According to CoinMeta, analyst Joao Wedson pointed out that there are significant differences among Bitcoin, Ethereum, Polkadot, and Cardano in terms of active addresses. Bitcoin’s on-chain activity has decreased significantly compared to previous major cycles, although the price is still above historical levels, which may be related to the behavior of its holders. Ethereum has nearly 1 million active addresses, demonstrating its relevance as a financial infrastructure. Polkadot has over 4 million active addresses, mainly related to payments and stablecoins (especially USDT). In contrast, Cardano’s activity has declined significantly since 2021, and its current level of activity is at a historical low, indicating concerns regarding user engagement with this blockchain.