Messari Reveals That BNB On-Chain Activity Surged By 30%
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BNB On-Chain Activity Has Bucked The Trend
Due to these ongoing updates and developments, average daily active addresses and transactions have bucked a downward trend and grew by 30% and 0.2%, respectively. 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. 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.
Increase in DeFi TVL
BNB Chain DeFi total value locked has increased by 25% since the beginning of the year to reach $6.62 billion. However, despite the uptick in user activity, financial performance was down. Average transaction fees decreased, which contributed to less revenue generation. Network revenue declined 10% for the quarter but Messari stated that the fundamentals were still positive.
The Binance native token, BNB, has dropped 1.2% over the past 24 hours in a fall to $326, according to Cointelegraph. The token has made 25% over the past month but remains down 52.5% from its May 2021 all-time high of $686.