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Nansen Releases State Of The Quarter Report: Celo, Fantom & Ronin - Despite A Rocky Start, Ethereum Compatible Networks Are Poised For 2022 Greatness

Date 28/04/2022

Nansen (https://www.nansen.ai/), the industry-leading blockchain data analytics platform, has released today a quarterly report analyzing the performance of leading blockchain Celo and networks Fantom, and Ronin. 

 

The Ethereum ecosystem has the most dynamic and viable players of all public blockchains, including sidechains, EVM-compatible networks, and even other blockchains that were built as a direct result of its earlier forks. While the first quarter of 2022 may not have been entirely fruitful for Ethereum itself, its “extended family” has seen steady growth and stellar performance. 

Fantom, which is compatible with the Ethereum virtual machine (EVM) saw a significant increase in activity in Q1, mainly as a result of the Solidly mania. During that time, TVL on Fantom went from $5.26b on January 11 to a peak of $12.81b on January 25 - an increase of $7.55b, or a 145% increase in 2 weeks. While these numbers did subside as the hype around Solidly died down, 2022 also saw a Fantom Gitcoin partnership that promises to breathe new life into the ecosystem. The ecosystem fund promises greater rewards for projects supported by its users and has a revised incentive program that no longer gives out funding strictly in accordance with TVL, which favors DeFi projects. This should greatly increase participation in gaming and NFT sectors within the Fantom network. 

Ronin, an Ethereum sidechain built specifically for the Axie ecosystem, has also become a key player in the Ethereum network. It was created to fuel the play-to-earn revolution and has become an integral part of the crypto gaming space. While Q1 2022 saw a bridge exploit, which caused a wave of uncertainty to plague the community, the team has leaked a new feature, Origin, that has added excitement to the gaming ecosystem. It is believed that the launch of Axie’s Origin (Battle v3) will contribute to the overall success of the Ronin sidechain and ultimately continue to drive upward performance.

Celo, a layer 1 protocol and blockchain platform that originated as a fork of the Ethereum Go language client and which recently began accepting Ethereum transaction objects as valid Celo transactions, saw a slight decline in on-chain transactions during early 2022. This followed a major peak from the blockchain which occurred in April 2021-December 2021 in which transactions reached 1M. Despite the decrease in Celo’s TVL and on-chain activity, the chain has seen a major increase in the total number of addresses. March 2022 has also seen a recent spike breaking its downward trend with activity returning to Q4 2021 levels. 

“While the market trades sideways, the utility of the Ethereum Virtual Machine (EVM) and its network effects continue to increase. Ronin, Fantom and Celo are EVM-compatible chains that continue to improve upon protocol functionality, ecosystem grants and even spawning unique innovations, such as the light client design space. Across the board, they are either maintaining daily users or continue to grow against Ethereum in other metrics such as contract deployment. Although these chains have varying security assumptions, all of them are collectively working together to push forward the EVM and its overall design space.”

  • Jake Kennis, Nansen Research Manager

To track the continued growth of each of these networks you can visit Nansen dashboards here