BNB Chain Dominates Blockchain Activity
- Polygon (MATIC), with 4.2 million wallets making transactions
- Arbitrum (ARB), which had 2.4 million active users
According to Nansen, Polyhedra, LayerZero, and Stargate Finance primarily pushed BNB Chain’s heightened address activity, which had a combined 300% increase in users on the BNB Chain. The NFT project Mad Lads, STEPN, and the Raydium Protocol drove Solana’s numbers. Meanwhile, the highest number of on-chain transactions on Ethereum came from the Pepe (PEPE) meme coin community.
BUSD Activity at a Two-Year Low
Despite BNB Chain’s dominance of on-chain activity, Binance’s stablecoin, Binance USD (BUSD), has seen its traffic plummet since regulators started targeting it. According to data firm Glassnode, the number of addresses sending and receiving BUSD is at a two-year low. BUSD activity has decreased since its maker, Paxos, received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in February. Following the regulator’s listing of BUSD as an unregistered security, Binance converted roughly $1 billion worth of the stablecoin held in its Industry Recovery Initiative fund into bitcoin (BTC), ETH, and BNB. The crypto exchange also delisted several BUSD pairs, including perpetual contracts for STEPN, Near Protocol (NEAR), and Avalanche.
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