High transaction fees on the Ethereum (ETH) network have reached a record level as users are directed to other Ethereum Virtual Machine (EVM) compatible blockchains, especially BNB Chain.
While Ethereum transaction fees have increased significantly since the beginning of the year, EVM compatible Networks have grown significantly. According to on-chain data provided by The Block, BNB Chain polygon (MATIC) And Avalanche (AVAX) daily use of EVM-compatible blockchains, including number of unique addresses on April 25 to 6.77 million by reaching record broke.
in the last days volatile market conditions and meme coin The drastic increase in trading has led to the increase in the use of Ethereum-based decentralized exchanges, resulting in higher transaction fees. upward pressure increased. Average Ethereum transaction fees since the beginning of the year Increasing over 250% per transaction in January $2.50 level to the present 10-13 dollars rose to the band.
Great interest in BNB Chain
Ranked first among the mentioned EVM compatible blockchains 4 million with the number of addresses BNB Chain first place, 1.32 million with the number of addresses polygon second place and 500 thousand with the number of addresses Avalanche took third place. On the other hand, Ethereum-based layer 2 protocols Optimism (OP) And Arbitrum (ARB) The number of users and network activity have increased since the beginning of 2023.
EVM on Ethereum blockchain smart contracts It is a virtual machine on which it is run. EVM, Ethereum protocol is an essential component and decentralized applications of the Ethereum network (dApps) makes it work.
