Daily Unique Address Number of EVM Compatible Blockchains Reached a Record

The high transaction fees on the Ethereum blockchain led users to other Ethereum Virtual Machine compatible blockchains, especially BNB Chain, at a record level.

Ethereum transaction fees have increased significantly since the beginning of the year, while there has been significant growth in EVM-compatible networks. According to on-chain data presented by The Block, the daily number of unique addresses for EVM-compatible blockchains, including BNB Chain, Polygon (MATIC), and Avalanche (AVAX), reached a record 6.77 million on April 25.

The volatile market conditions in recent days and the significant increase in meme coin trading have led to the increased use of Ethereum-based decentralized exchanges, increasing the upward pressure on transaction fees. Average Ethereum transaction fees have increased by over 250% since the beginning of the year, from around $2.50 per transaction in January to the $10-13 band to date.

Among the EVM compatible blockchains in question, BNB Chain ranked first with 4 million addresses, Polygon ranked second with 1.32 million addresses, and Avalanche ranked third with 500 thousand addresses. On the other hand, the number of users and network activity of Ethereum-based layer 2 protocols Optimism (OP) and Arbitrum (ARB) have increased since the beginning of 2023.

EVM is a virtual machine where smart contracts are run on the Ethereum blockchain. EVM is a core component of the Ethereum protocol and enables decentralized applications (dApps) of the Ethereum network to run.