On-chain analytics firm Nansen has released a report showing that Binance BNB Chain has the most active addresses in April 2023, with 10.9 million, which is more than twice the number of its closest competitors, Solana and Ethereum. However, the number of active addresses on the Binance BNB Chain decreased by 11% from the previous month.
Which chains had the most on-chain active addresses in April & how did they compare to March?
BNB Chain: 10.9M (-11%)
Solana: 5.1M (-12%)
Ethereum: 4.9M (-7.9%)
Polygon: 4.2M (+6%)
Arbitrum: 2.4M (+7.8%)And what were these addresses doing?
Let’s take a look on-chain… pic.twitter.com/mjrBPgbmif
— Nansen 🧭 (@nansen_ai) May 3, 2023
Solana ranked second with 5.1 million active addresses, with its increase attributed to the Mad Lads NFT initiative. However, most of the activity and organizations on Solana were listed as “unknown” on the Nansen dashboard.
Ethereum landed in third place with 4.9 million active addresses, down 7.9% from the previous month. The report noted that the PEPE memecoin was responsible for its 213,071% growth in active address count. Stablecoin activities dominated Polygon, which came in fourth with 4.2 million active addresses in April.
The report also revealed that Polyhedra Network, Layer Zero, and Stargate Finance were the top entities responsible for Binance BNB Chain’s active address growth, with gains of 4 million percent, 471%, and 375%, respectively.
The daily Binance BEP-20 token transfer volume increased to 7.2 million on May 2, 2023. Bscscan reported that there are already 1.3 million active smart contract addresses on the Binance BNB Chain, and 4 million smart contract transactions occur daily. This shows an 80% increase in transactions since the start of the year, but it is down by 75% from its peak.
The cryptocurrency landscape is continuously evolving, and the rise of DeFi and NFTs continues to drive blockchain innovation. The report highlights the Binance BNB Chain’s dominance in the blockchain race, although Ethereum and Solana remain strong competitors. The rise of these blockchains is powered by the increased adoption of NFTs and DeFi Protocols.
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