- Tron and BNB Chain saw over 1 million daily users.
- Tron sees a historical high in TVL, while BNB Chain remains the same.
Tron [TRX] and BNB Chain emerged as the exclusive top networks to witness their daily active addresses surpass the 1 million mark. Given this noteworthy increase in daily active addresses, how does this impact their Total Value Locked (TVLs) and the performance of their respective tokens?
BNB Chain and Tron records over 1 million active users
Data from Coin98 Analytics revealed that Tron and BNB Chain secured the top positions in the rankings of daily active addresses across various networks.
Tron led with 1.3 million daily active users, while BNB Chain closely followed with 1.1 million daily active users. The chart indicated that these two networks were the sole chains with a threshold of over 1 million daily active users.
Source: Coin98 Analytics
Upon further examination of the daily active users’ metrics using their respective scanners, higher numbers were observed by the end of the day. Tron Scan reported over 1.7 million active accounts on 16th February. According to their data, BNB Chain recorded a daily active user of over 1.3 million.
Tron sees higher TVL trend than BNB Chain
Examining the Total Value Locked (TVL) metric on DefiLlama for both networks showed distinct trends despite their shared characteristic of high daily active addresses.
Tron’s TVL exhibited an upward trajectory, signaling recent uptrends. At the time of this writing, Tron’s TVL was over $8.6 billion, marking the highest TVL the network has experienced since its inception.
Contrastingly, the TVL trend for BNB Chain indicated a lack of significant movement in recent times. At the time of this writing, its TVL was around $3.8 billion, reflecting less than half of Tron’s TVL.
TRX and BNB stuck in the overbought zones
Analysis of the daily timeframe chart for their respective tokens showed an upward trend in the past few days.
Tron’s chart consistently rose over six consecutive days, accumulating a gain of over 8% during this period. At the time of this writing, TRX was trading at around $0.13, experiencing a 1.6% increase.
The Relative Strength Index (RSI) for TRX was above 80, suggesting an overbought condition.
Source: Trading View
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In comparison, the BNB price trend showed fewer consecutive upward movements but had a higher daily increase than TRX.
Nevertheless, at the time of this writing, BNB was trading with a loss of less than 1%, approximately at $357. The RSI for BNB was above 75 but less than 80, indicating an overbought state for the asset.
Source: Trading View