2023-09-19

Published on Tuesday, September 19, 2023

By PermaDAO

In ArDrive 2023 Development Status

Tags ArDrive, 2023, Development Status

ArDrive 2023 Development Status

Author：Kyle, PermaDAO Builder

Introduction to ArDrive

ArDrive is a decentralized cloud storage application built on Arweave, similar to Web3's Dropbox or Baidu Cloud, allowing users to easily and permanently store their data with a one-time payment while retaining control over their data. Developers can use the ArDrive CLI tool to upload public or private files, monitor network status, and track transaction statuses.

Key Metrics

Data from January to August 2023, sourced from DataOS.

ArDrive's total transactions reached 15.4 million, a 75% YoY growth, and it accounts for 2% of the total transactions on the Arweave network. However, ArDrive's total storage decreased by 6.8% YoY, but it still constitutes 18.6% of the total storage on the Arweave network. (Statistics as of August 2023, with year-over-year comparison to the period from January to August in 2022.)

Data Analysis

Data covers the period from January to August 2023.

Transaction Volume

Image Description: ArDrive Transaction Volume Data

Image Source: https://www.dataos.so/

The data shows that the highest transaction volume occurred in January, reaching 6.2 million transactions, while May had the lowest, with only 0.25 million transactions.

ArDrive experienced a sharp decline in transaction volume starting in February after achieving its highest historical transaction volume in January. This downward trend persisted until May. Finally, in June, the trend began to reverse, showing a growth trajectory. From June to August, the transaction volume stabilized, ranging from 0.6 to 2 million transactions.

Among the transaction volume statistics, there are 11 types of data formats, with JSON, Image, and Application types having the highest transaction volumes in that order.

Storage Volume

Image Description: ArDrive Storage Volume Data

Image Source: https://www.dataos.so/

Regarding storage volume, the highest point was 1,060 GB in January, while the lowest was 160 GB in May. It's noteworthy that ArDrive's storage volume trends are roughly positively correlated with transaction volume.

Within the storage volume statistics, there are 8 types of data formats, with Application, Image, and Video types having the highest storage volumes in that order.

ARDRIVE Token

Data covers the period from August 14 to September 2, 2023, sourced from Permaswap Dashboard.

Image Description: ARDRIVE Token Candlestick Chart Data

Image Source: Permaswap Dashboard

During this period, the ARDRIVE token price fluctuated between $0.12 and $0.18. The highest point was reached on August 15 at $0.18, while the lowest point was on August 23 at $0.12, representing a 33.3% decrease from the highest price. Since then, the price has gradually stabilized at around $0.16 to $0.17.

When it comes to trading volume, the ARDRIVE token's trading volume fluctuated between 0 and 100 USD, indicating that liquidity still has room for improvement.

Historical Events Recap

Let's review some of the key events that have occurred with ArDrive since 2023:

From January 1 to April 1, 2023, ArDrive hosted the ArDrive Inferno event.
On February 4, 2023, founder Phil Mataras used ArDrive to release the ArDrive App on Arweave.
On February 16, 2023, ArDrive introduced the QuickSync feature.
On March 9, 2023, ArDrive released version V1.44, increasing the file size limit.
On March 14, 2023, ARDRIVE/AR trading pairs were listed on the decentralized exchange Permaswap.
On May 12, 2023, ArDrive released ArDrive 2.0, introducing many new features.
On July 19, 2023, ArDrive released ArDrive 2.6, supporting wallet generation, mnemonic phrase login, and ArDrive Turbo.
On August 3, 2023, Ardrive open-sourced the Arweave bundler.
On August 23, 2023, ArDrive CLI v2 added support for Turbo.
On August 30, 2023, ArDrive introduced the new feature ArDrive Pins.
On September 7, 2023, ArDrive added support for uploading content that complies with the UDL standard using ArDrive CLI, and users can also add UDL standards to uploaded content through ArDrive CLI.

Key Events

Introduction of QuickSync Feature to Improve User Experience

Users familiar with ArDrive may have experienced long loading times when opening the platform. ArDrive realized this issue and introduced a significant improvement: the QuickSync feature.

The QuickSync feature allows users to take snapshots of their ArDrive storage, reducing loading times when opening the application. It works by packaging the metadata of ArDrive's Arweave File System (ArFS) into a snapshot, significantly reducing synchronization times across all devices.

