ETH VS BSC VS Polygon | Data on wallets, transactions, fees and contracts
2021 was the year of the rise of new layer one blockchains. A lot of them Ethereum compatible blockchains, or EVM compatible (Ethereum Virtual Machine). There is now at least ten blockchains that have established them self in 2021.
Here we will be looking at Ethereum, BSC and Polygon and compare the key metrics for each of them.
I have made some comparison in the past for ETH VS BSC VS POLYGON, but its been a while and it is time to revisit.
Both BSC and Polygon are Proof of stake (PoS) chains. Out of the three Ethereum has the highest fees, BSC low fees and Polygon is offering extremely low fees.
We will be looking at:
- Number of Addresses
- Active Addresses
- Daily Transactions
- Fees
- Contracts
The period that we are looking into is 2021 and the first weeks of 2022.
Number Of Addresses
One of the key metrics for crypto projects is the number of wallets.
First the overall number of wallets.
As we can see from the unique addresses, Ethereum is still in the lead, but the other two are catching up.
At the begging of 2021, the number of unique addresses both on BSC and POLYGON were very insignificant, while ETH had around 130M.
Then BSC exploded first, reaching 60M in a month time in Feb 2021. Polygon started growing a bit later in June 2021 and reached around the same number of wallets in October 2021. Both, BSC and Polygon has been growing in parallel since then and at the moment have around 130M wallets. ETH is around 185M at the moment.
Active Addresses
What’s more interesting in times like this is how many wallets are transacting. How many of those addresses are actually active?
BSC is on the top now in terms of active wallets with around 1.3M. ETH is around 600k and Polygon around 400M.
Back at the beginning of 2021, ETH was still around 500k, while BSC and Polygon were extremely low. BSC again moved first, reaching more then 1M active wallets per day in May 2021, while Polygon grow a bit slow and retched 500k active daily wallets in October 2021.
As we can see BSC is in lead by a lot here, ETH comes on the second spot, and Polygon is third.
Daily Transactions
The activity on the networks is mostly represented by the number of daily transactions. Here is the chart.
This one is interesting!
BSC and Polygon are both in front of ETH now. This is mostly because of the high fees on ETH. What is interesting is that in 2021 Polygon flipped BSC at one point, but then BSC come back on the top. We can see that ETH transactions are constant in the period, while BSC and Polygon have been through a rollercoaster ride, with a big up move and then some decline.
At the moment ETH is around 1.2M transactions per day, BSC at 6.6M and Polygon at 2.6M transactions per day.
Fees
Fees are quite the unpopular topic and one of the main reasons for the new EVM chains, as users are trying to find a way to escape ETH high fees.
The fees are in dollar terms, cumulative for the day.
We can see that Ethereum is leading in fees, but what is interesting is that they have went down in the last period and almost at the same level as BSC. But I think that the ETH that is burned is not included in the chart here, but yet that one is paid from the users making the transactions.
Back in 2021on occasions ETH had more than 30M fees in USD per day. In the last period the daily fees are around 6M per day. BSC in second with fees reaching ATH around the 8M mark. In the last period the fees are around 2M per day. The Polygon fees line is almost overlapping the X axis on the chart 😊. Polygon daily fees are in the range of 100k to 150k USD, although we can see a small spike in the last weeks.
Contracts
These three are smart contract platforms so here is the chart for verified contracts per day.
In terms of smart contracts BSC is leading by a lot, with more than 2k in the last period. Polygon has a weird spike at the end of June, but overall, it is in the range of few hundred contracts per day. Ethereum is in the same range of 200 to 300 as well.
Overall BSC and Polygon have grown a lot in 2021 in terms of wallets and transactions. ETH has been constant in the period, probably because it has reached a sealing in terms of users that can pay the transactions. BSC is a leader in terms of active wallets, transactions and contracts, while ETH remains on the top in terms of wallet numbers and fees. Polygon is close to BSC in terms of registered wallets and it still remains the cheapest option of the three, although it has show some increase in the fees.
All the best
@dalz
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It's awesome to see Ethereum getting the competition that it needs from BSC and Polygon and also crazy to see the advantage that BSC built up over it already!
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As mentioned 2021 has seen a lpt of new L1 chains .... solana, avalanche, fantom on top of the already mentioned here
https://twitter.com/Dalz19631657/status/1484534962858647559
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This makes me really happy to see! Glad we are building all of our current projects and DAOs on BSC! Great post! Reblogging for https://coin-logic.com front page rotating feed!
Thanks!
Crazy to see the consequences of those disastrous fees on Ethereum Network. I really can't see a future where we're paying that much for transacting anything of real value.
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ETH is still doing massive figure despite the very good options that BSC and co provides, I think polygon too has definitely done well, a lot might actually change before the end of the year.
Polygon number shall be 400k instead of 400M.
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Ethereum has been stagnant for many months. I guess high fees will sink this blockchain.
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Keep doing these updated comparison's mate, they're great.
This is a good take as to why Ethereum's stats are plateauing.
With BSC/BNB essentially just a Binance owned database, it shows people really don't care about centralisation right now.
All they care about is that the product works.
That will change eventually...
...but not yet.
Onward and upward for BSC.
Ethereum is still king of DeFi and these numbers show Polygon is the best 'Ethereum light' solution.
I'm personally happy to see Cub choose Polygon over any of the competing layer-1 chains.
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There is competition and choice is good for everyone
Upon how high Ethereum network is,The transaction is high,they are still on top, number of people joining Ethereum network per day is high.
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I've always said that high gas fees will end up killing blockchains in the long run.
Crypto/tech enthusiasts accept it for now because it's a revolutionary technology but regular people will definitely care so these blockchains will have to change to survive.
Hopefully, it will soon be the time where hive starts to shine and join the big boys crypto club 😄