BNB Chain Unveils Its Q1 2024 Report: Impressive Growth and Reduced Value Loss
BNB Chain, the community-driven blockchain ecosystem and home to the world’s largest smart contract blockchain, has released its Q1 2024 performance report. The report includes key growth metrics for BNB Chain’s Layer 1 BNB Smart Chain (BSC), its Layer 2 opBNB, the decentralized storage platform BNB GreenField, and security measures.
Key Metrics and Growth
In Q1 2024, BNB Chain saw remarkable growth across various areas:
- Average Daily Active Users (DAU) on BSC increased by 27.3% Quarter-on-Quarter (QoQ) to 1.4 million.
- Total Value Locked (TVL) on BSC increased by 70.8%, rising from $3.49 billion in January to $5.96 billion at the end of Q1.
- The price of the BNB token increased by 93.5%, nearly doubling the growth from Q4 2023.
- Market capitalization grew by 93.5% to $43.7 billion.
- Total unique addresses on BSC grew by 5.3% to 435 million, maintaining its position as the leading EVM-compatible blockchain for daily new unique addresses.
In the same period, opBNB experienced significant growth, becoming the leading blockchain in the industry by Daily Active Users (DAU), with total distinct addresses crossing 20 million in Q1 2024.
Technology Updates and New Integrations
The Q1 2024 report also details significant technology updates and new integrations aimed at scalability and optimization:
- opBNB launched its 2024 roadmap, targeting 10,000 TPS and aiming to be 10 times more cost-effective.
- The integration of the Path-Based Storage System (PBSS) solution to optimize blockchain storage for opBNB is expected to roll out in Q2 2024.
- New opBNB projects like Bitget Wallet and Binance Web3 Wallet began utilizing the opBNB Bridge.
- A customized gas token for opBNB is in development.
BNB GreenField, the decentralized storage platform, showed significant progress, with network storage data size surpassing 415 GB. The peak daily stored data size hit a record high of 33.84 GB on February 22, 2024.
Additionally, BNB GreenField implemented three major forks — Hulunbeier, Ural, and Pawnee — each designed to bring unique enhancements, improving both user experience and backend operations.
Security and Value Loss Reduction
The report emphasizes a 55.8% reduction in value loss compared to the same period last year, demonstrating BNB Chain’s continuous efforts toward security and user protection through the AvengerDAO initiative.
About BNB Chain
BNB Chain is a community-driven blockchain ecosystem aiming to remove barriers to Web3 adoption. It comprises:
- BNB Smart Chain (BSC): A secure DeFi hub with the lowest gas fees of any EVM-compatible Layer 1; also serving as the ecosystem’s governance chain.
- opBNB: A scalable Layer 2 offering rapid processing speeds and low gas fees.
- BNB GreenField: A decentralized storage solution allowing users to create their own data marketplaces.
The AvengerDAO community ensures a high standard of security for BNB Chain users, while the Red Alarm tool provides real-time risk-scanning for decentralized applications (DApps). The ecosystem also provides various rewards through its Builder Support Program.
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