BNB Chain, the brainchild of Changpeng Zhao’s crypto empire, leads the pack among blockchains when it comes to user activity. Boasting an impressive 10.9 million active wallet addresses in April, the BNB Chain takes the lion’s share of the market, leaving competitors like Solana (SOL) and Ethereum (ETH) lagging behind. However, despite this steadfast position, the blockchain’s user activity took a hit, seeing a dip of 11% month-on-month.
Although the BNB Chain suffered from reduced numbers, it still had more than double the number of active addresses compared to Solana. With approximately 5.1 million active users spanning across wallet, token, and program accounts, Solana barely managed to surpass Ethereum by a mere 200,000 users. Ethereum, with 4.9 million active addresses, occupied the third spot, with Polygon (MATIC) and Arbitrum (ARB) trailing in the rankings.
Key players like Polyhedra, LayerZero, and Stargate Finance are responsible for the BNB Chain’s upper hand in address activity, contributing to a staggering 300% increase in users on the platform. NFT projects like Mad Lads, STEPN, and the Raydium Protocol have been driving Solana’s numbers as well. However, it’s important to note that while the BNB Chain sits atop the user activity throne, it has not been able to maintain steady numbers over time.
On the Ethereum front, the Pepe (PEPE) meme coin community took the lead in on-chain transactions. Since its inception in mid-April, the value of PEPE skyrocketed, consistently making waves across social media platforms. However, the BNB Chain’s dominance in on-chain activity hasn’t translated into success across all of Changpeng Zhao’s crypto ventures.
The Binance-branded stablecoin Binance USD (BUSD) has struggled in recent times, experiencing a steep drop in traffic as regulators continue to target the coin. Data from Glassnode reveals that the number of addresses sending and receiving BUSD has reached its lowest point in two years.
In conclusion, while the BNB Chain and its associated projects continue to enjoy the spotlight in terms of user activity and valuation, this prominence hasn’t been immune to setbacks. Decreased user numbers and the struggles of associated ventures like Binance USD underscore the volatile nature of the crypto ecosystem, reminding investors and enthusiasts alike that the market’s landscape can change rapidly. Industry players must keep a keen eye on shifts in the sector to maintain their standing in the long term.
Source: crypto.news
