- The BNB network and Tron continued to dominate other networks in terms of activity.
- However, social activity and sentiment around the tokens fell.
Binance Coin [BNB] and Tron [TRX] have both faced multiple challenges in the crypto space for quite some time. Despite the challenges, the overall interest in both BNB and TRON remained consistent.
Tron and Binance remain on top
Due to the consistent interest in these networks, they outperformed all other protocols in terms of activity. According to recent data, Tron kept its top position in terms of daily active users.
At the time of writing, the Tron network had over 2.1 million users. BNB came in third, with the number of active users on the network at 1.08 million.
Source: X
In terms of the DeFi sector, it was seen that the DEX (Decentralized Exchange) volumes on the networks fell. BNB showed some dominance in the space whereas Tron was left behind.
Despite the tumbling DEX volumes, the TVL (Total Value Locked) on both networks remained relatively high.
However, in this scenario, Tron outperformed BNB Chain implying that despite declining DEX volumes, the overall performance of the network remained the same.
Source: Artemis
A factor that could impact the progress of these networks would be the social volume and sentiment around these networks. At the time of writing, the social volume around the BNB network had surged materially.
This meant the network gained massive popularity over the last few days.
Coupled with that, the sentiment around the BNB network also turned positive, indicating that the number of positive comments around BNB outnumbered the negative ones at the time of writing.
In contrast to that, Tron did not have a good time on the social front. The social volume around Tron fell significantly over the last few days, implying that the network’s popularity was waning.
The weighted sentiment around TRX also fell materially indicating that the number of criticisms around TRX had surged materially.
Source: Santiment
Read Binance [BNB] Price Prediction 2023-2024
Development declines
In terms of development activity, Tron and BNB network saw a decline. Falling development activity can impact the ability of the network to push out new upgrades and updates onto the network.
If this continues, the networks may have a hard time attracting new users.
Source: Santiment
