Tron surpasses Ethereum and Bitcoin and becomes the most active layer 1 blockchain

Recent analysis from IntoTheBlock reveals that Tron has surpassed giants like Ethereum and Bitcoin. In this way, Tron became the layer 1 blockchain with the highest daily activity. According to data from the platform, Tron currently has 2 million active addresses daily.

The analysis highlights that Ethereum’s comparatively higher fees continue to be a decisive factor for many cryptocurrency users to opt for other networks, such as Tron, especially for the movement of stablecoins such as USDT.

Data from Token Terminal reinforces Tron’s leadership. Next comes BNB Chain which takes second place with 1.1 million, followed by Bitcoin with 650,600, Polygon PoS Chain with 350,000 and Ethereum with 311,300.

However, both Tron and BNB Chain face long-standing concerns regarding high levels of suspected bot activity on their networks.

Tron e BNB Chain

Justin Sun launched the Tron network in 2017, which was largely dominated by gambling dApps before entering the alternative Tier 1 bull market in early 2021. The network’s TVL has fluctuated between $4 billion and $6 billion since the end of 2021. Currently, the network ranks second among smart contract networks with $5.5 billion. Meanwhile, Ethereum has a TVL of $30.6 billion.

But the network is dominated by just two protocols, with JustLend, a lending protocol, responsible for 70% of Tron’s TVL, followed by JustStables, a collateralized debt protocol, with 21%, both, as the name suggests, linked to Justin Sun.

Supply of USDT, the leading dollar-pegged stablecoin, has soared on Tron in recent years. Tron now represents $42 billion or nearly 52% of the USDT supply, up from $3.3 billion three years ago, according to DeFi Llama.

Although BNB Chain hit the market in 2019, the network has not gained significant traction. That is until it positioned itself as a low-cost rival to Ethereum in early 2021. The network’s total TVL peaked at $22 billion in May of that year. Since then, it has steadily declined and now stands at $5.1 billion.

PancakeSwap

PancakeSwap, a fork of Ethereum’s Uniswap decentralized exchange, is the main protocol on the BNB Chain. It accounts for 46% of the network’s TVL and ranks third among DEXs in daily volume at $156 million, according to CoinGecko.

Conor Grogan, director of Coinbase, tweeted that PancakeSwap has facilitated more transactions than Ethereum, Bitcoin, Dogecoin and Litecoin combined. While the DEX has processed around 2 million transactions daily over the past six months, the number surpassed 10 million in the first and fourth quarter of 2021.

The Venus and Alpaca Finance lending protocols round out the top 3 protocols on the BNB network. The respective TVLs are: US$859 million and US$349 million.