BNB Chain demonstrated its commitment to adoption in the last quarter of 2022, according to a recent report by Messari. The report revealed that the ecosystem enjoyed significant on-chain activity growth in Q4.
According to Messari, BNB Chain is starting to reap the reward of its intense deployment of financial and human capital in its ecosystem. The findings by researcher James Trautman established that the BNB Chain enjoyed further updates and development towards the fourth quarter of 2022.
As part of the MVB V program, BNB Chain selected seven projects for financial support during Q4. Additionally, BNB Chain launched BNB Builder Grants in Q4 for projects wishing to migrate to or build on BNB Chain.
Moreover, BNB Chain launched European Innovation Incubator Programs and the $10 million Growth Incentive Programs to enhance ecosystem adoption. Lastly, the release of BNB Chain’s Soulbound Token (SBT) in Q3 contributed to the ecosystem’s activity in Q4.
The updates contributed to the 30% increase in average daily active addresses. Further, the daily transactions on the BNB chain during the fourth quarter of 2022 surged by 0.2%.
Messari divulged that other factors contributing to the development include increased BNB Chain NFT activity on OpenSea and adopting different ecosystem protocols like Hooked.
In the GameFi ecosystem, applications like Era7: Game of Truth, Tiny Worlds, and X World Games continued to experience steady daily user activity QoQ.
BNB Chain TVL Rose During the Year but Fell QoQ
The TVL of the BNB chain has increased by 18% within the year, reaching $5.03 billion, according to DeFiLlama.
The introduction of liquid staking in DeFi platforms like Ankr, Stader, and pStake further aided BNB Chain’s DeFi ecosystem. In Q4, these three platforms accounted for 2% of TVL, amounting to 316,000 BNB ($103.65 million)
The report revealed that the ecosystem, through the expansion, revealed some of its strength in the last quarter of the year. As a result of the introduction of liquid staking in some projects during Q3, TVL was able to drive the growth of new protocols like Wombat Exchange, which grew by 7% during Q4.
The most prominent protocol of BNB Chain, PancakeSwap, lost 27% in TVL QoQ. BNB Chain TVL fell 23.8% in USD and 11.8% in BNB.
During the insolvency issues that rocked the crypto market last year, the native token of the BNB chain also endured a downward trend as it traded at around $196.
Though heading towards the last quarter of the year, the BNB coin regained some of its losses as the token traded between $284 and $245, according to Coinmarketcap. BNB is trading at $328.02 at press time.
Sourced from dailycoin.com.
Written by on 2023-02-06 17:30:36.
