According to the most recent data, prominent blockchains are exhibiting impressive growth in year-on-year transaction volume, resulting in fierce competition. Swapspace’s report reveals that The Open Network (TON) stands at the top of the list, boasting an astounding 2492% change in transaction volume. TON, which has now facilitated 241 million transactions, is the leading blockchain.
Top 10 Blockchains by Transaction Growth
1. TON +2,492%
2. NEAR +997%
3. Injective +261%
4. Axelar +181%
5. Avalanche +145%
It comes as no surprise to see some lesser-known blockchains on the list, as the chart reflects year-on-year growth, comparing their performance to the previous year’s.
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October 20, 2024
NEAR and Injective Follow TON’s Lead with Significant Increases
Following TON, the NEAR blockchain has experienced a notable surge, with a year-on-year transaction growth of 997%. This increase can be attributed to the growing adoption and integration within the NEAR ecosystem, resulting in a total of 1.8 billion transactions. Meanwhile, Injective has witnessed a significant rise of 261%, steadily gaining momentum within the decentralized finance community. Over the past year, Injective’s total transactions have reached 644 million.
Axelar and Avalanche Secure Spots in the Top Five
Axelar and Avalanche complete the top five blockchains in terms of year-on-year transaction growth. Axelar, with an increase of 181%, has capitalized on the demand for cross-chain communication, leading to 1.5 million transactions. Similarly, Avalanche, which has grown by 145%, continues to attract attention for its fast and scalable smart contract capabilities. Avalanche has witnessed 218 million transactions, firmly establishing itself as a key player.
Also making the list are Stacks, Polkadot, Gnosis, Celo, and Arbitrum, each experiencing transaction growth of 140%, 136%, 127%, 119%, and 116% respectively. While these blockchains may not be grabbing headlines, they have steadily increased their transaction volumes, reflecting the industry-wide trend of diversification beyond the largest platforms.