Which networks are actually leading decentralized transactions? The BNB chain is a network created by Binance and is usually first in total negotiation volume, but the data shows that much of its activity is diverse and does not come from the organic market. In contrast, solana offers a clear signal of participation, which is more widely distributed, due to the lower amount of dollars.
According to Bitquery analytics firm, much of the amount recorded in distributed exchanges (DEX) of BNB chains is sourced by bots. They claim it These automated systems run a very short, aggressive trading cyclefocusing on specific tokens.
The dynamics are repetitive. The bot buys a huge amount of new tokens and the price suddenly rises. This rise stimulates interest in retailers who enter for fear of missing out on opportunities (FOMO). The bot then sells positions at inflated prices, causing a sudden drop.
This pattern is constantly repeated and detected in the on-chain data of new tokens in the BNB chain, as shown below.
Overall, it appears that the BNB chain controls the Defi sector. Total dollar amount It amounted to approximately USD 17.7 billionaccording to the survey, compared to Solana’s US$3.8 billion in the 24-hour range. Furthermore, Solana has around 12 million businesses, with around 9 million BNB chains in that period.
However, that amount of BNB was concentrated on a small number of pairs, including USDT and newly launched tokens. Some of them automate the typical operation of automated pumps and exhaust schemes (pumps and dumps).
According to Cryptootic Cryptopedia, this type of scheme replicates common tactics in the cryptocurrency ecosystem in stock markets with low value action. This strategy consists of artificially inflated the prices of lesser known cryptocurrency through coordinated bulk purchases and deceptive promotion campaigns. Once the price rises sufficiently, Promoters are selling assets suddenly for profitthe value of the token suddenly drops.
Unlike what happens in networks created by Binance, Solana has a uniform volume distribution between coins such as WSOL, USDC, and various memokines.
“The logarithmic scale of the graph highlights that, despite the large total volume of BNB, Solana still has a significant 100 million activity,” Bitquery said.
Transaction counts are spoken by themselves
When comparing other clearer metrics, such as DEX transaction counts, the differences are notorious. Solana has registered approximately 28.6 million businesses on DEX in 24 hours. Part of the activity is concentrated in PumpFun, the Dex de Solana that generated around 1.8 million transactions, attracting users interested in rapid speculative trading strategies, says a study from Bitquery.
This number is comparable to the 10 million transactions of distributed exchanges registered in the BNB chain. This difference suggests a more aggressive flawed ecosystem in Solanawith smaller and more frequent operations.
Meanwhile, the number of unique active traders also supports Solana. About 1,108,000 different buyers joined Dex de Solana, compared to about 264,000 in the BNB chain.
This represents a four-time user base in favor of Solana. This, according to the report, shows a wider and more decentralized community, centering on the “most authentic” decentralized programme trade.
The rate structure can explain some of this difference. Solana offers very low feesusually below penny per transaction. This will encourage low-value speculative operations using Memecoin and other assets, the study says.
BNB chains also reduced costs. After the Maxwell branch completed on June 30th, the block processing time has decreased from 1.5 seconds to 0.8 seconds. He reduced the average interest rate per exchange to USD 0.02as reported by Cryptootics. Still, Solana’s committee remains low, and this is key to attracting high-frequency traders.
“Many Solana traders have shorter participants or memes, but BNB numbers are driven by a small number of large bot operations.”
Bitquery, an analysis company.
In the midst of intense token creation activities
Both ecosystems show intense activity in the creation and list of new tokens. In the BNB chain, tokens such as Sahara Ai and Roam tokens were subject to sudden price fluctuation operations normally negotiated against WBNB or USDT. Solana also experienced a new “pumpkin” floodFartcoin, Mori, Stumpcoin and more.
BNB can have more tokens created, but Solana is particularly directed towards the speculative public, indicating a higher rate of fire for new DEXs.
In any case, the company warns that both ecosystems are “afflicted by tokens that exist primarily to supply large quantities of speculative operations.”
The graph below uses standardized scores (0-1) to compare a lot of different metrics, such as volume, rate, and user activity, which makes it easier to understand, and improves performance in each category regardless of the original unit.
Generally, Memecoin already has a market capitalization of over $5.75 billion, but it is not a safe investment as it is difficult to pinpoint its value proposition and intrinsic value. in fact, These assets do not appear to contribute to the community. It can enhance their long-term value.
Therefore, as an analyst and investor such as Ark Invest CEO Cathie Wood, you could potentially lose interest and its prices over the years.
Highlighting of BNB Chain Sigue
Beyond data that puts the networks created by Binance against Solana at a disadvantage, BNB chains stand out in their general infrastructure. According to Defill, the protocol has a total block value (TVL) with a Defi protocol of USD 6,097 million. It is equivalent to US$8,000 million, slightly less than the Solana TVL, as shown below.
TVL represents the total amount of funds deposited in a protocol or network used in decentralized financial products.
Generally, TVLs of these sizes reflect a robust network with active applications across multiple sectors. A recent sample of this is the release of Valhalla, a type of game Playground (P2E) Layer 2 of BNB chain based on OPBNB network. Driven by the team behind Memecoin Floki, the application offers rewards from the US$50 million fund, representing efforts to diversify chain usage beyond transactions, as reported by Cryptootics.
But Bitquery’s report suggests that Volume Leadership It doesn’t necessarily mean bigger true adoption. Researchers emphasize that the idea that BNB chains are the number one network in DEX trading is “not fully maintained when examining data.”
They argue that despite the mass, much of that flow comes from automated strategies of a small number of tokens. In contrast, Solana shows more operations, more unique traders, and more negotiated tokens. This suggests more authentic activity.
Ecosystem defi will quickly evolve Both BNB Chain and Solana They are competing to gain liquidity, users, and developers. Improvements in speed and BNB rates, along with the gaming and debt applications, ensure that it is a related option. However, Bitquery data clarifies his claims about leadership. Panorama is more complicated and it becomes clear that the competition is still open to being the number one chain in decentralized trading.
