Not All Chains Share the Upside as Onchain Activity Cools Elsewhere

[lingriiddd]

While many major networks benefited from scaling-driven efficiency gains, others saw activity and fees decline in tandem. BNB Chain recorded a sharp contraction, with transactions down 79% and fee revenue falling 14%. Base and HyperEVM also saw steep pullbacks, with Base transactions dropping 75% and HyperEVM showing declines exceeding 100% in activity momentum.

Even Solana—the busiest network by raw volume—saw transactions fall 21% month-on-month to 1.7 billion, alongside a 17% drop in fee revenue. These synchronized declines align with broader market stagnation, as total crypto market capitalization fluctuated narrowly between $2.9 trillion and $3.1 trillion throughout December.

Overall, the data suggests that while scaling improvements are working where deployed, broader market conditions continue to weigh on onchain activity across ecosystems.

[bonk]

solana is losing its positions, eth will takeover everyhting soon