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Binance coin [BNB] it broke above the downtrend line on July 28, indicating a possible trend reversal. In fact, at press time, BNB held a 7.5% ($6.86 billion) share of the entire market’s TVL. At DeFilama, just in the last 30 days, TVL on the BNB chain has increased by 14%.
But given the facts, one might ask, how has the network fared?
The report card
The BNB chain showed continuous growth in some areas but declined in others during the first quarter of 2022. But curiosity among investors was high as Messari released the state of the BNB Chain Q2 2022 report.
The bear market has not stopped BNB Chain from implementing key architectural solutions and strategies to expand its ecosystem. Different indicators highlighted some improvements for the flagship network.
Daily active addresses in Q2 stabilized at an average of one million per day in June.
For perspective, this amount of address activity was nearly double the previous year’s amount for the network. Additionally, daily unique addresses became one of the standout metrics for the quarter here.
Source: Messari
The average daily creation of new addresses during the quarter increased by 6.6%. Interestingly, the overall quarterly increase was mainly due to a spike in activity between May 11 and May 14 (release of Binance Bridge 2.0).
Additionally, BNB Chain’s daily transactions, despite a downward trend in the second quarter, stabilized at around four million per day in June. Similar to the one he drew a year ago.
Source: Messari
Here, the magnitude of unique addresses and transaction activity during May was much greater than that seen on other networks.
In fact, BNB Chain saw more user activity in mid-May compared to a peer group of top EVM chains.
.@BNBCHAIN saw the lowest decline in value in terms of market capitalization among the leading EVM chains. pic.twitter.com/jA8hQVbKde
— Messari (@MessariCrypto) August 2, 2022
These metrics, indeed, show the growing interest in the network in question. In fact, some major updates have given assurance to the enthusiasts.
Consider this
Binance was announced the release of Binance Account Bound (BAB), the first Soulbound Token (SBT) based on the BNB smart chain. BAB would initially operate as a pilot project, accessible through the Binance mobile app.
That said, some important key milestones were achieved. Despite ongoing investment programs, BNB Chain’s Q2 TVL was down about 55% in USD terms quarter-on-quarter (QoQ). After that, the amount of BNB locked in DeFi was also reduced.
At the time of writing, BNB was trading around $288 after seeing a fresh 3% rise in the last 24 hours.
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