BNB vs Polygon: Which network takes the cake with high user activity
- The BNB chain and Polygon function among the many chains with probably the most transactions in 2023.
- Their TVL and quantity noticed little affect regardless of the event.
In 2023, the BNB chain and Polygon [MATIC] rose to turn into a part of the main networks with the best transaction volumes. Are transactions persevering with from the place they left off, and the way are the volumes and Complete Worth Locked (TVL) responding?
BNB chain and Polygon see over 1 billion transactions
Coin 98 Analytics launched information on the transaction volumes of widespread networks in 2023. The findings revealed that the BNB chain and Polygon secured third and fourth positions among the many 17 networks analyzed.
BNB Chain recorded 1.4 billion transactions, whereas Polygon had 1.1 billion.
Apart from #Solana, listed here are the highest blockchains with the best complete transactions in 2023:
Tron
Sui
BNB Chain
Polygon
Aptos
Ethereum
Close to
opBNB
Arbitrum
zkSync
Avalanche
Viction
Optimism
Fantom
Starknet
Base
Linea pic.twitter.com/8lyaLmQ3oC— Coin98 Analytics (@Coin98Analytics) January 10, 2024
Moreover, solely Tron and Sui surpassed the two billion mark in transactions; all different networks fell beneath 1 billion transactions. This transaction metric signifies a community’s utilization frequency, reflecting the variety of trades carried out on it.
Polygon and BNB chain finish the yr on a excessive
An examination of transaction tendencies on the BNB Chain and Polygon confirmed an analogous sample. The sample noticed was that these networks recorded their highest variety of every day transactions in 2023.
In response to the scanner, the best every day transaction quantity on the BNB Chain was over 32.6 million on seventh December. Though there was a decline, the graph confirmed that it had the best variety of every day trades in December 2023.
Additionally, as of the time of this writing, every day transactions have been over 4.1 million.
Supply: Polygon scan
Moreover, just like BNB, Polygon recorded the best variety of every day transactions in 2023, however its report was in November.
The scanner confirmed its highest every day transactions so far occurred on sixteenth November, with over 16.4 million. Additionally, the second-highest variety of transactions was set on twenty fourth November, with over 16.2 million every day transactions.
An evaluation of the scanner confirmed that though November was a busy month, volumes had regularly declined.
Supply: BSCscan
Regardless of the decline, the noticed numbers have been larger than these noticed in over a yr. On the time of writing, every day transactions have been over 3.4 million.
From the tendencies, it was noticed that regardless of the decline, the community recorded a big variety of every day transactions. If it rises to the degrees seen in November and December, it may very well be on the high of the chain with probably the most transactions by the tip of the yr.
Did the transaction affect quantity and TVL?
An examination of the transaction quantity and Complete Worth Locked (TVL) for the BNB Chain and Polygon revealed that the elevated transaction exercise didn’t yield important impacts.
Analyzing the Binance Chain on DefiLlama, it was noticed that though transaction quantity started to rise in the direction of the tip of the yr, it remained beneath $1 billion.
Nonetheless, within the new month, it has crossed the $1 billion threshold twice, at present standing at $1.1 billion. In the meantime, the research of its TVL indicated minimal modifications over the previous yr, with a slight upward motion even at current, reaching over $3.6 billion.
How a lot are 1,10,100 BNBs value immediately
Equally, the Polygon quantity on DefiLlama skilled an upswing in the direction of the tip of the earlier yr, however it remained beneath $500 million.
As of now, the quantity is round $236 million. The TVL for Polygon didn’t witness any important fluctuations all year long and is at present round $845 million.
