Katana's on-chain metrics are showing an interesting divergence lately. After the integration with Nansen and the launch of their data dashboards, we're now able to track the numbers more clearly.



Here's what stands out: daily active addresses are trending downward, yet trading volume and fees are climbing. It's a counterintuitive pattern—fewer wallets active, but higher transaction intensity and more fees generated. This suggests the remaining active participants are trading more frequently or with larger position sizes, concentrating activity among more engaged users.
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GameFiCriticvip
· 6h ago
Yeah, this data is really worth paying attention to. Active addresses are decreasing, but fees are actually rising... To put it simply, only true players are left operating, and the quality leverage has increased. --- But we need to see if this is truly sustainable growth or just a quick spike. Historically, such situations either explode or drop to zero. --- A decline in activity itself is dangerous; the increase in fees is just superficial prosperity. User retention is the real lifeline. --- Wait, isn't this just elite management? Forcing ordinary players out, leaving only a couple of whales to entertain themselves. I've seen this mode too many times. --- It's a bit like that delicate fork in the product lifecycle. If you go the right way, it's sustainable; if you go the wrong way, it's the beginning of decline. --- Good-looking data doesn't mean health. We need to see if these trading volumes are genuine demand or just bots刷ing.
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SigmaBrainvip
· 8h ago
Hey, this data is weird... Active addresses are dropping, but trading volume is actually increasing? What does that mean? It means only the hardcore players are left, trading very frequently. Something feels off...
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BlockchainArchaeologistvip
· 8h ago
A few people are trading desperately; retail investors have already left.
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SwapWhisperervip
· 8h ago
Whales are eating retail investors' chips, that's the truth, right?
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NoodlesOrTokensvip
· 8h ago
Spending less and still messing around—that's true love.
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GasFeeCriervip
· 8h ago
Wallet count decreases but transaction fees rise? This is sending us a signal. --- Whales are quietly eating up, retail investors have long since fled. --- Nansen's data visualization this time is really impressive; finally, we can see clearly who is playing. --- Fewer people trading more aggressively— isn't this a sign of centralization... --- Wait, if transaction fees go up, we still have to pay more, that's the point of contention. --- Active addresses decrease but fees increase; this logic is quite intense. --- Is Katana consolidating elite players? Or is it pushing people out? Hard to say. --- It's becoming more and more like traditional finance, how ironic. --- Big players are harvesting small investors, just the old routine.
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