Coinbase Observes Diverging Trends in Blockchain Activity: Solana Holds Strong While BNB Chain Slows

In the latest on-chain activity report, solana continues to dominate transaction throughput despite a minor dip, processing over 400 million transactions this week. Its ability to attract active users highlights its robust market performance. Meanwhile, BNB Chain, usually the second-most active network, saw a notable slowdown, with declines in DeFi and gaming activity leading to reduced transaction volumes and a sharp drop in fees. These trends underscore the dynamic and competitive nature of blockchain networks in the crypto space.

Blockchain Networks Show Diverging Trends in Weekly On-Chain Activity

Solana maintains its dominance in transaction throughput despite a slight dip, processing over 400 million transactions this week. The network continues to attract active users, underscoring its robust performance in the market.

BNB Chain, typically the second-most active network, experienced a noticeable slowdown. Declines in DeFi and gaming activity contributed to reduced transaction volumes and a sharp drop in fee revenue.

Base, Coinbase's Layer-2 solution, emerged as the standout performer with a 20% weekly surge in transactions. The network processed roughly 102 million transactions, driven by social-app usage, memecoin speculation, and growing adoption.

Monad Launches Coinbase Token Sale Amid Tokenomics Backlash

Coinbase has launched its first-ever token sale featuring Monad's MON token, marking a significant milestone for both the exchange and the Ethereum-compatible L1 blockchain. The sale offers 7.5% of MON's total supply at $0.025 per token, with demand already surpassing $78 million. Available in over 80 jurisdictions, including the U.S., the event represents a rare public token offering since the ICO-era restrictions began.

Community scrutiny has intensified around MON's tokenomics, particularly its supply expansion and distribution fairness. Validator rewards and allocation transparency remain contentious points as Monad approaches its November 24 mainnet launch. Coinbase's small-buyers-first algorithm aims to democratize participation, though the backlash highlights growing demands for clearer crypto-economic designs in high-profile launches.

BlackRock Moves $650M in Bitcoin and Ethereum to Coinbase Prime, Sparking Sell-Off Fears

BlackRock has transferred over $650 million worth of Bitcoin and ethereum to Coinbase Prime, triggering market concerns about a potential liquidation event. The move involved 4,880 BTC ($467 million) and 54,730 ETH ($176 million), according to blockchain tracker Lookonchain.

The transfers followed record outflows from BlackRock's spot Bitcoin ETF, heightening speculation about institutional profit-taking. Bitcoin prices fell 10% weekly to $94,000 after the transaction, while Ethereum dropped to $3,140 despite a brief recovery earlier in the session.

Market analysts note the timing coincides with weakening crypto momentum, as Bitcoin breached key support levels. The direct wallet-to-exchange movement suggests potential selling pressure rather than custodial reshuffling.