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Binance-backed blockchain network BNB Chain outperforms other alternative smart contract platforms, according to Messari’s latest report.
According to reportBNB appeared to have benefited from the crypto market slump recorded during the quarter, describing it as a “start-up quarter” for the blockchain network.
NFT development
Despite the volatile nature of the bear market, BNB Chain saw stabilized network usage and financial performance, especially in NFTs.
BNB Chain’s NFT market volume hit new highs in the second quarter.
The number of Unique NFT buyers increased by 716% while secondary sales volume increased by 634% during the second quarter.
This places NFT activity on the network on par with that of rival networks such as Solana and Flow.
GameFi flourished
The GameFi domain on the BNB Chain continued to grow as developers introduced more GameFi applications, such as X World Games and Era7: Game of Truth.
In the second quarter, the top three GameFi platforms on the BNB Chain posted 35% quarterly increases in daily users to 60,000 and generated $14 million in revenue.
DeFi
Meanwhile, DeFi lagged in the second quarter. The total value of assets locked in the chain dropped by 55% from $14 million to $6 million.
In particular, the main DeFi platform on the network, Pancakeswap, which holds around 50% of its TVL, has declined at the same rate as the entire sector.
In addition, the total number of smart contracts deployed in the second quarter increased by 31.7%, but the number of unique deployment contracts decreased by 23.9%.
But that wasn’t enough to dampen the overall positive performance within the period. “Ultimately, DeFi, NFT, GameFi and to some extent the Terra collapse collectively brought more unique users into the BNB chain ecosystem,” the report said.
Overall, BNB Chain performed better in key metrics than others in the top 5 EVM compatible chains, including Ethereum, Avalanche, Fantom and Polygon.
It had the lowest decline in market cap, lowest quarter-on-quarter revenue decline, higher daily trading volume at 4 million compared to Ethereum at 1.17 million, and an increase in secondary NFT sales, even though Ethereum NFTs dominate the industry.
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