- The bear market has been tough on all cryptocurrencies, but some have held up better than others.
- All three platforms have seen a reduction of up to 58.8%
- Each platform has different use cases that have helped them weather the storm of the bear market.
When it comes to layer-1 (L1) smart contract platforms, three major players currently dominate the landscape — Ethereum, BNB Chain, and Solana. The bear market on the other side has been tough on all cryptocurrencies, but they, fortunately, have held up better than others.
We discovered that all three platforms have seen a significant drop in on-chain activity since reaching their all-time highest asset value in November 2021. Binance Chain’s daily transactions have plummeted 58.2% from its ATH, whereas Solana and Ethereum are down 18.1% and 13th 7%, respectively.
Ethereum, the second-largest cryptocurrency by market cap has been remarkably resilient in the face of the bear market, with transaction volume and gas usage remaining high. One reason for Ethereum’s strong performance may be its position as the leading platform for decentralized applications (Dapps). Many Dapps built on Ethereum have continued to see strong usage despite the bear market, and this has helped to drive Ethereum’s price.
Binance Chain is a relatively new cryptocurrency, launched in April 2019. Binance Chain is the native cryptocurrency of the Binance DEX, a decentralized exchange built on Binance Chain. Binance Chain has performed well in the bear market, being one of the few cryptocurrencies to actually increase in price since the market peak. Binance Chain’s strong performance is likely due to its position as the leading DEX platform, as well as its close integration with the Binance ecosystem.
Solana is a high-performance blockchain that is designed for large-scale applications. Solana has seen strong adoption in the bear market, with a number of high-profile projects building on the platform. Solana’s performance in the bear market is likely due to its superior scalability and performance compared to other blockchains.
In conclusion, all three L1 platforms have seen a significant drop in on-chain activity since reaching their all-time highest asset value in November 2021. However, each platform has different use cases that have helped them weather the storm of the bear market better than most other cryptocurrencies.
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