Weekly Analysis of Binance Ecosystem (July 1 – 7)

A look into BNB Chain performance and Binance ecosystem updates in the first week of July.

BNB Chain Key Data Highlights

Between July 1 and 7, some key metrics of the BNB Chain ($BNB) declined compared to the week before. Let’s take a look:

Weekly Active Users: Between July 1 and 7, the BNB network registered a 6% decline from the 3.33 million recorded the week before. In the period under review, weekly active users on BNB Chain stood at 3.01 million.

Weekly Transactions: The index for weekly transactions on the BNB Chain within that window period also registered an 11% drawdown from the past week.

Average Daily Transactions: There was a 17% decline in average daily transactions (4.26 million for the week). 

Average Gas Fee: The average gas fee for trades executed on the chain between the period under review was pegged at 0.00078 BNB, a 2% uptick from the 0.00076 recorded in the week before. 

Binance Ecosystem Update

In the period under review, the Binance ecosystem saw some developments, including celebrating its fifth anniversary, launching the “FC Porto: The 30th Champions” NFT collection, being registered as a Virtual Asset Services Provider (VASP) by the Bank of Spain and more.

Binance Turns Five

To celebrate its 5th anniversary, Binance provided its users with a series of service offerings in the last week. Notably, on 1 July, Binance NFT Marketplace launched the “Binance 5th Anniversary” Mystery Box Collection, featuring five unique Binance-themed designs and two promotions. Also, on July 6,  Binance announced zero-fee trading for 13 BTC spot trading pairs. 

FC Porto: The 30th Champions

On 4 July, Binance NFT Marketplace launched the “FC Porto: The 30th Champions” NFT Mystery Box Collection. The collection featured key player moments from their successful 9th Dobradinha season and highlights from their journey of winning the national league and the national cup. 

VASP License 

In a July 7 blog post, Binance announced that its Spanish subsidiary, Moon Tech Spain, S.L, had been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain. 

Price Performance

According to data from Santiment, the price of the BNB coin rallied by 12% during the period under review. On July 1, the price per BNB coin stood at $213. As the rest of the cryptocurrency market went through a bullish correction, the BNB coin also accumulated gains and was pegged at $240 by July 7. 

Within this window period, BNB’s market capitalization also saw an 11% growth from $34.86 billion to $39 billion.

Source: Santiment

Interestingly, despite a price rally between July 1 and 7, the aggregate amount of BNB coins across all transactions saw a steady decline from July 2. After marking a high of 283.76k in transaction volume on July 2, by July 7, it stood at 79.9k, registering a 71% decline.

Source: Santiment

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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, is EVM compatible and facilitates 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:

Website |  Twitter | Discord | Telegram | GitHub |

Source : bsc.news

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