Layer 1 chains with over a million daily active users likely to see gains in coming weeks
- TRON, Near Protocol, BNB Chain, and Solana have over a million daily active users.
- The Layer 1 chains see massive usage from USD Tether and likely onboard a large volume of new users to blockchain.
- NEAR price is up nearly 13% in the past day while TRON, SOL and BNB prices are nearly unchanged in the past day.
Layer 1 chains with a large volume of Daily Acitve Users (DAU) are likely to see gains in the ongoing cycle as the narrative gathers steam among market participants. A high number of DAU means there is more growth and potential for revenue generation in the Layer 1 chain.
Also read: Solana meme coin BOME leads meme rally with 300% daily gains and nearly $1 billion market cap
Layer 1 chains that could lead gains in the ongoing cycle
A high number of DAU is the goal of blockchain networks, since it means chains sport more users, higher revenue generation potential and growth. A large number of users, and nodes implies a network is more secure and decentralized as compared to others.
TRON, NEARProtocol, BNB Chain, and Solana are large Layer 1 chains that see higher usage coming from USD Tether (USDT). Crypto expert behind the X handle @hmalviya9 shared the following statistics on Layer 1 chains; the influencer says that these chains have over a million DAUs.
- 99% of TRON’s usage comes from USDT
- 70% of the usage comes from Shopping Cashback apps for NEAR Protocol
- 50% of usage of Binance Chain comes from USDT, the rest from Pancakeswap, Hook Protocol
- 80% of usage comes from new account, token transfers, and trading, for Solana
The NEAR blockchain is focused on onboarding new users to the chain and Solana’s ecosystem attracts traders and seasoned market participants.
On Sunday, NEAR price yielded double-digit daily gains while TRON, BNB Chain and Solana were largely unchanged on the daily timeframe.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
