BNB Chain expanded its ecosystem and improved network functionality, with key growth in areas including NFTs and GameFi, according to a new Messari report.
BNB Chain Report from Messari
During the third quarter of 2022, BNB Chain focused on expanding its ecosystem and improving network functionality, with key growth in areas including Non-Fungible Tokens (NFTs) and GameFi.
Crypto research firm Messari has just published a comprehensive analysis of BNB Chain’s performance from July-September in a report titled, “State of BNB Chain Q3 2022.”
“BNB Chain has strong technical plans and a solid strategy to grow its ecosystem across sectors old and new. If it can successfully execute, the network could maintain its place in the L1 race as one of the most valuable networks in the marketplace,” according to the report.
The report covers a variety of quantitative and qualitative factors, including on-chain activity, technical upgrades, and strategic investments.
During the bear market, user activity on BNB Chain stabilized, which might indicate that the chain “is reaching a foundational user base,” according to the report.
Messari also highlights the launch of the zkBNB testnet and a series of network upgrades, as well as the advent of liquid staking protocols on BNB Chain and the introduction of Binance Account Bound tokens (BAB).
“The liquid staking solutions contributed significantly to the USD growth in DeFi. The resulting growth contributed to greater diversification of TVL across the ecosystem,” according to the report.
NFTs continue to have a “breakout year” on BNB Chain, while the chain’s position in GameFi remains “strong.”
Messari also expects BNB Chain to continue pushing for greater decentralization, which could put pressure on network performance.
What is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
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