As per the latest data, prominent blockchains are demonstrating remarkable growth in the YoY transaction volume generating strong competition. According to the report from Swapspace, the transaction growth (YoY) for each of the top 10 blockchains shows that The Open Network (TON) is at the top of the list, governing an incredible 2492 % change in the transaction volume. TON, which has now made 241 million transactions, is 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 some less popular blockchains on the list, as the chart reflects YoY growth – comparing one year’s performance to the… pic.twitter.com/8IxpfHZdxc
— SwapSpace (@SwapSpaceCo) October 20, 2024
NEAR and Injective Show Significant Increases Following TON
Following TON, the NEAR blockchain has seen a notable rise, with YoY transaction growth reaching 997%. This increase has been driven by growing adoption and integrations within the NEAR ecosystem, pushing its total transactions to 1.8 billion. Meanwhile, Injective has experienced a significant increase of 261%, continuing to gain momentum within the decentralized finance community. Injective’s total transactions have reached 644 million over the past year.
Axelar and Avalanche Close the Top Five
Axelar and Avalanche round out the top five blockchains for YoY transaction growth. Axelar, with an increase of 181%, has capitalized on the demand for cross-chain communication, resulting in 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 seen 218 million transactions, cementing its place as a key player.
Also on the list are Stacks, Polkadot, Gnosis, Celo, and Arbitrum, each experiencing transaction growth of 140%,136%,127%, 119%, and 116%, respectively. While less prominent in the headlines, these blockchains have steadily increased their transaction volumes, reflecting the broader industry trend of diversification beyond the largest platforms.
