Transaction Volume on Leading EVM Chains Surges Over 1,000%
Transaction volumes on several Ethereum Virtual Machine (EVM) compatible chains such as Avalanche, Celo, Fantom, BNB Chain, and Polygon have experienced significant surges since mid-November.
Transaction Volume on Leading EVM Chains Surges Over 1,000%.
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According to data from The Block, transaction volumes on EVM-compatible blockchains like Avalanche, Polygon, BNB Chain, Fantom, and Celo have shown impressive growth in the latter half of November 2023.
Particularly noteworthy are Fantom and Celo, with staggering increases of over one thousand percent. Andre Cronje's DeFi powerhouse Fantom recorded over 3.41 million transactions on November 26th, marking a 1,321% increase from the previous week. Celo also saw a comparable surge of 1,277%, with transactions on the network jumping from 277,500 to 3.82 million in just four days.
Transaction volume on leading EVM chains. Source: The Block
Additionally, Polygon, Avalanche, and BNB Chain witnessed growth rates of 155%, 857%, and 55% respectively.
Data researcher Rebecca Stevens from The Block speculates that high Ethereum network fees, coupled with positive price momentum of native tokens on EVM chains, acted as catalysts driving the surge in transaction volumes.
Stevens further clarifies that BNB Chain transaction volumes have been relatively modest due to legal battles with the U.S. government, while other chains have continued to grow unabated.
As reported by Coin68, another contributing factor to transaction activity on Fantom and Avalanche stems from the Inscription trend, which originated from the Polygon network. Activities such as minting FRC-20 and ASC-20 tokens, inspired by Bitcoin's Ordinals BRC-20 protocol, have driven up both transaction volumes and average fees on these two networks.
