According to Planet Daily, Messari released the BNB Chain 2023 second quarter report. The main points are as follows:
- BNB Chain’s daily active addresses and transactions increased by 25.6% and 24.4% respectively, mainly driven by increased LayerZero activity;
- BNB Chain’s average daily active addresses reached about 1.4 million, a metric that almost reached the historical average level (about 1.5 million) at the end of the last bull cycle in the fourth quarter of 2021. The average number of new unique addresses increased by 91.1% month-on-month, reaching a record high after a surge in activity in late April;
BNB Chain lost 25.2% of its value after the SEC accused BNB of being a security in its regulatory action against Coinbase and Binance. In contrast, the total cryptocurrency market capitalization increased by 2% month-on-month, mainly driven by BTC and ETH.
- After validators voted to reduce gas fees from 5 Gwei to 3 Gwei, average transaction fees fell by 25.5%, and BNB Chain revenue (in BNB) fell by 6.1% month-on-month;
- Staking on the network remained stable in the second quarter. BNB Chain plans to increase the number of validators from 29 to 100 through a new validator reward model (balanced mining) and a validator reputation system;
- BNB Chain continues to invest in the ecosystem’s growth initiatives by introducing the Gas Grant program and Zero2Hero incubator;
- Increased network activity has led to a resurgence in DeFi activity on LayerZero and other use cases, especially in the SocialFi space;
- Several technical developments were launched in the second quarter, including the Planck hard fork, Luban hard fork, and opBNB.