Moonshot has 400K new users (insanely impressive!) != 400k new users onchain

A lot of people took yesterday's @chainalysis report to suggest that the TRUMP token was a mass onboarding event, primarily because 50% of TRUMP/MELANIA token holder wallets were net new to SOL altcoins, but that continues to make the same wallet/user fallacies and misses the… https://t.co/vbghaMW8Qa

Disappointing data here.

Seems like less than 1% of the users who came in through Moonshot to buy TRUMP/MELANIA are doing anything else on-chain. 

If this was the Olympics, the tourists are not doing anything else in the city before they leave. Basically ~1% GDP retention.

Haseeb ＞|＜

🤔👀

https://x.com/hosseeb/status/1883466906080088478?s=46&t=rxAVkMPnT_8alZYrwLqp6g

"active addresses are a useless metric" — unreal defense

@hosseeb This isn’t atypical.

Majority of Solana active accounts are only used once. https://t.co/a6LrCFRB2T

@nelsonmckey @hosseeb that's not what that chart shows — it shows first-time accounts, not used-once accounts

also, purple is trending higher, meaning the number of recurring accounts are increasing

that said, solana would have higher one-time use account metrics because it's an accounts-based…

mert | helius.dev

/ted | exploring the onchain frontier | surfing @ venice, ca | eating @ gjusta / gjelina

"active addresses are a useless metric" — unreal defense
https://x.com/0xMert_/status/1883590302876782909

good things take time—frictionless experiences—product × strat × ops

Far be it from me to be defending Solana (I usually don't), but active addresses really are a useless metric — if you are mostly familiar with EVM, everything you do is tied to your one account address. Solana has accounts created for every token you hold (PDA), so active addresses is indeed a worthless metric when trying to track meaningful information.