Solana Beats Tron and BSC in This Crucial Metric: Details

Tron and Binance Smart Chain (BSC) are active, with a high number of active addresses transferring stablecoins. However, a closer look at the dollar volumes transferred tells a different story, where Solana and Ethereum emerge as leaders.

The value of transactions on Solana may be lower in number compared to Tron and BSC, but each transaction represents a significant amount. This implies that large-scale investors, or “whales,” are preferentially using Solana to transfer substantial quantities of stablecoins.

It’s intriguing to note that although Tron and Binance Smart Chain (BSC) have the most active addresses for transferring stablecoins, Ethereum and Solana handle the largest dollar volumes in stablecoin transfers.

— Chris Burniske (@cburniske) April 24, 2024

An intriguing distinction arises when examining the types of transactions supported on Tron and BSC. These platforms seem tailored to individual investors and traders. With comparatively minimal transaction fees, they represent alluring options for those handling frequent, smaller transfers. For example, Tron boasts an average token transaction fee of approximately $2, making it a cost-effective selection for routine transactions.

Solana’s attraction for whales gives it a unique position in the market, especially in terms of liquidity and the potential it has compared to other networks. Meanwhile, the popularity of Tron and BSC among retail participants could influence the development of user-centric applications and services that benefit from high transaction throughput.

In the end, the decision on which network to use for stablecoins could depend on the unique requirements and plans of stablecoin users. Solana has a significant edge in dollar volume, indicating robust economic activity, even if it’s more concentrated. On the other hand, Tron and BSC have more active addresses, suggesting a larger number of retail investors and traders within their respective ecosystems.

Read More

2024-04-24 17:13