Activity of BNB chain on rise as users are actively using Binance-backed solution during FUD
The FUD surrounding Binance has created a lot of fear among investors and has pushed the withdrawal volume to $5 billion. The same amount of withdrawals would spell havoc for any other exchange that isn’t Binance. But there is always an upside: as soon as the FUD emerges, BNB’s network activity spiked to unusually high values.
As Coin98Analytics suggests, BNB Chain reported the highest number of daily active users on the blockchain. With 1.1 million users, BNB reached the first place among other networks and easily gained the lead over the second place held by Ethereum with 402,000 users.
Such a huge spike in the number of users can be directly linked to the most recent activity around exchange withdrawal volumes. At press time, withdrawal volumes have returned to normal values, and money outflows from Binance have returned to normal.
In addition to the high withdrawal volume, BNB’s activity has been fueled by a short-term spike in the NFT industry. The volume on various NFT markets has been seeing a short-term uptrend in the last 30 days. As for the Ethereum network, the high number of active users is not abnormal and stays within the average range.
Cardano has been abandoned
According to different on-chain metrics, the number of active users on the Cardano blockchain is approaching 70,000, formally placing it in fifth place of the above ranking. However, the network did not even make it to the top 10 of Coin98’s list, which raised some concerns among ADA holders.
However, the exclusion of Cardano from the top might not have been intentional, as the data gathering tool used by Coin98 could have been unable to process the same kind of information on ADA due to differences in blockchain architecture.
