The Binance FUD has sparked many fears among investors, pushing the volume of withdrawals to a whopping $5 billion. A similar number of withdrawals would have caused disaster for any exchange other than Binance. But there is always a reversal: BNB network activity surged to unusually high levels when FUD emerged. As Coin98Analytics suggests, BNB Chain reported the highest number of daily active users on the blockchain.
BNB topped the other networks with one million users, easily gaining the lead over second-placed Ethereum with 402,000 users.
DAILY ACTIVE USERS BY BLOCKCHAIN
1. BNB Chain
10. MultiversX pic.twitter.com/b0fvIiV7xF
— Coin98 Analytics (@Coin98Analytics) December 17, 2022
Such a large increase in user count could be directly related to the recent activity surrounding the exchange’s payout volume. At press time, withdrawal volume has returned to normal, and Binance’s fund outflow has returned to normal. In addition to the high volume of withdrawals, BNB activity was boosted by a short-term spike in the NFT industry. Volume in various NFT markets has seen a short-term uptrend over the past 30 days. As for the Ethereum network.
The number of active users is not unusual and remains in the average range.
According to various on-chain metrics, the number of active users on the Cardano blockchain has reached 70,000, officially placing it in fifth place in the above ranking. However, the network didn’t even make the top 10 on Coin98’s list, raising some concerns among ADA holders. However, Cardano’s exclusion from the top may not have been intentional, as the data collection tool used by Coin98 may not have been able to process the same type of information in ADA due to differences in the architecture of the blockchain.