BNB vs Polygon: Which network takes the cake with high user activity
- The BNB chain and Polygon feature among the chains with the most transactions in 2023.
- Their TVL and volume saw little impact despite the development.
In 2023, the BNB chain and Polygon [MATIC] rose to become part of the leading networks with the highest transaction volumes. Are transactions continuing from where they left off, and how are the volumes and Total Value Locked (TVL) responding?
BNB chain and Polygon see over 1 billion transactions
Coin 98 Analytics released data on the transaction volumes of popular networks in 2023. The findings revealed that the BNB chain and Polygon secured third and fourth positions among the 17 networks analyzed.
BNB Chain recorded 1.4 billion transactions, while Polygon had 1.1 billion.
Besides #Solana, here are the top blockchains with the highest total transactions in 2023:
— Coin98 Analytics (@Coin98Analytics) January 10, 2024
Furthermore, only Tron and Sui surpassed the 2 billion mark in transactions; all other networks fell below 1 billion transactions. This transaction metric indicates a network’s usage frequency, reflecting the number of trades conducted on it.
Polygon and BNB chain end the year on a high
An examination of transaction trends on the BNB Chain and Polygon showed a similar pattern. The pattern observed was that these networks recorded their highest number of daily transactions in 2023.
According to the scanner, the highest daily transaction number on the BNB Chain was over 32.6 million on 7th December. Although there was a decline, the graph showed that it had the highest number of daily trades in December 2023.
Also, as of the time of this writing, daily transactions were over 4.1 million.
Additionally, similar to BNB, Polygon recorded the highest number of daily transactions in 2023, but its record was in November.
The scanner showed its highest daily transactions to date occurred on 16th November, with over 16.4 million. Also, the second-highest number of transactions was set on 24th November, with over 16.2 million daily transactions.
An analysis of the scanner showed that although November was a busy month, volumes had gradually declined.
Despite the decline, the observed numbers were higher than those observed in over a year. At the time of writing, daily transactions were over 3.4 million.
From the trends, it was observed that despite the decline, the network recorded a significant number of daily transactions. If it rises to the levels seen in November and December, it could be at the top of the chain with the most transactions by the end of the year.
Did the transaction impact volume and TVL?
An examination of the transaction volume and Total Value Locked (TVL) for the BNB Chain and Polygon revealed that the increased transaction activity did not yield significant impacts.
Analyzing the Binance Chain on DefiLlama, it was observed that although transaction volume began to rise towards the end of the year, it remained below $1 billion.
However, in the new month, it has crossed the $1 billion threshold twice, currently standing at $1.1 billion. Meanwhile, the study of its TVL indicated minimal changes over the past year, with a slight upward movement even at present, reaching over $3.6 billion.
How much are 1,10,100 BNBs worth today
Similarly, the Polygon volume on DefiLlama experienced an upswing towards the end of the previous year, but it remained below $500 million.
As of now, the volume is around $236 million. The TVL for Polygon did not witness any significant fluctuations throughout the year and is currently around $845 million.