Daily active accounts for Stellar Lumens are grossly underrepresented by available charting tools, according to an analysis by OrbitLens. The group claims that active accounts for XLM should be 10x reported figures.
In an Apr. 29th post, OrbitLens, who is behind block explorer and analytics platform StellarExpert, claims that the daily active accounts (DAA) for Stellar are underrepresented on most data platforms—notably, CoinMetrics.
CoinMetrics cites DAA for Stellar at 7,500 on Apr. 30th. With 3.3 million accounts on the Stellar network, that equates to a paltry 0.277 percent of accounts being active.
According to OrbitLens, DAA spikes at 58,000 in April. The fluctuations in the above chart are explainable by weekly inflation payouts, where new lumens are added to the network at a rate of 1 percent per year based to accounts based on votes.
OrbitLens argues that DAA on Stellar is underrepresented because of the current model for gauging account activity. Analytics services currently use a payments-based approach for judging active accounts. Such a methodology, however, discounts transaction types on the Stellar network such as updating settings, submitting orders, or executing path payments, said OrbitLens.
Consequently, Stellar Lumens ranked poorly against other cryptos based on the metric, with the coin currently ranking 17th on data website Messari.
Along with several other secondary critiques of the methodology, OrbitLens concludes the reported are not accurate. Instead, the group applied a new methodology accounting for the entire breadth of transaction types for Stellar.
Based on the analysis, OrbitLens concluded that 4 percent of accounts are active on the Stellar network. This would mean that over 130,000 accounts are active on Stellar, on average, on any given day.
If these estimates are correct, that would place Stellar at 3rd on the charts in the number of accounts active within the last 24-hours, usurping Dogecoin’s position. If reliable, the updated metric could be another data point suggesting Stellar is making steady progress towards adoption.