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Polygon takes the lead in EVM efficiency as DeFi users opt for lower transaction costs
According to data from Dune Analytics analyzed by Ailtra, Polygon, a Layer-2 sidechain, takes the lead in the DeFi ecosystem, closely followed by BNB Chain, an EVM-compatible Layer-1 blockchain.
When it comes to analyzing L1s and L2s, one crucial metric is daily gas usage – the computational effort needed to perform operations on the blockchain. High gas usage usually indicates active network usage. And if L2 solutions maintain high gas usage at low costs, it shows an efficient scaling solution that keeps transactions affordable without compromising on network activity.
Polygon, for instance, uses an average of 579.97 billion units of native gas daily, costing just $65.48k. This translates to a mere $0.76 in USD per second, even with a high volume of transactions. In contrast, BNB Mainnet has a different cost structure, with 454.89 billion units of native gas used daily and $1.02 million in daily USD fees. The cost per second jumps to $11.81, indicating a more resource-intensive process than Polygon.
| Chain | Avg Native Gas Used / Day | Avg USD Gas Fees / Day | Avg # Txs / Day | Avg Native Gas per Tx | Avg Native Gas Used / Second | Avg USD Gas Fees / Second | Avg # Txs / Second |
|---|---|---|---|---|---|---|---|
| Polygon Mainnet | 579.97b | $65.48k | 4.18m | 138,782 | 6.71m | $0.76 | 48.37 |
| BNB Mainnet | 454.89b | $1.02m | 4.06m | 108,513 | 5.26m | $11.81 | 47.03 |
| Arbitrum One | 273.96b | $250.05k | 1.14m | 241,207 | 3.17m | $2.89 | 13.15 |
| Base Mainnet | 222.37b | $378.72k | 1.26m | 174,229 | 2.57m | $4.38 | 14.59 |
| OP Mainnet | 213.30b | $160.26k | 490.83k | 429,129 | 2.47m | $1.85 | 5.68 |
| Gnosis Mainnet | 109.77b | $1.05k | 182.58k | 601,244 | 1.27m | $0.01 | 2.11 |
| Ethereum Mainnet | 108.14b | $12.63m | 1.19m | 90,758 | 1.25m | $146.20 | 13.79 |
| Fantom Mainnet | 94.86b | $4.89k | 248.93k | 372,521 | 1.10m | $0.06 | 2.88 |
Arbitrum uses 273.96 billion units of gas daily, costing users $250.05k, translating to $2.89 per second and 241,207 gas units per transaction. This shows a good balance between cost efficiency compared to BNB and Polygon. Base Mainnet follows a similar pattern with 222.37 billion units used daily, totaling $378.72k in fees, resulting in a slightly higher per-second cost of $4.38 and 174,229 units per transaction.
Ethereum leads in terms of cost impact, using 108.14 billion gas units daily, resulting in a hefty $12.63 million in fees. With costs hitting $146.20 per second and an average of 90,758 gas units per transaction, it showcases Ethereum’s robust security and scalability challenges that L2 networks are working to overcome.
For DeFi apps, Polygon shines again with 3.3 million app transactions, solidifying its position as a top platform for DeFi activities.
While Ethereum may have fewer transactions, it collected a whopping $7.46 million in fees, accounting for 83.9% of total fees. This indicates the higher costs of Ethereum transactions due to its primary layer status and extensive computational requirements.
Polygon leads the pack with 3.3 million app transactions, solidifying its position as a top platform for DeFi activities.
With 1.22 million transacting addresses, BNB Chain stands out, closely followed by Polygon at 1.18 million. These figures, compared to Ethereum’s 402.77k, suggest that other EVM-compatible networks are gaining popularity due to their lower costs.
A side-by-side comparison of these blockchains reveals a balance between security and scalability. While Ethereum secures high-value transactions with substantial fees, Polygon processes a significant number of daily transactions and application interactions, indicating a shift towards more efficient and user-friendly DeFi blockchains.
It’s worth noting that despite being referred to as a Layer-2 blockchain, Polygon acts as an L2 sidechain for Ethereum, running on its own validators. This distinction allows for more experimental activity without affecting Ethereum. Similarly, BNB Chain positions itself not as a rival to Ethereum but as a competitor to other L2 solutions.
