Nansen, a prominent analytics platform, took to Twitter to share some fascinating insights about the growth of cryptocurrencies in the month of May. The report highlighted the performance of various blockchain networks, including Solana, BNB Chain, Ethereum, Optimism, TRON, and more.
Despite claims of a bear market, the numbers presented a different story altogether. Solana, the rising star in the crypto world, experienced an impressive 86% increase in active users, solidifying its position as a platform on the cusp of a resurgence.
Once again, leading projects such as Orca, Step Finance, and Raydium dominated the charts, while Solana’s NFT market was ruled by the renowned art collective Mad Lads NFT for the second consecutive month.
Meanwhile, Binance Smart Chain (BNB) continued to thrive as one of the most active chains within the crypto ecosystem. While Binance itself played a substantial role, PancakeSwap emerged as the most utilized entity on BNB in May.
Angle Protocol, a rising star in the BSC landscape, witnessed a staggering 2,351% increase over the past 30 days, further highlighting the network’s growth. Notably, eight smart money addresses contributed to Angle Protocol’s surge.
Ethereum Holds Strong: Focus On Security & Growth
Despite a 4% decrease in active addresses, Ethereum remained resilient and displayed its enduring strength. The usual suspects retained their positions at the top, but the increased focus on security caught the attention of many.
Over 289,000 addresses opted for secure multisig wallets provided by Safe over the last 30 days, underscoring the community’s commitment to protecting their assets.
Within Ethereum’s top 20 entities, two stood out with over 100% growth in active addresses and boasted over 100,000 active addresses in the past month. Orbiter Finance experienced a 108% surge, surpassing the 100,000 active address milestone.
Likewise, ourZORA witnessed a staggering 113% increase, surpassing 150,000 active addresses. These projects showcased their growing popularity and captured the attention of crypto enthusiasts.
Optimism, a prominent Layer 2 solution for Ethereum, sparked Optimism itself with a 22% increase in active users, surpassing one million active addresses in May.
Galxe emerged as the leading entity for most transactions on Optimism, while Perpetual Protocol, RabbitHole, and VelodromeFi exhibited remarkable numbers, further solidifying the network’s growth.
A notable addition to the list of thriving networks is TRON (TRX). The recent partnership with on-chain data provider TRONDAO proved fruitful, as TRON addresses processed nearly 11 million transactions in a single day on May 31st.
Additionally, the last seven days saw almost 15 million USDT transfers conducted on the TRON network, showcasing its expanding utility and adoption.
Throughout May, LayerZero Labs emerged as a leading entity across various blockchain networks, including Arbitrum, Avalanche, Binance Smart Chain, Fantom, Optimism, and Polygon. This consistent performance mirrored their success in April, leaving many curious about their potential dominance in June.
As the month concluded, the crypto market reached new heights, with active addresses reaching an all-time high in May. Numerous chains witnessed double-digit growth in active addresses, setting an optimistic tone for the industry’s future.
With June already underway, the community eagerly anticipates the next set of developments and achievements in the ever-evolving crypto world.
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