That reports the analysis company for cryptocurrency Nansen, six blockchains saw more than a million active addresses in March 2023. According to the data, Binance’s BNB chain had the highest number of active addresses, with 13.3 million users. BNB is followed by Solana (SOL) and Ethereum (ETH), with 5.8 million and 5.2 million, respectively. Polygon (MATIC) had 3.9 million active addresses, while Decision had 2.2 million. Fantom completed the million list with 1 million active addresses in March.
In March, 6 blockchains had more than a million active addresses*:
BNB chain: 13.3 million
Solana (portfolios): 5.8 million
Ethereum: 5.2 million
Polygon: 3.9M
Rating: 2.2 million
Phantom: 1M*Addresses that performed a transaction. pic.twitter.com/DUFGR6ByWT
— Nansen
(@nansen_ai) April 3, 2023
(@nansen_ai) BNB’s lead was fueled by users of Binance and PancakeSwap. However, other Web3 projects also contributed to the spike, such as Lifeform, Link 3, and Space ID. The increase in Binance’s user base may be due to the FUD surrounding a new one court case. Many people started taking their cryptocurrencies off the exchange out of fear. The US Commodities Futures Trading Commission (CFTC) accused Binance, its CEO Changpeng Zhao and its former CCO, Samuel Lim, of violating trading and derivatives regulations. Binance Coin (BNB), the company’s proprietary cryptocurrency, fell as much as 8% on the same day, from $330 to lows around $300.
PancakeSwap DEX, on the other hand, has released its version 3 on BNB and Ethereum. Anticipation of the launch may have led to an increase in the number of users.
Raydium Protocol made an important contribution to Solana (SOL). The STEPN Web3 application also played an important role along with Orca, a leading cryptocurrency marketplace.
On Ethereum, zkSync and Starknet saw an increase of 1322% and 805% in users. According to Nansen, this is “probably due to airdrop farmers building bridges to other chains.”
What about the other cryptocurrency projects?
According to Nansen, Arbitrum saw an 8198% increase in users for the Gridex DEX. Bitkeep saw a 7009% increase, while WINR Protocol saw a 6340% increase. The Rhino.fi DEX also saw a massive 4601% increase in users.
Polygon (MATIC) and stablecoin cryptocurrencies USDC and USDT played a big role in the increased number of active addresses. Moreover, Bitget has also been a major contributor to the active wallet spike.