Home ยป Ethereum lags behind as user activity on BNB Chain soars.

Ethereum lags behind as user activity on BNB Chain soars.

DappRadar reports that over the past month, BNB Chain has witnessed a higher volume of user engagement than Ethereum.

by V. Sinclair
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Blockchain analytics company DappRadar’s data indicates that over the last month, BNB Chain [BNB] has outperformed Ethereum [ETH] in terms of user engagement.

4.18 million distinct active wallets performed at least one transaction in the last 30 days across all of the decentralized applications (dApps) listed on BNB Chain, indicating a 29% increase in user numbers.

Just 1.28 million active addresses conducted transactions on Ethereum during that time, representing a 13% decrease in user activity.

Owing to the double-digit growth in its user base, BNB Chain processed 22 million transactions in total during the review period.

Conversely, Ethereum experienced a 44% decrease in transaction volume over the previous 30 days, with just 3.34 million transactions recorded.

In terms of network fees and the money made from them, BNB Chain’s user fees in the previous 30 days were $18.35 million. This signified a fifty percent increase in the monthly fees (MoM) that its subscribers had to pay to access its network.

The chain received $2 million in revenue from these fees.

According to data from Token Terminal, Ethereum’s fees and revenue increased by barely 10% in the previous month due to its decreased user engagement.

BNB displayed weekly
According to CoinMarketCap data, BNB was trading at $305.80 at the time of writing, having experienced a 31% price increase in the previous month.

The coin’s price evaluated over a longer period of time (weekly) revealed that accumulation continued despite the recent 3% price decrease.

Both the Money Flow Index (MFI) and the Relative Strength Index (RSI) of the coin were above their center lines, indicating that buying activity outpaced distribution. The Money Flow Index (MFI) was 71.69 as of this writing, while the RSI was 67.22.

BNB’s positive directional index (green) was far higher than its negative directional index (red), indicating that the bulls were in charge of the market. This further demonstrated how strong the market’s buying tendency is.

The coin’s 200-day simple moving average (yellow), which is below its 50-day simple moving average (blue), supported the above position. It is often regarded as a sign of an upward trend when these averages are positioned in this way.

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