An analysis of the top ten blockchains with most transactions over the last 24 hours shows dominance by less-recognized cryptocurrencies whose utility cases are gaining traction.
Cumulatively, the ten top blockchains recorded about 40.58 million transactions in the last 24 hours. NFT-centered WAX (WAXP) blockchain had the most transactions at about 12.52 million to account for 30.8% of all the transactions in the category.
Elsewhere, energy-efficient blockchain Hedera Hashgraph (HBAR) ranks second with 4.67 million transactions, while the smart contract blockchain Telos (TLOS) recorded 4.43 million transactions.
EOS ranks fifth with transactions amounting to 3.48 million, while entertainment-focused TRX caps the top five categories with 3.34 million transactions.
Among the top cryptocurrencies with the highest market capitalization, Ethereum ranks ninth with 1.31 million transactions.
The transaction number offers a glimpse of blockchains that individuals and investors are utilizing. Additionally, the transaction number presents investors with an analysis to gauge blockchains they can invest in.
Worth noting is that the speeds for blockchains are a significant factor influencing the number of transactions. In this case, the higher the transaction speed of the blockchains, the better it can transfer data from one party to the other and confirm transactions.
What does the transaction volume mean?
Furthermore, some of the top blockchains by the transaction are focused on a value proposition that aims to improve shortcomings by leading and established blockchains like bitcoin.
The last month has seen bitcoin become the center of attention due to power consumption concerns. Therefore, environmentally centered crypto investors are looking for energy-efficient blockchains, casting platforms like HBAR into the limelight.
Although Ethereum ranks among blockchains with top transaction speed, the platform transaction volume probably reflected the recent criticism about the high gas fees. The platform powering other aspects of the cryptocurrency sector, like DeFi and NFTs, might indicate that users are shifting to cheaper alternatives.
Furthermore, Ethereum might have low transaction volume in the highlighted category due to ETH recent price correction. After hitting an all-time high, ethereum has shed most of the gains following the weekend market volatility.