Tron’s June activity leaves Ethereum, Solana trailing
Outperforming Ethereum is something common with Tron. But last month's performance showed that the blockchain's bullish H1 was not a fluke.
- Tron’s active addresses surpassed that of Ethereum, Solana, and other blockchains.
- Solana and the Justin Sun-led project had a more comparable performance than Ethereum.
According to Nansen, Tron [TRX] outpaced several blockchains, including Solana [SOL] and Ethereum [ETH], in terms of active addresses in June. The blockchain research firm, in its 12 July tweet, noted that Tron recorded a 42% increase.
Read Tron’s [TRX] Price Prediction 2023-2024
Active addresses on Ethereum increased to 5.8 million while Solana decreased by a whopping 45%. All the while, other chains, including BNB Chain and the Polygon [MATIC] network, fell slightly.
June active addresses by chain:
TRON: 17.1M (+42%)
BNB: 11.9M (-4%)
Ethereum: 5.8M (+23%)
Solana: 5.2M (-45%)
Polygon: 4.6M (-3.5%)
Arbitrum: 2.4M (-14%)
Optimism: 1.2M (+17%)
Avalanche: 1.1M (+21%)
Fantom: 623K (-26%)
Celo: 320K (+53%)
Ronin: 102K (-13%) pic.twitter.com/eavqALuY2H— Nansen ? (@nansen_ai) July 12, 2023
Typically, active addresses serve as a good indicator of daily users over a particular blockchain. Sometimes, an increase in the metric could be a bullish signal, as Tron displayed a relatively good performance in the month.
But did Tron outclass these other blockchains in every aspect?
Solana matches Tron’s developments as ETH takes…
Well, in terms of development activity, Tron began rising on 29 June. And as of 1 July, the development activity was as high as 5.1. The development activity shows the level of dedicated code commits of public GitHub repositories attached to a blockchain.
So, when it increases, it implies that there is a substantial commitment to polishing the network involved. During the first week of June, Solana’s development activity soared above Tron’s.
However, in the last week of the month, the metric attached to both blockchains had a similar trend.
On Ethereum’s part, development activity soared and dumped at different intervals. However, the metric did not match up to the highest level that Solana and Tron reached at any point all through the previous month.
Concerning social dominance, Tron could not reach the peak it hit in May. And according to on-chain analytics platform Santiment, social dominance had fallen to 0.244% at press time.
Solana had a similar trend within the same period. But like Tron, social dominance fell at the time of writing. Ethereum dominated Solana and Tron in this aspect, taking .60% of the total share.
The above analysis revealed that Ethereum got more hype than both Tron and Solana. Also, this metric showed that discussion related to the second-largest blockchain was much more when compared with the other two.
No victor, no vanquished here
Another area where Tron excelled is with NFTs. Although the total trade volume had subsided at press time, the blockchain volume hit as high as 18.21 million on 28 June.
Realistic or not, here’s SOL’s market cap in TRX terms
The hike suggests that collections created via the Tron network attracted a good level of traders’ interest. Similarly, Solana also hit highs in NFT trades count on 14 and 27 June.
For Ethereum, the NFT volume wasn’t as impressive as it was in June. And at the time of writing, the number of unique addresses which bought NFTs worth $100,000 or more decreased.
