One would expect overall network growth to stall when cryptocurrency markets turn bearish. However, the bullish January momentum has brought more people to the yard. BNB Chain remains the most extensive network by unique addresses, but Fantom and Hedera noted the most significant growth.
There are different ways to gauge which blockchain is the “biggest”. Some will look at the project’s market cap. Ethereum is the most significant alternative cryptocurrency network by a landslide by that metric. No other project comes close to this market value today. Nor will they for some time to come.
However, it is equally important to look at the total unique addresses. Although anyone can generate unlimited wallet addresses, few people actually do so. This metric does not indicate all of these addresses are “active wallets”, though. As such, it doesn’t necessarily provide the most accurate metric. However, it gives onlookers an idea of network discoverability.
Per Coin98, BNB Chain is the most active network for total unique addresses. It has noted a monthly growth of 5%, bringing its total to over 248 million. That puts it ahead of Ethereum’s 221.62 million and Polygon’s 218.1 million. The growth of Polygon is rather remarkable and is fueled thanks to the ongoing adoption of blockchain games and NFTs.
Despite these high numbers, looking at the networks noting most TUA growth is also viable. January 2023 has been very bullish for Fantom, yielding a 26% increase. A surprising development, considering the network became almost irrelevant for decentralized finance roughly a year ago. However, things look up once again for Fantom, and people are eager to create unique addresses.
Hedera also noted a strong growth at 16% MoM. Although its 1,65 million unique addresses may not seem like much, it is a good sign overall. Overtaking Optimism – at 2.67 million unique addresses and 11% growth – may not happen soon. Even so, it is good growth and confirms alternative blockchains remain in high demand.
Another network noting solid growth is Arbitrum. It saw a monthly increase in total unique addresses by 12%, bringing its total to 2.57 million. Arbitrum and Optimism seem to experience similar growth curves and note a nearly identical number of total unique addresses. An interesting “race’ to keep an eye on.
Other networks with solid TUA growth in January include Aptos (+8% to 3.1 million), Avalanche (+7% to 4.85 million), Flow (+5% to 18.6 million), and Tron (+5% to 140 million).
Given the recent remarks by Justin Sun, Tron is likely to break the 150 million total unique addresses level pretty soon. The big question is whether it could rival Polygon, Ethereum, or even BNB Chain in the future.
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