Leading blockchain data analytics platform Nansen recently released its quarterly analysis report, which revealed that the crypto market had witnessed a decline in 2022 compared to its 2021 activity volume.
The report, however, pointed out that the performance of leading blockchain networks, Polygon, BNB Chain, and Avalanche, remained fairly stable, with Avalanche standing out as a rising star among the pack.
Polygon Sees Adoption
According to the Nansen report, Polygon’s scalability, energy-efficient PoS system, and low gas fees compared to other blockchains like Ethereum boosted its adoption in 2021 by almost 1,000%.
However, the increased activity on the Polygon network came to an unexpected stop in the first quarter of 2022. But the average transaction volume on the L2 network remained fairly stable.
Interestingly, it recorded a massive gas spike in Q1 2022, which was a sign of growing activity. According to Nansen, the spike in gas prices was caused by SunflowerFarmz, a Polygon-based blockchain game.
The game’s explosive growth in January had resulted in network congestion that sent gas prices skyrocketing. At its peak, the total daily gas fees paid by Polygon network users in January were almost 800% more than that paid in December 2021.
BNB Chain Remains Industry Leader
After peaking in Q4 2021, BNB Chain saw a massive decline in its on-chain activity in early 2022. However, Namsen noted that BNB Chain has continued to maintain its position as the industry leader and the most active blockchain network on its list.
Per the report, the network’s total daily transaction volume is estimated to be around 3-5 times that of Ethereum. The report also pointed out that the network’s rebrand from Binance Smart Chain (BSC) to BNB network is an indication of its intent to expand beyond its crypto exchange, Binance.
Avalanche Records Stellar Performance
Avalanche’s performance was one of the most impressive, Namsen said in the report. The blockchain recorded stellar growth in the previous quarter as its transaction volume continued to grow uninterruptedly.
Fueling the Avalanche network’s overall performance were Crabada and Trader Joe, which contributed to over 84 million transactions. Avalanche’s first subnet, DeFi Kingdoms, also facilitated over $500 million in bridging volume.
The network’s active address data also showed surging interest, as Avalanche currently has 79,200 daily, 278,000 weekly, and 583,000 monthly active addresses.