How Are the Top Four L1s Performing?

1/ @Solana - 18M Active Addresses
$SOL remains the most active L1 by a wide margin.
Active addresses are up 4.2%, pointing to steady growth, mainly driven by memecoin trading, Jupiter routing, and gaming activity.
Transactions also rose to 586.9M (+2.4%), which suggests usage is going beyond just more wallets and into higher activity per user.
With $37.6B in DEX volume, this is still one of the strongest signals of real on-chain demand.
2/ @trondao - 9.5M Active Addresses
$TRX saw a small dip in users this week.
Activity is still mostly centered around USDT transfers rather than DeFi or trading.
The decline isn’t sharp enough to suggest a trend shift, but the -16% drop in DEX volume does point to slightly lower on-chain trading activity.
3/ BNB Chain - 9M Active Addresses
$BNB is fairly stable in terms of user growth.
The interesting part is activity quality: while users are slightly up, DEX volume fell heavily (-76%), showing that speculative trading has cooled off.
What’s left looks like a steadier base of retail usage across DeFi, gaming, and transfers.
4/ Ethereum - 2.4M Active Addresses
$ETH had the biggest drop in active users this week.
This is broadly in line with the continued migration of activity to L2s like Base and Arbitrum.
Even so, Ethereum still carries a higher economic weight per user, reflected in fees and DEX volume.
Transactions are still up +2.6%, which suggests the remaining users are more active overall.
With this, it is clear that users are still very active on-chain, and a lot of capital is still in crypto, it’s just rotating between chains based on use-case.