Avalanche, BNB Chain, and Polygon Growth is quite Stable Despite 2022 Market Trends

The crypto market has seen a decline of roughly 45% in activity volume in 2022, according to recent research by Nansen, which is the world’s leading blockchain data analytics firm.

The performance of top blockchain networks, Polygon, BNB Chain, and Avalanche, didn’t fluctuate much in terms of stability. With Avalanche emerging as a rising star among the lot, the report found that the performance of leading blockchain networks remained constant.

Polygon Sees Adoption

According to the Nansen study, Polygon’s scalability, energy-efficient PoS system, and low gas fees compared to other blockchains like Ethereum assisted it in gaining widespread adoption in 2021 by almost 1,000%.

However, in the first quarter of 2022, activity on the Polygon network suddenly came to a halt. However, despite this, transaction volume on the L2 network stayed constant.

Surprisingly, in Q1 2022, it yelled an enormous gas increase, which was a indicator of increasing activity. According to Nansen, the rise in gas prices was caused by SunflowerFarmz, a Polygon-based blockchain game.

The game’s enormous expansion in January had caused network congestion, causing gas prices to skyrocket. The aggregate daily gas expenses paid by Polygon network users in January were almost 800% greater than those paid in December 2021 at its peak.

BNB Chain Remains Industry Leader

After peaking in Q4 2021, BNB Chain saw a massive decline in its on-chain activity in early 2022. However, Namsen noted that BNB Chain has continued to maintain its position as the industry leader and the most active blockchain network on its list.

According to the study, the network’s total daily transaction volume is expected to be about 3-5 times that of Ethereum. The report stated that the rebranding of the network from Binance Smart Chain (BSC) to BNB network is an indication of its desire to branch out beyond its cryptocurrency exchange, Binance.

Avalanche Records Stellar Performance

Avalanche’s performance was one of the most impressive, Namsen said in the report. The blockchain recorded stellar growth in the previous quarter as its transaction volume continued to grow uninterruptedly.

Crabada and Trader Joe fueled the network’s overall performance, contributing to over 84 million transactions. Over $500 million worth of bridging volume was facilitated by Avalanche’s first subnetwork, DeFi Kingdoms.

The active address data from the network also showed a significant increase in activity, as Avalanche presently has 79,200 daily active addresses, 278,000 weekly active addresses, and 583,000 monthly active addresses.

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