BNB, Solana and Ethereum - How did the Layer 1 protocols perform in 2023?
Ethereum dominated in terms of revenue and TVL.
Tron, BNB, and Polygon secured the second, third, and fourth positions respectively in terms of revenue.These platforms witnessed high levels of daily active addresses, indicating strong user engagement and adoption. This performance helped Solana secure the fifth position in revenue collection, highlighting its growing popularity and utility within the crypto ecosystem.In Q1 2023, both BNB and ETH showcased deflationary characteristics. BNB and ETH burned a portion of their transaction fees, reducing the overall token supply over time.
The high TVL could be attributed to the large volumes seen on decentralized exchanges within these networks, reflecting the growing demand for DeFi services.. Blur established itself as the dominant Ethereum marketplace in terms of volume during Q1 2023, capitalizing on its token launch and airdrop in mid-February.
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