Dash organic, real-world usage has shown consistent growth both quarterly and yearly, particularly when compared to other competing coins, according to Dash Core Group CEO Ryan Taylor.
The Dash network continues to grow network activity rapidly. I'll present more details on the quarterly call the first week of November, but here is a preview. I decided to use median daily transaction counts because the mean is dramatically affected by "stress tests".
— Ryan Taylor (@RTaylor05) October 23, 2019
In a recent thread on Twitter, Taylor outlined the progress in organic growth Dash has made over the past year, analyzing median data points rather than the mean because the mean is dramatically affected by ‘stress tests'” while the median is more likely to give a picture of what a typical day’s usage may look like. Taylor also excluded coinbase transactions as well as PrivateSend coin mixing to focus on finding real economic transactions. He also added that he will be expanding on his findings in Dash Core Group’s public quarterly call early next month.
Aside from consistently growing usage by double digits every quarter, Dash’s year-over-year median number of transactions also grew by 178%, showing that user activity has nearly tripled over the third quarter of 2018. Taylor also added that usage data on other metrics have similarly seen significant increases:
“Other metrics have hit new records such as number of mobile wallets now over 56k… up from 41k at the end of Q2. This is what adoption looks like!
Impressive growth when compared to the wider cryptocurrency sector
Taylor then went on to compare the growth of other similar blockchain networks’ performance over the same time period, which he believes “are not growing as consistently or dramatically” as Dash. He also noted that all of the networks analyzed have experienced negative growth quarters over the last year, in stark contrast with Dash. Regarding Bitcoin’s Lightning network, Taylor did not see any signs of significant growth, while unique channels have seen a decrease of double digits over the last two quarters, indicating a shrinking trend.
Finally, Taylor concluded this thread by drawing attention to the fact that cryptocurrency prices do not necessarily have to be reflected in prices, since many individuals and/or traders may not know about all the features of Dash and how it technologically separates itself from competitors. Nevertheless, he remains confident in Dash’s strong fundamentals, which bodes well for it to gain long-term adoption
Dash setting itself for long-term growth though technological fundamentals and adoption focus
8/8— Ryan Taylor (@RTaylor05) October 23, 2019
Price doesn't always track to the amazing progress being made. However, it is my firm belief that if we continue with our focus on user experience and targeted growth initiatives, fundamentals will prevail. Our accelerating growth cannot be ignored forever, that's for sure!
Dash has been able to greatly grow its median transactions partly thanks to its focus on low transaction fees, fast confirmation times, and merchant adoption that helps bring Dash closer to the attributes of using cash. Dash’s InstantSend, now automatic on all transactions and quickly being adopted by more exchanges, enables Dash transactions to be locked in place in under 2 seconds and for no more than a regular median transaction fee of 0.0005 cents. Additionally, Dash’s ChainLocks leverages the masternode network to protect against 51% attacks, ensuring that the blockchain is not only faster, but also more secure than other cryptocurrencies.
These two features combined help aid Dash in gaining more merchant adoption, along with third party merchant services integrators. This is important for both consumers and merchants that have higher switching costs and only want to adopt a new payment method that is simple and easy. Finally, Dash’s focus on improving the UI/UX of Dash with Dash Platform and Evolution will further reinforce this goal.
These elements combined create a reinforcing circle of adoption that grows stronger with more merchant and consumer adoption that occurs, even though Dash’s price might be pushed down by the wider cryptocurrency market that has different technicals and fundaments that market movers do not currently distinguish. Dash’s adoption rate, despite price, is seen in Venezuela where individuals care less about the price than it actually being able to function as a working, everyday currency alternative to fiat and providing this use case is how Dash intends to grow long-term.