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BNB Chain Q.4 Performance Outstanding Despite Bear Market



Binance Chain

Amidst the overbearing effects of the bear market, Binance blockchain network recorded significant growth based on Q.4 report as its activity grew by 30% year-on-year according to the release by crypto market intelligence, Messari. 

The report by Messari titled “State of BNB Chain Q4 2022” by Messari researcher James Trautman unravelled the claim that Binance network has continued to embrace aggressive strategies towards financial and human capital within its ecosystem. 

As a result, Messari report establishes the fact that the development and unending updates on Binance had led to an upward trend in the daily active addresses and transactions on the BNB ecosystem. 

According to Trautman:

“2022 was a tumultuous year for the crypto industry. BNB Chain lived up to its Build N’ Build Name with network upgrades and ecosystem expansion that showed considerable strength through Q4.”

It is noteworthy that BscScan reports that daily transactions on the BNB Chain have held sway at around 3 million since mid-August. Within the same period, daily activity on BEP-20 tokens has risen by 66% this year.

The Layer 1 BNB chain of Binance has just announced its own zero-knowledge (ZK) proof scaling mechanism, which it dubbed zkBNB.

Interestingly, BNB Chain unique addresses are at an all-time high (ATH) of 250 million at present, according to BscScan. This means that there is a 41% average growth as per daily new unique addresses.

However, Messari accorded the significant breakthrough to the adoption of several ecosystem protocols such as Web3 onboarding protocol Hooked, an increase in DeFi activity on Venus Protocol and increased NFT activity on the OpenSea marketplace.

Growth and Development of BNB Chain

It is by no means accidental that BNB Chain recorded significant success in Q.4 given its ceaseless commitment to building. According to DeFiLiama, BNB Chain DeFi total value locked increased by 25% to reach $6.62 billion. 

It is interesting to note that the leading German car manufacturing company Bayerische Motoren Werke AG (BMW AG) is set to integrate blockchain technology into its business through Coinweb and BNB Chain.

 Meanwhile, the BNB ecosystem had also faced challenges in the course of time. BNB Chain recently battled hackers trying to cart away $110 million from the BNB Chain. 

It should be noted that BNB Chain’s native coin, BNB, has dropped 2.95% over the past 24 hours and is trading at $325 according to data from CoinMarketCap.