Monday, February 6, 2023

Avalanche And Polygon Growth Stable Despite The Market Hiccups

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Avalanche and Polygon growth remains stable despite the recent market hiccups and during the first quarter of 2022, BNB Chain also maintained growth so let’s read more today in our latest blockcahin news today.

The leading blockchain data analytics platform Nansen released a new analysis report that revealed the crypto market witnesses a decline in 2022 compared to the 2021 activity volume and the report pointed out that the performance of leading blockchain networks like BNB chain, Avalanche, and Polygon stood out as a rising star among the pack. According to the report, Polygon’s scalability and the PoS system, and low gas fees compared to other blockchains like ETH boosted the adoption in 2021 by 1000%.

However, the rise in activity on the Polygon network came to an unexpected stop in the first quarter of 2022 and the average transaction volume on the L2 network remained stable. It recorded a huge spike in Q1 2022 which was a sign of a growing activity and the spike in gas prices was caused by the Polygon-based blockchain game.

The game’s growth in January resulted in network congestion that sent the gas prices surging and their peak, the total daily gas fees paid by the Polygon network users were almost 800% more than the paid ones in December 2021. after peaking in the Q4 2021, the BNB chain saw a huge decline in the on-chain activity in early 2022 and Nansen noted that the BNB chain continued to maintain its position as the industry leader being the most active blockchain on the list.

Polygon Allocated, carbon neutral, blockchain

The network’s daily transaction volume is estimated to be around 3-5 times that of ETH and it pointed out that the network’s rebrand from the Binance Smart Chain to BNB network is an indication of the intent to expand beyond the exchange Binance. Avalanche’s performance was one of the most impressive according to Nansen and the blockchain recorded strong growth in the past quarter as the transaction volume continued to surge.

Fueling the Avalanche network’s performance were Trader Joe and Crabada whcih contributed to over 84 million transactions and the first subnet Defi Kingdoms also facilitated more than $500 million in bridging volume and the network address showed surging interest as Avlanahe now has 79,200 daily and 278,000 weekly and 583,000 monthly active addresses.

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