Qitmeer Network 2023 Annual Report
Qitmeer Network harnesses the MeerDAG consensus protocol within its PoW framework, amalgamating BlockDAG and UTXO models into its foundational data structure to fortify security measures. This architectural paradigm results in a noteworthy increase in the network’s TPS, achieving 4,000 transactions per second.
Following the transition to the EVM-compatible QNG network in August 2022, Qitmeer Network has undergone a notable expansion in its operational capacities, facilitating the concurrent evolution of asset security and business scalability.
In 2023, Qitmeer Network witnessed the addition of more than 110,000 MEER holding addresses, accompanied by a transaction volume exceeding 4 million. The global community flourished, bolstered by the introduction of ecosystem applications like KAHF、DimAI and Woowow, which infused new vigor and diversity into the Qitmeer Network ecosystem.
Against the backdrop of this vibrant development, let us reflect on the notable achievements of 2023.
🔹2023 Milestones Recap
🔹2023 Key Network Development
🔹2023 Qitmeer Network Ecosystem Developments
🔹2023 Community Highlights Recap
Digital Insights into Qitmeer Network’s Performance and Development
🔹Significant Increase in Network Activity, Surge in Transaction Volume
The transition of Qitmeer Network to the EVM-compatible network, QNG, on August 27, 2022, marked a significant turning point in its operational dynamics. This strategic pivot ushered in a period of unprecedented vitality, propelled by the network’s robust smart contract support and exceptional transaction processing capabilities.
- In 2022, the Qitmeer Network processed over 2.35 million transactions, with 2.2 million transactions specifically being MeerEVM transactions. It is noteworthy that within the last four months of 2022 alone, we successfully handled more than 2.2 million MeerEVM transactions.
- The first quarter of 2023 witnessed another milestone, with a remarkable 3.07 million transactions recorded.
This surge not only signifies the favorable reception of the initial implementation of the EVM-compatible strategy but also underscores the ecosystem’s rapid expansion.
The following chart provides a visual representation of the growth of MeerEVM transactions on Qitmeer Network since the introduction of EVM compatibility (data source: Qitmeer Network Statistics):
In 2023, Qitmeer Network showcased a strong growth trajectory in its total on-chain transaction volume, achieving approximately a 103% increase compared to 2022, accumulating a total of 4,773,636 transactions.
- Among them, regular UTXO transfers accounted for 30,470 transactions, cross-chain transactions reached 3,813, while MeerEVM cross-chain transfers reached 4,739,353 transactions. The average daily transaction processing volume reached a remarkable 13,079 transactions, with certain peak periods setting a new record of 157,434 transactions processed in a single day.
This rich and extensive transaction ecosystem not only highlights Qitmeer Network’s excellent transaction processing capabilities but also provides robust support for its development in the field of digital finance.
The following chart illustrates the daily transaction volume statistics for Qitmeer (data source: Full Node Block Scanning Statistics):
🔹Ecosystem Gradually Expanding: On-Chain Contracts and User Base Simultaneously Growing
With the launch of the QNG network and the successful achievement of compatibility with EVM, we have embarked on a new chapter for the entire ecosystem. In 2023, we are delighted to observe the continuous uptrend in on-chain contracts and a substantial expansion of the on-chain user base.
- By the end of 2023, the number of on-chain holding accounts had reached 117,449, marking an increase of 68,407 new accounts compared to the end of 2022, representing a year-on-year growth of 139.5%. Concurrently, the count of on-chain contracts soared to 3,872, reflecting a remarkable surge of 1,249% compared to the end of 2022.
This not only signifies significant progress in user acquisition but also underscores a persistent enhancement in both the quantity and quality of on-chain contracts, infusing robust development momentum into the entire ecosystem.
The chart below delineates the growth of on-chain accounts (data source: Qitmeer Network Statistics):
The chart below illustrates the growth of on-chain contracts (data source: Qitmeer Network Statistics):
🔹Outstanding Performance, Economically Efficient
- During stress testing on the Qitmeer Testnet, over 19.38 million transactions were successfully processed within just 4 days, averaging approximately 4.85 million transactions per day, with a peak TPS (transactions per second) of over 4,000+.
It is worth noting that this achievement was attained within the constraints of the stress testing environment and has not yet reached the network’s throughput limits. This not only highlights the network’s outstanding performance under high loads but also establishes a solid foundation for its ability to handle even larger-scale transaction volumes in the future.
The following chart illustrates the transaction growth observed during the Testnet stress testing period (data source: Testnet Statistics):
- Qitmeer Network currently maintains excellent performance, with an average Gas Price ranging between 40–45 Gwei. This translates to a cost of approximately 0.000945 MEER for a regular transfer.
