SOL, TON, NEAR lead in on-chain network growth; here’s why

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Solana (SOL), TON (The Open Network), and NEAR Protocol have beat the broader crypto market in the past year. Bitcoin recorded a 100% return over the period but the 3 networks—SOL, TON, and NEAR— showed a major increase in daily active users (DAU) and fee revenue.

Also Read: Bitcoin Price Prediction 2024, 2025, 2026-2030

However, the surge in network activity comes at a time when Ethereum and BNB Chain have reportedly seen contractions in fee revenue with negligible user growth. Solana has surpassed 1 million daily active users, TON has experienced a 1450% increase in DAU, and NEAR is approaching 1 million users as well.

Bitcoin returned 100% in 12 months

Jamie Coutts, chief crypto analyst at Real Vision, noted that several networks outperformed the overall crypto market last year.

According to Coutts, Bitcoin returned over 40% in the last months with at least 6 players exceeding the average of the largest coin. The top performers include The Open Network Toncoin, NEAR, and Solana, which returned 258%, 40%, and 34% respectively.

As per the analyst, Bitcoin has performed well over the past 12 months, returning over 100%. However, he finds that 3 networks showed robust growth in terms of daily active users (DAU) and fee revenue– Solana, NEAR Protocol, and The Open Network.

Solana, TON, Near see user growth

Solana’s market cap which is closely chasing the $70 billion mark at press time, saw its DAU surpass 1 million. As per Coutts’ analysis, the daily active user growth over 6 months was almost 200%. At the same time, the fee revenue for the network was close to $2 million. This was after the fee revenue growth of over 790%.

Toncoin managed to surpass a market cap of $19 billion at the time of writing. Coutts notes that it witnessed 1450% growth in DAU and almost 180% in fees in 6 months.

Also Read: TON price prediction 2024-2030: Will TON reach $100

TON has over 488K daily active users and fee revenue of around $114,000. Meanwhile, TON whales have been active. The foundation behind the network also recently supported Adsgram which lets developers of mini-apps on Telegram earn Toncoin.

Meanwhile, Near’s market cap is hovering in the $6 billion range. Its DAU count is about to touch 1 million while the growth rate is in the north of 60%. The fee revenue for the network touched $26K with growth over 6 months at over 200%.

The inclusion of new decentralized applications, like Sweat Economy, is a major reason for the rise.

Surge led by increased activity

The 3 networks recorded an increase when Ethereum and BNB Chain reportedly saw a contraction in fee revenue and minimal growth in users.

With analysts betting on an altcoin season in this part of the cycle, institutional investors seem to be backing Solana. Recently, Matthew Sigel, head of digital research at VanEck confirmed the firm’s bet on Solana ETF.

Solana recently hit a new record by generating $91.3 million in one month from transaction fees and tips, which could add up to $1.1 billion a year.

Meanwhile, NEAR is reported to see several active decentralized applications (dApps), like Sweat Economy. DApps often bring more users and activities to a network. In return, usage leads to more growth and development for the chain.

Cryptopolitan reporting by Shraddha Sharma

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