- BNB chain and Polygon are among the most traded chains in 2023.
- TVL and volume had little impact despite the development.
In 2023, BNB Chain and Polygon (MATIC) became part of the leading networks with the highest trading volume. Is trading continuing where it left off, and how are volume and total value locked (TVL) reacting?
BNB Chain and Polygon record over 1 billion transactions.
Coin 98 Analysis has published data on the trading volume of popular networks in 2023. The survey found that BNB Chain and Polygon ranked 3rd and 4th among the 17 networks analyzed.
BNB Chain recorded 1.4 billion transactions, and Polygon recorded 1.1 billion transactions.
furthermore #SolanaThe top blockchains with the highest total transaction volume in 2023 are:
tron
sui
BNB Chain
polygon
apartment
Ethereum
near
opBNB
decision
zkSync
avalanche
Big Sean
optimism
fantasy
starknet
Base
line pic.twitter.com/8lyaLmQ3oC— Coin98 Analytics (@Coin98Analytics) January 10, 2024
Additionally, only Tron and Sui have transaction volumes exceeding 2 billion. All other networks fell below 1 billion transactions. This transaction metric reflects the number of transactions performed on the network, indicating the frequency of use of the network.
Polygon and BNB chains ended the year on a high.
Looking at the trading trends of BNB Chain and Polygon, we saw a similar pattern. The observed pattern is that these networks recorded the highest number of daily transactions in 2023.
According to the scanner, the highest daily number of transactions on the BNB chain was over 32.6 million on December 7. Although there has been a decline, the graph shows that December 2023 saw the highest daily volume.
Additionally, as of this writing, daily trading volume exceeds 4.1 million.
Source: Polygon Scan
Also similar to BNB, Polygon recorded its highest number of daily transactions in 2023, but that record was in November.
The scanner showed more than 16.4 million daily transactions on November 16. November 24 also saw the second-highest number of daily transactions, exceeding 16.2 million.
Scanner analysis shows that although November was a busy month, transaction volume gradually declined.
Source: BSCscan
Despite the decline, the observed numbers were higher than those observed over the past year. At the time of writing, there were over 3.4 million daily transactions.
Looking at the trends, it appears that despite the downward trend, the network has recorded a decent number of daily transactions. A rise to November and December levels could put it at the top of the chain for most transactions by the end of the year.
Did the deal affect volume and TVL?
Examining the trading volume and total value locked (TVL) of BNB Chain and Polygon, we found that the increase in trading activity did not have a significant impact.
DefiLlama’s analysis of Binance Chain found that trading volume began to increase towards the end of the year, but still remained below $1 billion.
However, in the new month, it has crossed the $1 billion threshold twice and is now at $1.1 billion. Meanwhile, TVL research shows there has been little change over the past year and is now up slightly, reaching more than $3.6 billion.
How much is 1,10,100 BNB worth today?
Likewise, DefiLlama’s Polygon trading volume increased at the end of the previous year but remained below $500 million.
The current size is approximately $236 million. Polygon’s TVL has not witnessed any significant fluctuations throughout the year and currently stands at around $845 million.