A Look at BNB Chain Activity in Q2 2022

NFTs and GameFi were bright spots for BNB Chain.

Rough 3 Months for BNB Chain

In a newly published report, well-known blockchain analytics firm Messari found a significant decrease in Decentralized Finance (DeFi) activity on BNB Chain in the last quarter, but growth in the areas of Non-Fungible Token (NFTs) and GameFi.

Here are some highlights from the report:

Network Usage, Financial Performance

Thanks to the collapse of Terra, BNB Chain registered growth in the new unique addresses that used the network in the last quarter. Messari found that the average daily creation of new addresses in the 3-month period increased by 6.6%.

Interestingly, despite the growth of new addresses on the network, BNB Chain suffered drawdowns in its usage and financial performance in the last quarter:

Average transactions dropped 17.3%.

Average fees paid for transactions dropped 23.5%.

Total revenue declined by 35.8%.

DeFi, NFTs, GameFi

In the second quarter, the Total Value Locked (TVL) by DeFi protocols on BNB Chain declined by 55%, both in terms of U.S. dollars and $BNB.

Messari noted PancakeSwap’s dominant position in terms of TVL share – approaching half of total activity – as a potential weakness for BNB Chain, in terms of ramifications for the network if the Decentralized Exchange (DEX) ever suffered an exploit or technical breakdown.

BNB Chain’s NFT and GameFi markets provided some relief as they grew significantly in the last quarter.

According to Messari:

“With massive increases in NFT secondary sales volume (634%) and unique NFT buyers (716%), BNB Chain NFT activity quickly grew to levels seen on popular chains like Solana and Flow.”

Additionally, in the period under review, daily active users on the top three GameFi applications on BNB Chain by the number of users and transactions grew by 35%. 

Source: Messari

Sunnier July

BNB Chain showed some positive signs in July, the first month of Q3.

According to DefiLlama, the network’s TVL increased by 14% during the month, standing at $6.84 billion as of July 31. That is 7.8% of the entire market’s TVL.

In terms of TVL, BNB Chain is second only to Ethereum, which has $56.84 billion in TVL as of July 31. Third is Tron, with $5.83 billion in TVL.

Source : bsc.news

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