BNB slides further in layer-1 race as ETH, SOL defy expectations

ambcrypto.com:

It is no surprise that Layer-1 chains have shared the carnage during the first half of 2022. Top L1s have been struggling to hold their fort in the current market conditions.

These include Ethereum, BNB Smart Chain, and Solana which continue to head L1 chains at the summit. However, BNB appears to have taken the biggest blow of the three since the November all-time highs (ATHs).

Other top chains such as Ethereum and Solana have attempted to break out of the burrows. Both of these smart-contract platforms have created an extensive ecosystem to scale back to the ATHs.

The same, as it stands, cannot be said for the BNB Chain. The native BNB token is around 60% down from its ATH of $654.32 to $260.32 at press time. The recent growth on the token is down to an overall relief rally in the market. But the troubles on the chain run far deeper than the token’s performance.

Binance has a major grip on the crypto industry with vast resources. The BNB Chain is even backed by the BUSD stablecoin that has faithfully supported BNB at the peak of crypto winter. As per recent data from CoinMarketCap, network activity on BNB has taken far worse dips than its competitors.

Data shows that BNB Chain has experienced the worst showdown among the three chains since their ATHs in early November 2021. Its daily transactions have fallen by 58.2% from the day of its ATH while Solana and Ethereum have fallen by 18.1% and 13.7% respectively.

Source: CoinMarketCap

There is a change in prophecy while observing the daily active addresses on these chains. Solana has managed to show growth in its active addresses by 20.4% given the expansion of its ecosystem.

However, BNB has again managed to grab the biggest drop by 68.8% since November 2021. Ethereum has also