Number of New Addresses
The Number of New Addresses measures how many unique ICP addresses conducted their first successful on-chain transaction during a selected period. An address is counted as “new” only the first time it appears in the ledger, regardless of the transaction type. This includes standard transfers, staking-related neuron activity and operations like mint or burn. Failed or reverted transactions are excluded, ensuring that only confirmed participation is captured.
How it’s calculated
This metric is derived by comparing all addresses active during the period against the historical ledger of known addresses. Any address appearing for the first time is added to the count. Each address is counted once, even if it immediately performs multiple transactions in its first period.
Interpretation of trends
The Number of New Addresses provides insight into user onboarding and adoption dynamics on the ICP network:
- Increasing new addresses: Indicates a higher influx of first-time participants interacting with the network. This could be associated with growing adoption of the protocol, token distribution events, ecosystem incentives, or broader market interest in ICP.
- Stable levels of new addresses: Suggest that the rate of onboarding is consistent, with new participants entering the network at a steady pace.
- Declining new addresses: Reflects a slowdown in first-time participation, which may occur during consolidation phases, periods of lower market visibility, or temporary inactivity in ecosystem engagement.
Monitoring this metric over time can reveal patterns of user acquisition, seasonal adoption trends, or responses to protocol updates and ecosystem launches. However, the number of new addresses alone does not indicate the economic significance of these participants or their subsequent activity levels.
Limitations
While useful for understanding network growth, this metric has inherent limitations:
- Multiple addresses per user: One participant may create multiple addresses, inflating the perceived number of first-time participants.
- Automated onboarding: Canisters or scripts may generate new addresses programmatically, which may not reflect genuine user engagement.
- Short-term spikes: Events such as airdrops or token distributions can temporarily increase new address counts without long-term adoption effects.
- Activity vs. engagement: Being a new address does not indicate ongoing participation, transaction volume, or network value contribution.
Disclaimer: The information provided in the descriptions above is for informational and educational purposes only and is intended as a general overview of the referenced metrics. These descriptions are illustrative, descriptive, and non-exhaustive; additional interpretations, use cases, and limitations may exist that are not covered here. Nothing herein should be construed as financial, investment, legal, tax, or professional advice, nor should it be relied upon as the sole basis for any decision-making process. All users should conduct their own independent research, validate data through multiple sources, and consult with qualified professionals where appropriate. The content provided does not guarantee accuracy, completeness, or reliability, and no representation or warranty is made regarding its correctness. The metrics, interpretations, and examples mentioned are subject to change over time and may not reflect all possible scenarios or market conditions. By using this information, you acknowledge that you do so at your own discretion and responsibility. No advisory, fiduciary, or client relationship is created through the use or reading of this material.