Users can choose which drives they want to snapshot to significantly enhance their experience by reducing loading times.

Listing of ARDRIVE/AR Trading Pair on Decentralized Exchange Permaswap

Before the listing on Permaswap, ARDRIVE tokens were not tradable on the market, and users could only obtain them through participation in the ArDrive Inferno event.

In March 2023, the decentralized exchange Permaswap announced the listing of the ARDRIVE/AR trading pair, allowing users to purchase ARDRIVE tokens or trade them for $AR, USDT, $ETH, $ANS, $ACNH, $U, and $STAMP.

ArDrive Completes Three Major Version Updates from 1.42 to 2.6, Adding Numerous Features

In March 2023, ArDrive completed an upgrade from version V1.42 to V1.44, removing the file size limit for uploading public files (the previous limit was 1.192 GiB).

In May 2023, ArDrive released ArDrive 2.0, which included the following improvements:

User interface optimization for a visually pleasing and intuitive experience.
Relaxing of free upload restrictions, increasing the limit from 100 KB to 500 KB to attract more new users.
Addition of various small features, including a night mode, username-free login, support for uploading multiple files by dragging and dropping, and a new sidebar.

In July 2023, ArDrive released ArDrive 2.6, the most innovative update of the year:

Support for wallet generation to simplify the user wallet registration process, allowing users to create wallets directly within ArDrive.
Support for mnemonic phrase login, offering an additional login method by entering a mnemonic phrase.
Introduction of ArDrive Turbo, a partnership with payment provider Stripe, enabling users to pay storage fees with credit cards for quick access to data.

ArDrive CLI Adds Turbo Support and Enables Upload of UDL-Compliant Content

In August 2023, ArDrive announced Turbo support for its CLI, providing advanced users and developers with diverse payment options for storage fees and expanding the application's capabilities.

In September 2023, ArDrive CLI added support for uploading new content or updating existing content that complies with the UDL standard. Additionally, when uploading new content, users can add metadata tags through ArDrive CLI to ensure compliance with UDL standards.

ArDrive Introduces New Feature ArDrive Pins

On September 7, 2023, ArDrive launched the new feature ArDrive Pins, similar to Pinterest, allowing users to save any files on the Permaweb to their own ArDrive.

Users can use ArDrive Pins on platforms like Pianity, Alex, Manifold, and BazAR.

Summary

Key Metrics: ArDrive saw impressive YoY growth in total transactions, reaching 15.4 million transactions with a 75% increase compared to the previous year. However, total storage slightly decreased by 6.8%. ArDrive's share in the Arweave network remained significant, accounting for 18.6% of total storage.
Data Analysis: Transaction and storage volumes exhibited fluctuations throughout the year, with certain data types dominating in each category. JSON, Image, and Application formats were prominent in transaction volume, while Application, Image, and Video formats led in storage volume.
ARDRIVE Token: Before ARDRIVE token’s listing on Permaswap, users primarily obtained it through participation in the Inferno event. After the ARDRIVE token commenced trading on decentralized exchanges (DEX), the total number of token holders reached 1623. The ARDRIVE token has exhibited significant price volatility recently, and overall liquidity requires enhancement. We await patiently for the entire crypto market to recover and infuse new vitality.
Product Updates: ArDrive underwent multiple product updates, focusing on enhancing user experience and lowering entry barriers. These updates included the introduction of QuickSync, user interface improvements, expanded free upload limits, addition of new features, wallet generation support, and the launch of ArDrive Turbo.
ArDrive CLI: ArDrive CLI introduced Turbo support and the capability to upload UDL-compliant content, further expanding its functionality.
ArDrive Pins: The introduction of ArDrive Pins added a new feature to the platform, allowing users to save Permaweb files to their ArDrive.

ArDrive made significant strides in 2022, including raising $17.2 million in seed funding, launching a mobile app, and rebranding the team's brand. In the more subdued market of 2023, ArDrive continued to update its product, introducing new features to improve the user and developer experience while lowering barriers to entry.

ArDrive's resilience and ongoing innovation position it well for the future. The story of 2023 is still unfolding, and we can anticipate further surprises from ArDrive in the coming months.