The Increase in Daily Active Addresses on BNB Chain
The BNB Chain experienced a significant spike in the number of average daily active addresses in the second quarter of 2023. According to a report by Messari, this increase signals a 25.6% growth compared to the previous quarter. The report also highlights other key points:
- The BNB Chain saw a 91.1% increase in average new unique addresses and a 24% surge in daily transactions during Q2.
- The rise in activity can be attributed to omnichain interoperability and cross-chain messaging protocol LayerZero.
- Notable transaction activity was recorded on PancakeSwap, Hooked Protocol, and CyberConnect.
- Despite the increase in transactions, the average daily transaction fee decreased by 25.5% due to a gas fee cut.
- The market capitalization of the BNB Chain dropped by 25.2% following the U.S. SEC’s classification of Binance Coin (BNB) as a security.
- Approximately 23% of BNB’s circulating supply was burned, strengthening its deflationary rate.
- Staking and decentralization on the BNB Chain remained stable in Q2.
- The network implemented new standards for increased staking participation and decentralization.
- BNB Chain plans to further decentralize by increasing the number of validators.
Hot Take
The increase in average daily active addresses on the BNB Chain demonstrates the growing popularity and usage of the platform. However, the market capitalization decrease and the SEC’s classification of BNB as a security pose potential challenges for its future. Nevertheless, the BNB Chain’s commitment to staking, decentralization, and implementing new standards shows its determination to adapt and grow in the crypto space.
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