BNB Chain, the third-largest blockchain network, is gradually taking the spotlight from the second-largest blockchain, Ethereum.
Though Ethereum might have more money from users invested in its ecosystem, BNB Chain has now surpassed the Ethereum network in the number of daily users. On-chain data shows that BNB Chain has a daily user base that is twice as big as Ethereum.
BNB Chain Holds Largest User Base
According to the blockchain aggregator Token Terminal, BNB Chain has a daily user base of over 784,000. Ethereum, on the other hand, has a total of about 357,100 daily users.
Source: Token Terminal
BNB Chain’s larger user base can be attributed to its services. Data from DappRadar shows that decentralized applications (DApps) launched on BNB Chain attract more users than those of Ethereum.
For example, decentralized exchange (DEX), PancakeSwap, the leading DEX on BNB Chain, has the largest user base for DEXes on DappRadar. PancakeSwap currently has over 126,000 users. This metric is four times higher than Uniswap, the leading DEX on the Ethereum network. Uniswap has a user base of around 30,400.
Ethereum Holds the Largest TVL
Despite having a lesser user base than BNB Chain, Ethereum still commands the largest market capitalization and total value locked (TVL).
Ethereum holds a TVL of over $50 billion and a market cap of $198 billion. Second to Ethereum is the BNB Chain, which has a TVL and a market cap of $6 billion and $51 billion, respectively.
Uniswap garnered a trading volume of $846 million within the last 24 hours. PancakeSwap, on the other hand, holds a trading volume of $144 million over the past 24 hours.
How Other Blockchain Networks Are Fairing
Aside from Ethereum and BNB Chain, other blockchain networks have seen growth in their user base.
Polygon, for instance, has a daily user base of 282,600. This is more than double the number of users Solana currently has – around 121,000.
The metric is not entirely surprising, as Solana faced a difficult time during the collapse of FTX. Between November and December 2022, Solana lost the confidence of its top platforms to other blockchains like Polygon.
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