60 Lower Costs Are Boosting On-Chain Engagement As transaction costs have declined, on-chain engagement—as measured by the ratio of daily active addresses (DAUs) to monthly active addresses (MAUs)—has increased. Engagement Relative To Transaction Fees DAU / MAU 12% $6.28 $10.00 S T C 10% A R T AU $1.00 N M O C f 8% ) O $0.27 $0.28 3 T 2 R nt $0.13 $0.16 0 A ce (2 r SM e 6% $0.10 e P e F A age As r e AU 4% Av D $0.01 2% $0.003 0% $0.00 Ethereum Optimism Arbitrum Base Solana zkSync Note: DAU / MAU traditionally refers to a measure of unique users. For this analysis, we are using a measure of unique addresses as an approximation for users. They are correlated but not equivalent. Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources, which are available upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.