Key Insights
Despite a relatively stagnant market, the BNB Chain ecosystem continued to see solid financial results in Q2.
● Market Cap: BNB’s market cap at the end of Q2 was $85.8 billion. Among the top coins, BNB has greatly minimized its losses and is down only 5% QoQ.
● Revenue: Q2 revenue was $48.1 million, down 28% QoQ but only down 8% YoY.
● Supply Dynamics: The circulating supply of BNB was 147.6 million, with an annualized deflation rate of 4.4%.
● Protocol Transactions: USDT and PancakeSwap dominated protocol transactions and active addresses.

Ecosystem Highlights
The BNB Chain ecosystem achieved several notable milestones in Q2
● Staked BNB Growth: Staked BNB increased by 30% QoQ to 30.4 million, making BNB Smart Chain the third-highest in dollar value of funds staked.
● Stablecoins Surge: Stablecoins on BNB Smart Chain grew by 6% QoQ to $5 billion, with USDT being the largest contributor, accounting for 79% of all stablecoins.
● Hackathon Success: The Q2 hackathon offered over $490,000 in prizes across six tracks: AI, Infrastructure, Gaming, DePIN, DeSoc, and DeFi.
● Ecosystem Initiatives: Key programs included the Airdrop Alliance Program, the BNB Incubation Alliance, and the BNB Chain Meme Innovation Battle.
● Transition to BNB Smart Chain: Staking migrated from BNB Beacon Chain to BNB Smart Chain in April as part of the BNB Beacon Chain sunset plan.
● PBS Integration: BEP-322 introduced a new Proposer-Builder Separation(PBS)  model, bringing more transparency and fairness to the BNB Chain MEV market.
● Technical Upgrades: Several upgrades were delivered, including improvements to BNB Greenfield, opBNB, and the ongoing migration of BNB Beacon Chain functionality to BNB Smart Chain.

Q3 2024 Outlook
Looking Ahead to Q3 As we move into Q3, the BNB Chain team has an ambitious roadmap focused on enhancing the developer experience and user onboarding:
● Completing the "BNB Chain Fusion" by fully sunsetting the BNB Beacon Chain.
● Introducing a new Rust-based node client to boost performance and scalability.
● Developing a more efficient state storage model to improve node operations.
● Implementing gasless and improved wallet infrastructure to facilitate user adoption.
● Launching new B2B2C infrastructure to help dApps onboard real-world users.

We're excited to continue building a robust and decentralized ecosystem on the BNB Chain. Stay tuned for more updates in the months ahead!