Despite the ongoing market downturn, interest in on-chain features remains high. Activity on EVM-compatible networks like BNB Smart Chain and Base shows growth in new wallets and users.
Activity Growth on BNB Smart Chain and Base
BNB Smart Chain and Base continue to attract new users due to their low cost and accessibility. BNB Smart Chain, with 4 million active daily users, significantly outpaces Solana. In the past week, Binance added another 2 million wallets. Base also saw a significant increase in its unique addresses, adding up to 30 million new addresses in February. The demand for cheap transactions and high liquidity in the DeFi segment drives growth and adoption in these networks.
Development of Ethereum Ecosystem
Popular networks from past cycles, such as Polygon and Ronin, continue to attract users. Polygon is expanding its usage through the Moonveil game and the Polymarket app. Last week also saw a shift towards the Sonic network, which promotes its meme tokens. Activity in DEX platforms contributes to this growth, with PancakeSwap particularly supporting activity on BNB Smart Chain, while Base is actively developing its DEX platform Aerodrome.
Activity and Traffic on Smaller Networks
Analysis of activity on smaller networks shows that new tokens and DEX trading continue to attract users. Solana remains the leader in tokenization, but Base is closing in. Sonic is becoming one of the top 5 networks in token activity. Platforms like PulseChain and TON continue to attract token creators. Changes in trading bot usage also affect network activity, with Solana dominating this segment.
The growth in new wallets and users on EVM-compatible networks like BNB Smart Chain and Base demonstrates sustained interest in blockchain features and highly efficient DeFi tools, despite the current market conditions.
