BNB Chain Retains Most Active Network Position
Despite a decrease in user activity, the BNB Chain maintains its dominant position as the most active blockchain network, according to recent data from Nansen.
Nansen’s Monthly Data Reveals Top Active Blockchains
Nansen’s data reveals that in April, the BNB Chain had 10.9 million active wallet addresses, securing its position as the most active network. While the month-on-month numbers dropped by 11%, the BNB Chain still had twice the number of active addresses as the next closest network, Solana (SOL).
Solana and Ethereum in Close Competition
Solana, with 5.1 million active users, held a slight edge over Ethereum (ETH), which had 4.9 million operational addresses. Other notable blockchains with over a million active addresses included Polygon (MATIC), with 4.2 million, and Arbitrum (ARB), with 2.4 million.
Projects Driving BNB Chain, Solana, and Ethereum Activity
BNB Chain’s high address activity was primarily driven by Polyhedra, LayerZero, and Stargate Finance, while Solana’s numbers were boosted by projects like Mad Lads, STEPN, and the Raydium Protocol. Ethereum’s most active on-chain transactions came from the Pepe (PEPE) meme coin community, which has rapidly gained value and attention since its mid-April inception.
Binance USD (BUSD) Activity at a Two-Year Low
Despite BNB Chain’s continued dominance in user activity, Binance USD (BUSD) has seen a significant drop in activity since regulators began scrutinizing the stablecoin. Data from Glassnode reveals a two-year low in addresses sending and receiving BUSD, largely due to Paxos receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC) in February.