Recently the blockchain analytics platform, Nansen has published an analytical report related to the crypto market which saw a decline in 2022 when compared to the 2021 record.
However, these three chains: Polygon, BNB Chain, and Avalanche are in the spotlight due to their stable and impressive performance.
The following details are worth noting:
Polygon
Focuses on scalability, Proof-of-Stake (PoS) systems, and low gas costs.
As a result, it became Ethereum’s closest competitor and Polygon usage recorded an increase of almost 1,000% over 2021.
However in the first quarter (Q1) 2022, activity at Polygon declined sharply with transaction volumes remaining stable.
At the same time, gas costs increased for Q1 2022, a sign of positive growth of activity in the network.
Apparently the issue is related to the Polygon -based game, SunflowerFarmz.
For the record, SunflowerFarmz recorded remarkable growth in January resulting in network congestion and a spike in gas prices of almost 800% compared to December 2021.
BNB Chain
The network recorded a decline in activity rates in early 2022 after an increase in the fourth quarter (Q4) of 2021.
Even so, BNB Chain remains a pioneer in the blockchain industry with the most active network record.
The proof is that the number of daily transactions in BNB Chain is 3 to 5 times higher than Ethereum.
Previously BNB Chain was known as Binance Smart Chain (BSC).
The name change is in line with their efforts to expand the product, not just the exchange platform, Binance.
Avalanche
Avalanche is the champion in this report.
The number of transactions in this series is incredible and to this day Avalanche continues to grow without any disruption or negative speculation.
Two decentralized applications that contributed to Avalanche’s performance:
Crabada - a game with the concept of play to earn (P2E), such as Axie Infinity (AXS).
Trader Joe's - Avalanche's one -stop trading platform
Both have injected over 84 million transactions into the network.
Meanwhile, DeFi Kingdoms, developed on the Harmony One blockchain, has brought in more than $ 500 million after anchoring on the subnet.
Active wallets on the network have shown a surge of interest with a current record of 79,200 daily users, 278,000 weekly users, and 583,000 monthly active users.
For a 24 -hour record, Avalanche (AVAX) traded at $ 70.40, down over 4%, Binance Coin (BNB) down over 2%with a trading value of $ 395.68, and Polygon (MATIC) down over 3%, recording a trading value of $ 1.33.
The less convincing performance of Bitcoin (BTC) today has led to a decline in the price of these coins.
