Ethereum Virtual Machine (EVM)-compatible blockchains experienced a surge in usage last week, reaching a new all-time high. This spike in usage can be attributed to users turning to these chains as Ethereum’s gas fees remain consistently high.
According to The Block’s Data Dashboard, daily new unique addresses of EVM-compatible blockchains, such as BNB Chain, Avalanche and Polygon, peaked at 6.77 million on April 25, surpassing the previous record of 6.74 million in 2021.
Since the beginning of the year, the surge in gas fees on Ethereum has been notable, soaring by more than 250% to approximately $9 per transaction from approximately $2.50 per transaction in December. As a result, users are seeking alternatives to Ethereum that provide a similar user experience. EVM-compatible chains offer this consistent experience for users and developers familiar with Ethereum, making them an attractive option.
BNB Chain and Polygon have seen increased usage due to their lower transaction costs compared to Ethereum and their growing ecosystems. As a result, BNB Chain has seen a surge in new contracts being created, implementing solutions such as gasless transactions, meta transactions, and relayer contracts to optimize gas fees and improve the end-user experience.
Ethereum Layer 2 networks, such as Optimism and Arbitrum, have also experienced growth in usage this year. The Block’s Data Dashboard reports that daily new unique addresses on optimistic rollups-based chains have grown since the beginning of the year.
The surge in usage of EVM-compatible chains highlights the need for Ethereum to address its gas fee issue. While Ethereum remains the dominant blockchain platform for decentralized applications, the rise in gas fees has made it less accessible for small transactions and everyday users.
