Crypto analytics firm Nansen identified the most-traded blockchains in March. The six leading blockchain over one million active users owner.
According to the data, Binance’s BNB chain had the highest number of active addresses with 13.3 million users. BNB is followed by Solana (SOL) and Ethereum (ETH) with 5.8 million and 5.2 million respectively. Polygon (MATIC) has 3.9 million active addresses, while Arbitrum has registered 2.2 million addresses. Phantom managed to surpass the one million threshold with 1 million active addresses in March.
In March, 6 blockchains had more than one million active addresses*:
BNB Chain: 13.3M
Solana (Wallets): 5.8M
Ethereum: 5.2M
Polygon: 3.9M
Arbitrum: 2.2M
Phantom: 1MNEWS CONTINUES BELOW*Addresses that have executed a transaction. pic.twitter.com/DUFGR6ByWT
— Nansen 🧭 (@nansen_ai) April 3, 2023
NEWS CONTINUES BELOW
The biggest reason for the leadership of the BNB network is Binance and came with the help of PancakeSwap users. Other Web3 projects such as Lifeform, Link 3 and Space ID also contributed to the increase. It would not be wrong to say that the increase in the number of users of Binance is related to the last lawsuit filed. Many people started to withdraw their cryptocurrencies from the stock market in fear. The US Commodity Futures Trading Commission (CFTC) has accused Binance, its CEO, Changpeng Zhao, and its former CCO, Samuel Lim, of violating trading and derivatives regulations. The company’s native cryptocurrency, Binance Coin (BNB), fell as much as 8% from $330 to just under $300 on the same day.
On the other hand, PancakeSwap has released its 3rd version on DEX, BNB and Ethereum. The anticipation for the launch seems to have resulted in an increase in users as well.
In the Solana (SOL) network, the Raydium Protocol made a great contribution. The STEPN Web3 app also plays an important role, along with Orca, a leading cryptocurrency market.
Ethereum On the other hand, zkSync and Starknet registered an increase of 1322% and 805% in the number of users. According to Nansen, this is likely due to “bridges to other chains in anticipation of airdrops.”
Finally, Arbitrum saw an 8198% increase in users for the Gridex DEX. Bitkeep saw an increase of 7009% and WINR Protocol by 6340%. Rhino.fi DEX also recorded a massive 4601% increase in the number of users.
