BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Binance’s BNB Chain Thrives from Staggering Growth Despite Bear Market

BlockNews Team by BlockNews Team
February 7, 2023
in Crypto, Finance, Investing, Media
Reading Time: 3 mins read
A A
bnb token
1
SHARES
17
VIEWS
Share on TwitterShare on Reddit
  • BNB Chain showed consistent growth in the fourth quarter of 2022 despite the crypto bear market
  • It aggressively deployed “financial and human capital across its ecosystem,” says Messari
  • The adoption of several ecosystem protocols and increased activity in DeFi, NFTs, and GameFi led helped BNB chain gain from the crypto winter

BNB Chain, the blockchain of the crypto exchange Binance, showed steady growth following the winter of 2022, especially since September. According to a Messari analyst James Trautman’s report, the Binance network deployed “financial and human capital across its ecosystem.”

You might also like

Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening

Tether partners with CityPay.io to expand its reach in Georgia.

Wall Street Prepares To Take On Established Crypto Companies

“It was a rollercoaster of a year for the crypto industry. Macroeconomic forces sparked a bear market in January,” he said. “The bear was perpetuated by the collapse of LUNA and UST in the spring. Finally, the failure of FTX and the contagion that followed brought the market to its knees. Despite the FTX drama and unfavorable price action, Q4 reflected that BNB Chain’s network and ecosystem continue to grow and remain competitive.”

Because of the consistent updates and newly added improvements, activity from the daily addresses and payments grew. The Binance team took advantage of the bear market and spent time developing the blockchain. As trading volumes went quiet and crypto personalities kept a low profile, BNB Chain gathered strength.

According to a BscScan report, the BNB Smart Chain received an all-time high of 250 million unique addresses. Messari saw the growth of Web3 protocols and NFT trades as the main catalysts that kept the blockchain strong even after the domino effect of closing DeFi and crypto companies.

BNB Chain is the underlying blockchain technology behind Binance Coin (BNB), the native cryptocurrency of the Binance platform. Binance is a leading cryptocurrency exchange that offers a wide range of services, including trading, staking, and borrowing. BNB is used to pay fees on the Binance platform and can be exchanged.

The BNB Chain provides a high-performance, low-latency, and secure platform for decentralized applications (dApps) and enables users to build decentralized exchanges (DEXs). The Binance ecosystem is constantly expanding, and BNB plays a crucial role in this growth as it provides a way for users to access new services and opportunities.

Financial Performance Reduced but Doesn’t Stop BNB Chain

While the number of unique members made BNB Chain one of the only highly active blockchains in 2022, it could have performed better financially.

The average daily transactions were reduced, causing 10% lesser revenue for the network. Yet, it remains loyal to its fundamentals, according to Messari. After all, BNB means “Build N’ Build,” which influenced traffic for DeFi, NFT, and GameFi protocols.

Messari’s Trautman reported, “As the year rounded out, BNB Chain’s mission toward adoption remained intact. It boasted several network upgrades, integrations with partners like OpenSea, and the execution of an aggressive growth strategy to expand its ecosystem across DeFi, NFTs, GameFi, and beyond. Community building efforts also noticeably ramped up heading into 2023.”

Many firms may have crumbled, but the system continues for the Binance network. Even with many popular analysts, tech investors, banks, and authorities criticizing the exchange, Binance seeks to create a more trustworthy exchange and network. With such dedication to Web3, BNB Chain would continue as a pioneer of blockchain development worldwide.

Tags: Bear MarketBinanceBNBcryptoLuna
TweetShareShare

Recommended For You

Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening

by BlockNews Team
June 3, 2023
0
crypto firms china

China is taking the step forward to become a crypto hub and is soon to release retail trading. Hong Kong’s retail trading regime is days away from going...

Read more

Tether partners with CityPay.io to expand its reach in Georgia.

by BlockNews Team
June 3, 2023
0
citypay.io

Tether joins Binance in taking advantage of crypto-friendly Georgia by partnering with the payment system, CityPay. Tether’s growth could be partially attributed to the decline of its competitor,...

Read more

Wall Street Prepares To Take On Established Crypto Companies

by BlockNews Team
June 3, 2023
0
wall street

Wall Street's traditional financial giants are entering the crypto space to offer dependable platforms for institutional investors and challenge the dominance of established exchanges. By developing their digital...

Read more

What The ‘Anti-Mining Bill’ Means For The Crypto Industry In Texas

by BlockNews Team
June 3, 2023
0
texas anti mining bill

Protesters assemble to oppose Senate Bill 1751, which seeks to eliminate tax incentives for crypto mining businesses, causing controversy in Texas, a major participant in cryptocurrency regulation. Mining...

Read more

Bank of Japan Releases CBDC Report and Launched Its Pilot Program As Other Countries Gain Steam

by BlockNews Team
June 3, 2023
0
bank of japan

With the introduction of its CBDC pilot program, the Bank of Japan set the bar high as interest in central bank digital currencies develops globally. The Bank of...

Read more
Next Post
Super Bowl Crypto

No Crypto Ads in Super Bowl This Year says Fox

Related News

coinbase sec

Coinbase Sues SEC

April 25, 2023
HK Securities and Futures Commission Warns Investors about NFTs

HK Securities and Futures Commission Warns Investors about NFTs

June 9, 2022
bitcoin mining

Biden Administration Targets Crypto Mining with Proposed 30% Energy Tax

May 4, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Crypto Firms Jockey for Hong Kong Licenses Ahead of June 1 Retail Opening June 3, 2023
  • Tether partners with CityPay.io to expand its reach in Georgia. June 3, 2023
  • Wall Street Prepares To Take On Established Crypto Companies June 3, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?