Some EVM chains have seen transaction numbers surge by more than 1,000% since mid-November.

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.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.