize, verify, and permanently store data streams, with Arweave providing permanent storage while KYVE's network handles data standardization and verification.
Highlights:
- KYVE's mainnet went live, with transaction counts exceeding ten million and data upload exceeding 2TB.
- KYVE Academy and Zelay's activities attracted over 3000 students and 17000 community members within a month.
- Strategic partnerships were formed with 19 projects throughout the year, expanding KYVE's ecosystem.
To be more user-friendly, KYVE will focus on community development through hackathons and other events in 2024 while maintaining strong relationships with strategic partners. |
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Post time 6-3-2024 10:48:07