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Ethereum Behind Wax, Flow and BSC with Active Wallets

Posted by
Robert Hoogendoorn

Wax ahead as blockchain peaks at 577,000 daily active wallets

Ethereum is now in fourth place when it comes to daily unique active wallets, as Wax, Binance Smart Chain and Flow have gained lots of traction. According to data from the Dapp Industry Report: April 2021 the Wax blockchain was responsible for the most wallet activity, registering more than 500,000 daily active wallets.

In April 2021 the blockchain industry grew by 158% month-on-month in terms of unique active wallets. In the past month, the entire blockchain industry has seen more than 1 million active wallets across all blockchains.

At the beginning of the year, Ethereum was still market leader. Despite staggering gas prices, activity of daily active wallets has increased throughout the past four months. In April Ethereum had an average of roughly 90,000, compared with 60,000 in January. Fifty percent growth is not enough to compete with the tremendous growth of other blockchains in the ecosystem.

Flow is seeing huge success with NBA Top Shot, and they now have regularly more active wallets than Ethereum. However, the Flow blockchain relies for 99.9% of its activity on NBA Top Shot, causing strong fluctuations on daily active wallets. A quiet day has 22,000 active wallets, while the platform attracts 155,000 user wallets when for example a new pack drops.

Wax & Binance Smart Chain

Far more consistent has been the growth of activity on the Wax blockchain and Binance Smart Chain. However, the reason for their growth in active wallets is totally different. Where the activity on Binance Smart Chain is mainly driven by yield chasing DeFi users, the Wax blockchain saw most of its activity in gamified DeFi dapp Alien Worlds and the NFT marketplace Atomic Hub.

Something all blockchain solutions competing with Ethereum have in common, is that they offer low transaction fees. On Binance Smart Chain fees are very low, often just a few cents. In addition Wax and Flow offer completely free transactions. Sending a transaction on Ethereum often costs $15, while sending of a similar value costs a few cents maximum on Flow, Wax and BSC. Without a doubt this is one of the reasons why Ethereum is losing its dominance.

Industry Report - Apr
Read the complete Dapp Industry Report: April 2021

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