The latest data reveals that prominent blockchains are exhibiting impressive growth in year-over-year transaction volume, creating a fierce competition. According to the report by Swapspace, the top 10 blockchains have shown significant transaction growth (YoY), with The Open Network (TON) leading the pack with an astounding 2492% increase in transaction volume. TON has now facilitated 241 million transactions, solidifying its position as 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’s not surprising to see lesser-known blockchains on the list, as the chart reflects year-over-year growth – comparing the performance of one year to the…
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— SwapSpace (@SwapSpaceCo)
October 20, 2024
NEAR and Injective Witness Significant Surges After TON
Following TON, the NEAR blockchain has experienced a significant rise, with year-over-year transaction growth reaching 997%. This surge can be attributed to the increasing adoption and integrations within the NEAR ecosystem, resulting in a total of 1.8 billion transactions. Meanwhile, Injective has witnessed a remarkable growth of 261%, gaining momentum within the decentralized finance community. Over the past year, Injective has facilitated 644 million transactions.
Axelar and Avalanche Complete the Top Five
Axelar and Avalanche secure the last two spots in the top five blockchains for year-over-year transaction growth. Axelar, with a growth rate 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 facilitated 218 million transactions, establishing itself as a prominent player.
Also present on the list are Stacks, Polkadot, Gnosis, Celo, and Arbitrum, each experiencing transaction growth rates of 140%, 136%, 127%, 119%, and 116% respectively. Although they may not receive as much media attention, these blockchains have steadily increased their transaction volumes, reflecting the industry-wide trend of diversifying beyond the major platforms.
