Many claim that BNB Chain is a leader in decentralized trading, but Bitquery doubts this.
A significant part of BNB Chain trading is produced by bots.
Which network really leads decentralized trading? Although BNB Chain, the network created by Binance, is usually located in the first places by total negotiated volume, the data show that much of that activity does not come from a diverse and organic market. In contrast, Solana, with less volume in dollars, presents clear signals of a broader and decentralized participation.
According to the Bitquery analysis firm, much of the volume recorded in the Decentralized Exchange (DEX) of BNB Chain is fed By bots. They claim that These automated systems execute very short and aggressive trading cyclesfocused on specific tokens.
The dynamic is repetitive: a bot massively buys a new token, which generates a sudden increase in the price; This rise activates the interest of retail traders who enter for fear of missing the opportunity (Fomo). Then, the bots sell their positions at inflated prices, causing an abrupt fall.
This pattern is constantly repeated and detected in the on-chain data of new tokens in BNB Chain, as can be seen below:
In gross figures, BNB Chain seems to dominate the defi sector. The total volume of dollars in dollars amounted to about USD 17.7 billioncompared to USD 3.8 billion in Solana, in a 24 -hour range, according to the study. In addition, Solana had approximately 12 million operations, and BNB Chain around 9 million in that period.
However, that volume in BNB was concentrated in few pairs, such as USDT and newly launched tokens, several of which show typical behaviors of automated pumping and discharge schemes (Pump and Dump) automated.
According to cryptootic cryptopedia, this type of schemes replicate in the cryptocurrency ecosystem a common tactic in the stock market with low value actions. The strategy consists of artificially inflating the price of a little known cryptocurrency through coordinated mass purchases and deceptive promotion campaigns. Once the price rises enough, Promoters sell their assets abruptly for earningswhich causes a sudden fall in the value of the Token.
Unlike what happens in the network created by Binance, in Solana there is a more uniform volume distribution between coins such as WSOL, USDC and a wide variety of memecoins.
“The logarithmic scale of the graph highlights that, although the gross volume of BNB is greater, Solana still has a substantial multimillionaire activity,” says Bitquery.
The transaction count speaks alone
When other more revealing indicators are compared, such as transactions count in DEX, differences are notorious. Solana registered approximately 28.6 million operations in Dex in 24 hours. Part of this activity is concentrated in Pumpfun, a Dex de Solana that generated around 1.8 million transactions, attracting users interested in fast speculative trading strategies, says Bitquery’s study.
The figure is comparable with the 10 million transactions in decentralized exchanges registered in BNB Chain. This difference suggests a more active defi ecosystem in Solanawith more small and frequent operations.
On the other hand, the number of unique active traders also favors Solana. According to Bitquery, some 1,108,000 different buyers participated in the Dex de Solana, compared to approximately 264,000 in BNB Chain.
This represents a four -time user base in favor of Solana, which indicates a broader and distributed community around the “most genuine” decentralized programmatic trade, according to the report.
The rate structure can explain part of this difference. Solana offers extremely low commissionsusually below a penny per transaction, which facilitates a high number of low -value speculative operations with memecoins and other assets, says the study.
BNB Chain has also reduced its costs: after its Maxwell bifurcation, completed on June 30, the block processing time decreased from 1.5 to 0.8 seconds and He lowered the average rates to USD 0.02 per exchangeas reported by cryptootics. Even so, the commissions in Solana remain lower, which is key to attract high frequency traders.
“Many of the Solana traders are shorter participants or memes, while BNB numbers are driven by a handful of large volume bots operations.”
Bitquery, analysis firm.
In the midst of an intense tokens creation activity
Both ecosystems show intense activity in the creation and list of new tokens. In BNB Chain, tokens such as Sahara AI or Roam Token were subject to operations with abrupt price variations, usually negotiated against WBNB or USDT. Solana also experienced a flood of new “pumpcoins”with names like Fartcoin, Mori or Stupidcoin.
Although BNB can have a greater number of created tokens, Solana shows a higher launch speed in its emerging DEX, especially those oriented to speculative public.
In any case, the firm warns that both ecosystems are “plagued with tokens that exist mainly to supply a volume of speculative operations.”
The graph below uses standardized scores (from 0 to 1) to fairly compare different metrics such as volume, rates and user activity, so that it is easy to understand chain has a better performance in each category, regardless of the original units:
In general, memecoins, although they already have a market capitalization greater than 57,000 million dollars, are not a safe investment because their value proposition, as well as their intrinsic value, are difficult to identify. In fact, These assets do not seem to contribute to their communities. that can increase their long -term value.
Therefore, it is possible that, over the years, the interest around them and their price declines, as They have warned Analysts and investors, such as Cathie Wood, CEO of Ark Invest.
BNB Chain continues to stand out
Beyond the data that put the network created by Binance against Solana at a disadvantage, BNB Chain continues to stand out for its general infrastructure. As defiliated, this protocol It has A total blocked value (TVL) in defi protocols of USD 6,097 million. Little less than the Solana TVL, which amounts to the USD 8,000 million, as seen below:
The TVL represents the total amount of funds deposited in a protocol or network to be used in decentralized financial products.
In general, a TVL of these sizes reflect a robust network, with active applications in multiple sectors. Recent sample of this is the launch of Valhalla, a game of the type Play-to-Earn (P2E) Based on the OPBNB network, a layer 2 on BNB Chain. This application, driven by the team behind the Memecoin Floki, offers rewards from a fund of USD 50 million and represents an effort to diversify the use of the chain beyond trading, as cryptootics reported.
However, Bitquery’s report suggests that Volume leadership Not necessarily implies greater genuine adoption. The researchers emphasize that the idea that BNB Chain is the number one network in Trading Dex “is not fully sustained when examining the data.”
They insist that, despite its high volume, much of that flow originates from automated strategies on few tokens. In contrast, Solana shows more operations, more unique traders and a greater diversity of negotiated tokens, which suggests a more authentic activity.
The ecosystem defi quickly evolves, and Both BNB Chain and Solana They compete to capture liquidity, users and developers. The improvements in speed and BNB rates, along with their gaming and defi applications, certainly keep it as a relevant option. However, Bitquery data clarifies the claims about his leadership. It is revealed that the panorama is more complex and that the competition for being the number one chain in decentralized trading is still open.
