Nansen Releases State of the Quarter Report: Avalanche, Polygon, and BNB Chain

Nansen (https://www.nansen.ai/), the industry-leading blockchain data analytics platform, has released today a quarterly report analyzing the performance of leading blockchains including Avalanche, Polygon, and BNB Chain.

As Q1 comes to an end, the cryptocurrency market has struggled as a whole as prices and on-chain activity have begun to wane. While popular layer 1s have continued to grow despite the market headwinds, Polygon and BNB Chain have seen marked drawdowns in the pace of their expansion, while Avalanche has managed to outperform is several key metrics.

Starting with Polygon, the combination of low fees, ease of development, and energy efficiency of its PoS system sparked an adoption boom in 2021. In the first quarter of 2022, this activity slowed down. That said, the average transaction volume in Q1 2022 is holding steady Notably, in Q1 2022, we saw a massive gas spike on Polygon, a sign of growing activity. The spike in gas activity was caused by the blockchain game SunflowerFarmz. In January, the game’s pace of growth led to congestion in the Polygon network, sending gas prices to sky-high levels. At its peak, the total daily gas paid by users on the Polygon network on 5 Jan 2022 was almost 800% more than the total daily gas paid on 30 Dec 2021.

Falling in line with the general trends of the quarter, on-chain activity on BNB Chain also fell. However, BNB Chain remains the sector leader and by far the most active blockchain on Nansen by daily transactions - typically between 3x - 5x that of Ethereum. Its rebrand created a strong statement of intent that the smart contract platform will extend beyond Binance and throughout the quarter, and its $1B ecosystem fund was highly active, funding numerous projects to improve the ecosystem.

Avalanche, meanwhile, saw stellar performance throughout the quarter. Its activity continues to rise rapidly which can be seen by the steady increase of transactions and average daily gas spent throughout Q1 2022. Of the entities on Avalanche, Crabada and Trader Joe are at the top having contributed to over 84 million transactions alone. DeFi Kingdoms, the first Avalanche subnet, has also already facilitated over $500 million in bridging volume showing an incredible amount of demand. With over 583,000 monthly active addresses, Avalanche is expected to continue to grow steadily into Q2.

While most of the first quarter proved relatively flat for the crypto industry, all three chains saw steady growth and sustained activity, with Avalanche standing out as a rising star. To track their growth you can visit Nansen dashboards here:

• https://pro.nansen.ai/multichain/avalanche
• https://pro.nansen.ai/multichain/polygon
• https://pro.nansen.ai/multichain/bsc

About Nansen
Nansen is a blockchain analytics platform that enriches on-chain data with millions of wallet labels. Crypto investors use Nansen to discover opportunities, perform due diligence and defend their portfolios with our real-time dashboards and alerts.

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