Over the past week, the number of transactions across public blockchains and Layer-2 networks has reached levels not seen before.
Blockchain network reached a new milestone by hitting a weekly record of over 340 million transactions, the highest ever registered in a seven-day period.
This historic high is likely signaling growing user engagement and renewed optimism for the cryptocurrency sector.
According to data from analytics company Dune, the lion’s share of transaction volume is split between Solana and BNB Chain.
The memecoin-popular Solana network is far ahead, holding 59.46% of the volume, followed by the Binance-initiated and now community-led blockchain, BNB Chain, which holds 18.76%. The Justin Sun-founded chain, Tron, is a notable mention in third place, with 4.68% of the transaction volume.
Leading meme coin launchpads, LetsBonk and Pump.fun, are on Solana, likely contributing to the impressive numbers. The latter also recently completed an ICO.
Despite being in second place in transaction volume, BNB Chain holds the lead as the ecosystem with the most decentralized applications (DApps), as noted in a recent BitGet report.
Leaving sheer transaction volume aside, all three blockchains rank in the top 10 in terms of daily active users, as evidenced by data from TokenTerminal. Moreover, Tron recently outpaced Ethereum in global USDT transactions by over 5 times.
This demonstrates regular participation from genuine user communities, which is crucial for assessing the credibility of a blockchain ecosystem.
The First Solana Staking ETF in the US went live earlier this month, exceeding the volumes of futures ETFs tracking the performance of SOL and XRP.
A Spot Solana exchange-traded fund also appears to be fast-tracked for approval, as the SEC has requested S-1 filings by the end of July. These developments do not guarantee the launch of such a product, but are a step in the right direction.
The BNB token, which is the essential power tool behind the BNB Chain, marked its 8th birthday a few days ago, noting significant growth since inception.
Tron’s founder, in the meantime, has been involved in discussions with US policymakers, exploring the role of the network and blockchain technology in government.
