BNB Chain on-chain activity bucks bear market downtrend in Q4: Messari
The Binance-native blockchain BNB Chain has continued to show steady activity growth in the fourth quarter of 2022 despite the broader crypto bear market according to recent research.
In a “State of BNB Chain Q4 2022” report published on Feb. 5, Messari researcher James Trautman revealed that the Binance network had continued with an “aggressive strategy to deploy financial and human capital across its ecosystem.”
Due to these ongoing updates and developments, average daily active addresses and transactions “bucked a downward trend and grew by 30% and 0.2%, respectively,” the researcher noted.
Bear markets are usually quiet periods in terms of on-chain activity, however, teams use this time to continue building and developing their products.
“2022 was a tumultuous year for the crypto industry [...] Despite the market volatility, BNB Chain lived up to its Build N’ Build name with network upgrades and ecosystem expansion that showed considerable strength through Q4,” explained Trautman.
BscScan reports that daily transactions on BNB Chain have remained steady at around 3 million since mid-August. However, daily BEP-20 token transfers have seen an uptick in activity this year with a 66% increase to just over 5 million on Feb. 5.
BNB Smart Chain unique addresses are currently at an all-time high of 250 million, according to BscScan. Average daily new unique addresses grew by 41.3% year-on-year.
Messari attributed the growth to the adoption of several ecosystem protocols such as Web3 onboarding protocol Hooked, a surge of DeFi activity on Venus Protocol, and increased NFT activity on the OpenSea marketplace.
Meanwhile, BNB Chain DeFi total value locked has increased by 25% since the beginning of the year to reach $6.62 billion,
Read more on cointelegraph.com
