December 8, 2023

Binance’s BNB Chain (BNB) outperformed other Ethereum (ETH) competitors in the second quarter of 2022, according to crypto insights firm Messari.

In a new analysisMessari notes that the BNB chain has had a “breakout year” in the non-tradable token (NFT) sector with the chain seeing exponential growth in the volume of NFT secondary sales and the number of unique NFT buyers.

Source: Messari

Crypto insights reports that BNB Chain also managed to chip away at Ethereum’s NFT volume dominance by the end of the second quarter.

Source: Messari

While the BNB chain fell on most financial and network usage metrics in the second quarter due to macroeconomic conditions and the collapse of Terra (LUNC), it managed to outperform its competitors.

For example, the BNB chain reached higher levels of daily transactions compared to its leading competitors, according to Messari.

Source: Messari

Explains the intelligence agency,

“Compared to the peer group, BNB Chain outperformed in many financial, network, ecosystem and growth metrics during the quarter… There was a notable increase in the number of transactions and revenue on each chain in mid-May. Size, however, seems to have been much more important on BNB Chain. More transactions generate more charges to BNB, boosting several key metrics.”

Messari says the new use cases for the BNB chain could secure its place as an alternative to Ethereum.

“With its evolving architecture and the development of zk-rollups and sidechains, BNB Chain is positioned to provide additional value propositions to its large user base. If BNB Chain can successfully develop its plans, the network could maintain its place in the Layer-1 race as one of the most valuable networks in the market.”

The BNB chain’s native token, BNB, is trading at $301.43 at the time of writing. The 5th largest crypto asset by market capitalization is up more than 4% in the last 24 hours.

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Featured image: Shutterstock/Bruce Rolff

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