Binance Chain Records Over 10 Million Active Addresses in April, Outpacing Ethereum
According to data from on-chain analytics platform Nansen, Binance Chain (BNB) had over 10.9 million active addresses in April, making it the blockchain with the highest number of active addresses despite an 11% drop from March. Solana was a distant second with 5.1 million active addresses, while Ethereum had 4.9 million active addresses in April.
But it was Avalanche, Celo, and Optimism that recorded the biggest growth in active addresses last month, with active addresses on Avalanche and Celo growing by 87% and 46% respectively, while Optimism saw a growth of 36% compared to March.
Diving deeper on-chain, three platforms saw their number of users grow significantly on Binance Chain last month: Polyhedra Network, LayerZero Labs, and Stargate Finance. Meanwhile, new users on Solana flocked to decentralized exchanges and liquidity providers.
Stablecoins such as Tether and USD Coin continued to play a significant role on Polygon, while non-fungible token (NFT) marketplace OpenSea saw a 619% increase in users on Arbitrum.
Takeaways:
Binance Chain had over 10.9 million active addresses in April, making it the blockchain with the highest number of active addresses.
Avalanche, Celo, and Optimism recorded the biggest growth in active addresses last month.
Polyhedra Network, LayerZero Labs, and Stargate Finance saw their number of users grow significantly on Binance Chain last month.
Solana's new users flocked to decentralized exchanges and liquidity providers, while stablecoins continued to play a significant role on Polygon.
Non-fungible token (NFT) marketplace OpenSea saw a 619% increase in users on Arbitrum.
Conclusion:
Binance Chain is still dominating in terms of the number of active addresses, while other blockchains such as Solana, Ethereum, and Polygon continue to face stiff competition. The growth of decentralized exchanges and liquidity providers on these blockchains indicates a shift towards more decentralized finance applications. Meanwhile, the rise of NFTs is driving the growth of non-fungible token marketplaces on various blockchains.
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