- Tron and BNB Chain have reached over 1 million daily users.
- Tron hits historical highs on TVL while the BNB chain remains the same.
Tron (TRX) and BNB Chain have emerged as the exclusive top networks with daily active addresses exceeding 1 million. Given the notable increase in daily active addresses, how will this affect the Total Value Locked (TVL) and the performance of its tokens?
BNB Chain and Tron have recorded over 1 million active users.
According to data from Coin98 Analytics, Tron and BNB Chain top the ranking of daily active addresses across various networks.
Tron leads with 1.3 million daily active users, while BNB Chain follows closely behind with 1.1 million daily active users. According to the chart, these two networks were the only chains with more than 1 million daily active users.
Source: Coin98 Analysis
When we further examined metrics of daily active users using each scanner, we observed higher numbers toward the end of the day. Tron Scan reported over 1.7 million active accounts on February 16. According to the data, BNB Chain has over 1.3 million daily active users.
Tron has a higher TVL trend than the BNB chain.
Examination of DefiLlama’s Total Value Locked (TVL) metric for both networks revealed distinct trends despite their shared nature of high daily active addresses.
Tron’s TVL has shown an upward trajectory, indicating a recent upward trend. At the time of this writing, Tron’s TVL was over $8.6 billion, marking the highest TVL the network has experienced since its inception.
In contrast, the TVL trend on the BNB chain indicates a lack of major movements recently. At the time of this writing, TVL was worth about $3.8 billion, less than half of Tron’s TVL.
TRX and BNB are stuck in overbought territory.
Analyzing the daily timeframe charts for each token, we see an upward trend over the past few days.
Tron’s charts have risen for six consecutive days, recording an increase of more than 8% during this period. At the time of writing, TRX is trading around $0.13, up 1.6%.
TRX’s relative strength index (RSI) exceeded 80, suggesting overbought conditions.
Source: Trading View
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In comparison, the BNB price trend had fewer sequential increases but larger daily increases compared to TRX.
Nonetheless, at the time of writing, BNB was trading at around $357, a loss of less than 1%. BNB’s RSI is above 75 but below 80, indicating overbought conditions for the asset.
Source: Trading View