Crypto can be unpredictable. For months, LYX was one of the worst performers, regularly ridiculed by the crypto community. But now, it’s fair to say Lukso is holding its ground.
Since the market peaked in March, LYX is down 66%, which is better than most altcoins. What’s even more promising is the surge in trading volume—people are paying attention again.
What’s Lukso?
Lukso is a Layer 1 blockchain that connects Web2 users—such as influencers, content creators, and fashion professionals—with Web3. Its goal is to make blockchain more accessible and secure.
Lukso tackles common blockchain challenges by simplifying user onboarding, introducing advanced smart contract standards, and ensuring smooth transactions with low fees. The platform enhances digital asset management, integrates personal data into blockchain accounts, and emphasizes data verification for trustworthiness.
Built on Ethereum, Lukso uses the Casper FFG Proof of Stake mechanism for energy-efficient security. It ensures scalability through sharding and remains decentralized, free from venture capital influence.
A key feature is « Universal Profiles, » digital identities that work across platforms, offering secure asset and credential management. Lukso empowers creators to monetize their work without intermediaries, giving them full control over their content and profits.
Lukso’s at a pivotal moment. The infrastructure is solid, and now it’s all about adoption. After diving into Lukso’s on-chain data, I’ve noticed steady yearly growth, though the numbers remain modest. But with the recent launch of their Grant Program, I believe rapid growth is just around the corner.
The point of this thread is to capture where Lukso stands now, so we can compare it to future progress, especially as these new initiatives take off.
Lukso’s Commitment to Ecosystem Growth
On August 1st, the Lukso Foundation released an in-depth article reaffirming their dedication to expanding the ecosystem. Their focus for the coming months? Enhancing developer infrastructure and onboarding projects that align with Lukso’s vision.
Fast forward to August 23rd, and the first round of Lukso’s Grant Program was revealed. The LUKSO Foundation for the New Creative Economies (FNCE) announced 23 projects, ranging from infrastructure to dApps and education.
In infrastructure, standouts include **Defolio**, a Universal Profile management tool; **dm3 Protocol**, developing secure decentralized messaging; and **Reclaim Protocol**, offering zero-knowledge proof solutions. These projects will bolster Lukso’s technical base.
On the dApp side, **Esoteric** is creating a decentralized social network, **Fitchin** is building a Web3 community for gamers in Latin America, and **StreamGate** is empowering artists with blockchain-backed music streaming.
Education isn’t left behind, with **KEEZ DAO** and **Speedrun LUKSO** working to onboard developers and creatives, providing key resources to engage with Lukso’s tech.
This first wave of grants shows LUKSO’s dedication to driving innovation in decentralized culture. With Wave 2 and more funding opportunities on the horizon, the future looks bright for Lukso.
Let’s dive into the numbers and see where Lukso stands today!
Current State of Lukso On-Chain
Number of Accounts
Year-over-year, Lukso has shown modest growth in active accounts, though things have slowed recently. Overall, 2024 has seen some positive movement, but it’s important to note that this trend mirrors the broader market sentiment. Growth is there, but the current numbers are still far below what Lukso’s potential could be.
At the moment, we’re seeing about 150 active wallets daily—not huge, but it’s a base to build from.
Number of Transactions
With fewer active wallets, it’s no surprise that daily transactions remain relatively low. That said, there’s a clear upward trend. In 2023, Lukso averaged around 500 transactions per day; now, it’s hitting 10,000 daily, which is a huge leap. There was a notable spike recently, though the cause is still unclear.
These numbers reflect a small but growing ecosystem. Given Lukso’s current stage, it’s understandable.
Summary
The big question: How successful will Lukso be in terms of adoption? I’m optimistic. They’ve been quietly building for years, they’ve got strong industry connections, and initiatives like the grant program are starting to energize the ecosystem.
The community is also highly active on social media, showing real interest and enthusiasm. What’s missing are the killer dApps—but I think we’re on the verge of seeing some game-changers soon!
