Alternative Ethereum virtual machine chains, including Avalanche, Celo, Fantom, Polygon, and BNB Chain, have seen a surge in transaction numbers since mid-November, according to The Block’s data dashboard.
Phantom recorded the highest growth rate of 1,321%, with trading volume increasing from 239,920 on November 17 to 3.41 million on November 26. Sello increased by 1,277% in just four days from 277,500 on November 22 to 3.82 million on November 26. .
Polygon was up 155% from November 14 to November 26, and Avalanche was up 857% from 321,900 transactions on November 18 to 3.08 million on November 26. BNB Chain increased 55% from 3.59 million. Transactions decreased from 5.58 million on November 16 to 5.58 million on November 21, and then decreased to 3.48 million on November 26.
Block data research analyst Rebecca Stevens pointed out that the number of transactions may have increased due to Ethereum’s high transaction fees, along with positive price action of the EVM chain’s native token.
“BNB’s gains have been down slightly due to lower post-settlement activity, but other chains have seen continued growth,” Stevens added.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.