There has been a push for HBD adoption around the globe. Merchants accepting HBD as payment. This especially in places like Venezuela and Cuba. Recently with the HiveFest taking place in Mexico, there are some merchants accepting HBD in Mexico now as well. 
How is this affecting on chain activity. We can take a look at the number of transaction and accounts making transfer. If HBD adoption is increasing this should increase as well. 

Let’s take a look.

 


![1.png](https://files.peakd.com/file/peakd-hive/dalz/23u5ZheLU2ZDJa2WHaJPg1vMVnTPkR86hP1GGNFGU9gEbfSVnWiHchkUHVdkjW5Wba4yn.png)





Here we will be looking at:

-	Daily/monthly transactions
-	Daily/monthly number of accounts transfering HBD
-	Daily/monthly HBD value transfered
-	Top accounts by number of transactions and value 

The period that we will be looking in is starting from the Hive fork back in March 2020 till now.


## Number of HBD Transactions 

Here is the chart for the data on HBD transactions made per **day**.

 



![image001.png](https://files.peakd.com/file/peakd-hive/dalz/23wzzZmrygXFFJ2fMCeqQPy7oswo1zG6Xz5iZoHcLY9KAcvihyhxFrmc8bkE4svscDTvh.png)




As we can see back in April 2020, this number was low, under 1k HBD daily transactions. It increased since then going up to 3k daily transactions, with occasional spikes up to 10k. There has been a slowdown in the recent period, but not as much. We are now somewhere between **1.5k to 2k** daily HBD transactions. 

When we plot the data on a **monthly** level we have this:

 



![image007.png](https://files.peakd.com/file/peakd-hive/dalz/EoK3tdSB9q3FVgFDL4Pp99fuGLF7bBDhBrXPAfKP6eAZjtTX2PYNRoEF4pWqkWVn4wP.png)





Here we can see even clearer trend. An uptrend up to 2022, then a period of stagnation and a downtrend in the last few months. The spikes usually happens when there is an increase in the HBD price and a lot of arbitrage happening. The record high for HBD transactions per month is back in May 2022 with around 80k monthly transactions. In the last months there is around **40k** HBD transactions per month.



## Number of Accounts Transferring HBD
How many users are transferring HBD per day? Here is the chart.


 


![image003.png](https://files.peakd.com/file/peakd-hive/dalz/EoGriGJc31XeKXMvN1cbUSi37Af4HqkaSkDCWFyCpo4ezC2ZzESVdRNpSsUGCH4zQSg.png)


The trend here is similar as for the transactions. At the beginning there is just around 200 DAUs, then the number increased to almost 1k in 2022, and a sort of stagnation since then. Its interesting to see that the number of accounts transferring HBD has remained almost the same during a bear market. 
In the last period there is around **700** accounts making HBD transactions per day.


**On a monthly level the chart looks like this:**


 

![image009.png](https://files.peakd.com/file/peakd-hive/dalz/23vsDs3tKYp2u4L4oZmJ7mB7dGqdoSXjkDjtb5j6SSNoovA4DR8fFhjWaAsvc1JUGXPiG.png)




An uptrend towards 2022 and a small downtrend since then. It’s interesting to see that there is a massive spike just recently in March 2023 with 25k accounts making HBD transactions per month. In the last months this number is around **12k** HBD MAUs. 


## Transferred HBD Value 

What about the amount/value in HBD that has been transferred? Here is the chart for the **daily** amount of HBD transferred.

 



![image005.png](https://files.peakd.com/file/peakd-hive/dalz/EoEiDQZXMNSwEHChYmaMJXf45Cr9iWYkWLszGSzeo6KjmTTcxneSRGtFyopuCQMVGiD.png)



We can clearly see the spike back in August and September of 2021. There was an increase in the HBD value back then and a lot of arbitrages was happening. A few spikes since then to more than a million HBD daily transferred but overall the values are around **100k** HBD transferred per day. This is the number for the average daily HBD transferred in the last months as well.

**The chart for the monthly HBD transferred looks like this:**

 



![image011.png](https://files.peakd.com/file/peakd-hive/dalz/23tS148XC4jiySpm6LqSRGvQhEjP3R8x6PWjwdv1K3R1wchXNHvMVUBJQGdXPbEuB4tBW.png)



Here again we can see the spikes in August and September 2021. More than 20M HBD was transferred around in August alone and September has been close to 18M. In 2023 the average value transferred per month in HBD is around 5M, with a few months spiking up to 10M. The last month of September ended up with 4M HBD. 


## Top Accounts

Who is making the most HBD transactions? Here is the chart for the 2023.

 



![image013.png](https://files.peakd.com/file/peakd-hive/dalz/23uEwpGR5m96t3yT1EFaf9dBjFVJAF6Mv24x5nCaskkxL44b4fBk7e6xqPoXUSWT1EKRx.png)



The @reward.app has been making a lot of HBD transactions, or in total of 70k operations involving HBD. @howo is on the second spot, followed by the @hbdstabilizer. Because of the feeless system on Hive, users can make thousands of transactions in HBD without worrying for gas fees.

The above is in terms of the number of operations. What about in terms of value? Users can make a lot of small transactions with HBD, but some can make a fewer transactions but with bigger HBD amounts. 

**Here is the chart for the top accounts transferring the biggest volume in HBD in 2023:**
 



![image015.png](https://files.peakd.com/file/peakd-hive/dalz/23u5VATqtUgxNn3upcJtp1ZxDSnRkCUdH24U5S1dh6m5Zfz41LVunPRU2P9Qp31oWetS7.png)




The Upbit exchange comes on the top with more than 20M HBD. Note that the exchange has multiple accounts, that I have summarized in one. The @hbdstabilizer comes on the second spot with almost 8M. These two accounts are by far in the lead when it comes to HBD volume. All the other accounts have less than 1M HBD transferred in 2023. 


## Summary

The overall trend for HBD is a growth in the numbers of transactions and accounts towards 2022, and then a slow decline or stagnation. While we can notice that the numbers have been going down, or stagnation, we can still draw a positive conclusion having in mind how hard the bear market hit. Having a project that has retain activity and users is a success for such times. 

In 2023 on a monthly level around 12k accounts are using HBD, making 40k transactions and transferring around 5M HBD in value. 

All the best
@dalz