BNB Chain retains position as most active network

According to Nansen’s most recent monthly figures, the $BNB Chain remains the dominant blockchain regarding user activity.

Data from blockchain research firm Nansen shows that over April, there were 10.9 million active wallet addresses on the $BNB Chain.

Per Nansen, although $BNB Chain registered the highest number of active network users in April, its month-on-month numbers decreased by about 11%.

Despite the drop, the number of operational addresses on the $BNB Chain was still twice as many as those of the next most active network, Solana (SOL).

Monthly active addresses by chain | Source: Nansen

Combining its wallet, token, and program accounts, Solana had about 5.1 million active users, about 200,000 more than Ethereum ($ETH), which came in third with 4.9 million operational addresses.

Other blockchains that registered over a million active addresses in April include Polygon (MATIC), with 4.2 million wallets making transactions, and Arbitrum (ARB), which had 2.4 million active users.

According to Nansen, $BNB Chain’s heightened address activity was primarily pushed by Polyhedra, LayerZero, and Stargate Finance, which had a combined 300% increase in users on $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. Since its inception in mid-April, $PEPE’s value has skyrocketed dramatically, and it has consistently been a trending topic on social media.

$BUSD activity at a two-year low

However, despite $BNB Chain’s dominance of on-chain activity, another product connected to Changpeng Zhao’s crypto empire isn’t doing well. The Binance-branded stablecoin Binance USD ($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 delisted several $BUSD pairs, including perpetual contracts for STEPN, Near Protocol (NEAR), and Avalanche.