The two chains are attracting more than a million active users per day
BNB Chain and Wax are entangled in a closely fought battle that sees each network attract more than half a million active users per day to its various dapps. The two networks are leaning heavily on gaming dapps, with DeFi mechanics woven in to attract new users as blockchain games continue to lead dapp usage in the industry.
- WAX and BNB Chain both attract around half a million unique active wallets per day
- Gaming dapps lead usage, with a handful being the most dominant force
- New releases on Wax could see them overtake BNB Chain
While most eyes remain locked on TVL and the highest value NFT sales, another war is raging to attract the most unique active wallets. A unique active wallet is a metric widely used in the blockchain space to measure dapp usage. However, a wallet is not a person. Instead, a wallet is a blockchain address controlled by a person, and one person can have more than one wallet. Despite the nuance, the numbers are impressive as two of the leading networks battle it out.
Over the last 12 months, BNB Chain has maintained superiority over Wax, but inflection points are occurring, and Wax looks set to flip the trend if its leading dapps can continue to drive more users.
Wax has a growing library of game dapps
The top three dapps on BNB Chain in the last 30 days regarding the number of wallets connecting to them are PancakeSwap, Mobox NFT Famer, and Bomb Crypto. All three include elements of gamification, NFTs, and DeFi. These three dapps account for around 350,000 of the active wallets interacting with BNB Chain dapps every day.
The story is slightly different on Wax, where all four of the top dapps are engaged in the gaming and NFT space. Through Atomic Assets and Market, we see vast amounts of in-game NFT item trading and creation happening. While Alien Worlds and Farmers World stand on their own two legs and have attracted serious attention with their gamified finance mechanics. Combined, these four are driving the lion’s share of user activity on Wax, accounting for around 90% of all UAW.
On April 7, UAW on BNB Chain appeared to dip off considerably, and at that moment Wax flipped the trend. However, it was short-lived, and now the two are neck and neck. Arguably, one or two more dapps gaining serious popularity on either chain could provide the booster they need to break away.
At writing, BNB Chain has 11 gaming dapps attracting more than 1,000 active wallets per day each, while Wax has 18. This slight advantage and the fact that play-to-earn gaming is still attracting most eyeballs in the industry could give Wax an edge.
Games like Famers World on Wax attract thousands of users who want to play-to-earn and learn about DeFi. Additionally, new entrants like Blockchain Brawlers keep gameplay at their core while also offering opportunities for players to earn.
While over on BNB Chain, Mobox is leading in that area and the recent addition of its MOMOverse and avatar NFTs has been positively received. We see a massive surge of active user wallets in the last 24 hours for Mobox, taking the total to more than 43,000.
Bomb Crypto has also been a revelation on BNB Chain since arriving in late 2021. The retro Bomberman-inspired play-to-earn game has seen the floor price of its Bomberman NFTs increase substantially. At the same time, the number of active users increased by more than 92% in the last 24 hours, driving around 87,000 transactions through the dapp’s smart contracts.
BNB Chain and Wax in it for the long run
Another interesting point is that both BNB Chain and Wax have deep pockets and are in no rush to secure billions in TVL or investment. Both are going about their missions in a calm and calculated manner with little external pressure to get in the way of building solid communities. This tactic could pay off as more and more people dive into their respective dapp ecosystems and start leveling up their participation and perhaps their investments.
Of course, BNB Chain has clear superiority when discussing TVL. The network has more than $14 billion in locked assets, while WAX has $4.4 million in TVL across its dapps. A big difference. But one that makes little difference when the ambition for Wax is to make fun games and dapps that engage their audiences by providing smooth onboarding and a fun experience that can provide an income.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.