How Many "Real Users" are Really in Crypto?

The Crypto Active User Problem: Searching for “Real Users” in a Sea of Bots

A paradox in crypto is getting attention: While digital asset ownership keeps growing, genuinely active users are still rare. Reports from @0xResearch and @a16zcrypto show all time highs in crypto activity, but only a small fraction of owners actively participate in transactions or dApps. Most activity comes from bots or multiple wallets controlled by one user. But... WHY?

1. Usability: Interacting with blockchains often remains unintuitive and complex for the average user

2. Security: The persistent threat of scams and bad actors makes many users hesitant to actively participate

3. Negative Media Coverage: Mainstream media often focuses disproportionately on the risks and downsides of crypto, discouraging active participation

4. Lack of Compelling Applications: There's still a shortage of dApps that offer significant value to users' daily lives

These challenges are significant, but they aren’t new... Initiatives aimed at educating crypto holders and providing support to help them navigate the space are gaining momentum. As the infrastructure matures, there’s a growing emphasis on building useful applications that add value, and new tools are emerging to improve security and trust.

Here at Beluga, we intend to play a role in empowering real users to safely explore the crypto space and identify legitimate projects. By focusing on trust, transparency, and education, we’re here to accelerate the learning curve for real users everywhere, from crypto novices to degens and meme coin enthusiasts.

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