Messari released the BNB Chain Q3 2023 status report. The number of active validators on the BNB Chain increased by 10% month-on-month, from 29 to 31. In the same period last year, there were only 21 validators on the BNB Chain. Due to BNB's token burning mechanism, the circulating supply of BNB fell by 1.3% in the third quarter. In the third quarter, BNB burned 13,400 BNB (US$3.1 million), a decrease of 23% from the previous quarter. This means that the annualized inflation rate in the third quarter was -5.8%, and as in previous quarters, BNB remained in a deflationary state.
DeFi total value locked (TVL) in BNB terms remained stagnant throughout Q3. However, a 23% drop in BNB price led to a 23% drop in TVL in USD terms. Declines in BNB price (-23%), daily transaction volume (-14%), and BNB daily transaction fees (-12%) led to a 41% quarter-over-quarter drop in all fee revenue collected by the protocol in USD terms. BNB Chain launched opBNB in Q3 and made progress in developing BNB Greenfield (storage network), scheduled for launch in Q4.