This low cost is not just a numerical representation but also highlights the outstanding transaction processing capacity of the Qitmeer Network, successfully reducing the likelihood of congestion and preventing a significant increase in gas fees.
The following two graphs provide detailed information on the average gas usage fees and daily transaction volume on the Qitmeer Network (data source: Qitmeer Network Statistics).
By comparing the two graphs, it can be observed that the significant increase in transaction volume does not result in a significant increase in gas fees during the same period. This highlights the network’s stable performance in terms of economic costs：
🔹Community Consensus Strengthened, MEER Transaction Activity
- In 2023, Qitmeer Network’s core token, MEER, achieved successful listings on globally renowned trading platforms such as LBank, MEXC, and BingX, further expanding the community size and attracting more active users.
These high-quality trading platforms not only offer excellent trading depth but also foster favorable conditions for the widespread circulation of MEER. Since MEER’s listing on MEXC in June, its trading volume has experienced substantial growth, averaging 50 million MEER per month across various trading platforms in 2023.
This trend underscores the strengthened community consensus and the increasing activity of MEER as a digital asset:
🔹Thriving and Flourishing Ecosystem
- Diverse Growth in Ecosystem Applications:
We have introduced a variety of new ecosystem applications spanning fields such as AI and NFT. Among these are DimAI, a comprehensive NFT creation tool empowered by AIGC, and Woowow, the inaugural NFT trading platform on Qitmeer Network.
These introductions broaden user options and establish a robust framework for future ecosystem expansion, particularly in domains like gaming and metaverse.
- Expanding Cross-Domain Collaborations:
Collaborations with 17 new partners, including Arc Finance, ZNSConnect, and Kleinlabs, have been established across multiple domains.
The image below illustrates Qitmeer Network’s ecosystem applications:
These partnerships not only foster broader collaborative opportunities but also infuse fresh vitality into the entire ecosystem, amplifying our influence.
🔹Continuous Growth of the Community, Strengthening Consensus
In 2023, we fostered profound collaborations with more than ten communities, including Finstree and Decentralized Club, collectively propelling the proliferation of Qitmeer’s ideology within the blockchain sphere.
- Surging Twitter Activity:
Twitter stands as a pivotal channel for our daily information dissemination efforts. Throughout 2023, the net increase in followers reached 5,032, elevating the total user count to 62,029.
The following data illustrates the growth of user followers on Qitmeer’s Twitter platform:
- Global Ambassador Program Initiates Global Community Connection:
To extensively propagate the values of Qitmeer Network, we initiated the Global Ambassador Program in April.
Through the tireless endeavors of our ambassadors, we swiftly established 16 Telegram global communities across various regions including the Philippines, France, Vietnam, Japan, and more.
This initiative successfully attracted 5,506 new community members, bringing the total number of Telegram users to over 25,000.
Qitmeer Network Telegram Community Data:
Simultaneously, we launched a community on Discord, which garnered 5,504 members. By the end of 2023, our total community membership surpassed 90,000, fostering greater cohesion within our global community.
🔹Diversified Content Creation, In-Depth Blockchain Education
- In 2023, we produced 92 detailed Medium articles and 16 engaging Youtube videos, along with launching an educational blockchain podcast. These efforts resulted in a substantial 170 million reading exposures on social media.
This content series showcases our expertise and offers valuable insights into blockchain technology.
Twitter Reading Exposure Statistics:
Outlook for 2024
- Ecosystem Thrives to New Heights:
In 2024, the Qitmeer Network ecosystem is poised to take a significant leap forward. We aim to deepen collaborations with partners across various domains, fostering a more robust and diverse ecosystem.
The upcoming launches of plugin wallets, gaming platforms, and metaverse projects seek to provide users with a comprehensive digital experience. These new partnerships will enhance the creative and utilitarian value of NFTs, injecting even more vitality into the ecosystem.
- Community Outreach Enhancement:
We’re dedicated to energizing our current communities and welcoming more talented ambassadors to join Qitmeer Network’s community development. Through engaging activities and effective communication, we’ll educate more about Qitmeer Network.
Additionally, by collaborating with more projects, we aim to showcase not only Qitmeer Network’s brand but also its cost-efficiency and performance advantages in practical business applications.
- Continuous Technological Innovation:
Building on the research initiated in 2023 on Layer2 technology, the focus for the upcoming year will be on performance, security, and user experience. By introducing new technologies, we aim to provide users with a more convenient, efficient, and secure experience, driving the continuous evolution of Qitmeer Network technology.
Thank you for your support and attention, and we look forward to sharing more achievements with you as we continue the journey of Qitmeer Network in 2024.
