The Rise and Shift in EVM-Compatible Blockchains: A Data Scan by Crypto Analyst Nansen
In recent weeks, Nansen has conducted a comprehensive analysis of user activity on EVM-compatible blockchains, revealing significant shifts in user engagement and adoption over time. Among the data highlighted, the Base blockchain stands out as the top frequent active address holder, with an increase of +42% since the last seven days. This growth underscores the growing interest in Base as a cornerstone of decentralized applications decoupled from traditional blockchain ecosystems.
Ethereum, while its primary chain, remains the most prominent EVM-compatible platform, with 2.18 million active addresses over the past seven days, representing a 9.2% increase from the previous week. This rise is attributed to its affordability and fast transaction processing, positioning it as a more cost-effective alternative for users seeking seamless integration into decentralized applications. However, the data also highlights emerging trends favoring alternative EVM-compatible chains.
One of the most groundbreaking developments among the charts is the introduction of Base as the second-largest EVM-compatible blockchain. With a boost of +42% active addresses since the last week, Base is rapidly becoming the focal point for decentralized application hunters.
The inclusion of BNBChain, a versatile Ethereum-compatible ecosystem, further highlights the potential of Ethereum as a platform for decentralized applications. Adjusting its footprint by increasing its active address count by +4.8%, BBNChain is reflecting its growing influence within the broader blockchain ecosystem, particularly among novice users.
The insertion of 0xPolygon, a Layer-2 Layer-2 Layer-1 Ethereum blockchain, into the rankings underscores its potential to disrupt traditional Layer-1 chains. With a 2.5% increase in active addresses, 0xPolygon is gaining traction as a faster, more efficient alternative to traditional Layer-1 blockchains, with applications ranging from smart contracts to high-frequency trading.
In contrast, Layer-1 blockchains like SeiNetwork are also gaining traction, with the addition of +64% of its active addresses, marking a notable increase in user adoption. This shift aligns with the perception that Layer-1 systems offer integration with Layer-2 applications at a lower cost, making them increasingly popular for applications that require end-to-end integration.
Moreover, the continued rise of Arbitrum and Avalanche, two partnerships that have recently taken the EVM-chain world by storm, further solidify the trend towards more affordable and user-friendly EVM-compatible ecosystems. These platforms are gaining momentum due to the widespread trust they foster among users, who increasingly prioritize flexibility and ease of use when selecting an EVM-compatible blockchain.
In conclusion, Nansen’s analysis paints a clear picture of an evolving ecosystem driven by peers exchanging data cyclically, leading to a collective shift toward EVM-compatible blocks. The adoption trends underscore a trend toward more affordable, faster, and user-friendly alternatives, presenting a promising pathway for the adoption of blockchain technologies in the future.
