Weekly Analysis of Binance Ecosystem (July 29 – Aug. 4)

A look into BNB Chain performance and Binance ecosystem updates from July 29 to Aug. 4

BNB Chain Key Data Highlights

Here are some key metrics of BNB Chain’s performance between July 29 and Aug. 4:

Weekly Active Users: Between July 29 and Aug. 4, Weekly Active Users (WAU) on BNB Chain grew by 3.8% from 2.86 million active users to 2.97 million active users. 

Weekly Transactions: In the period under review, a total of 23.1 million transactions were completed on BNB Chain. This represented a 5% uptick from the 21.9 million recorded in transactions the week before.

Average Daily Transactions: BNB Chain logged 3.31 million average daily transactions between July 29 and Aug. 4. This metric grew 5.8% from the 3.13 million recorded in the week before.

Average Gas Fee: For all transactions executed on BNB chain between July 29 and Aug. 4, the average gas fee was pegged at 0.00079 BNB, a 3.7% decline from the 0.00082 BNB recorded the week before.

BNB Chain and Binance Ecosystem Update

Between July 29 and Aug. 5, many significant developments occurred on BNB Chain and within the Binance ecosystem. These include the announcement of the Binance Account Bound (BAB) token, adding the BOND coin as a borrowable asset on the Binance Loans platform, adding $ETC, $ETH, $LDO and $OP to Locked Savings, the Binance Card supporting $XRP, $SHIB and $AVAX, and more.

Binance Account Bound (BAB) Token 

On Aug. 1, Binance confirmed to its users that it was set to launch the first Soulbound Token (SBTs) built on BNB Chain in the form of Binance Account Bound (BAB). BAB will essentially be used to certify that a user has been verified on Binance. As such, users of the Binance trading application whose identity has been confirmed will be able to mint the BAB tokens directly into their Binance wallets. 

BOND Now a Borrowable Asset

On Aug. 2, Binance announced the addition of BOND token as a borrowable asset on its Binance Loans platform. This comes a week after the platform announced the addition of APE tokens to its list of borrowable assets.

ETC, ETH, LDO and OP to Locked Savings

Ahead of the Ethereum Merger, Binance, on Aug. 3, announced the inclusion of $ETC, $ETH, $LDO and $OP tokens to its list of supported assets on Locked Savings.

Binance Card Supports XRP, SHIB and AVAX

On Aug. 56, Binance announced the addition of XRPSHIB and AVAX tokens to the list of supported cryptocurrencies on Binance Card. This brings the number of tokens supported by Binance Card to a total of 14 cryptocurrencies: ADA, AVAX, BNBBTCBUSDDOT, ETH, LAZIOPORTOSANTOS, SHIB, SXPUSDT and XRP.

Price Performance

According to data from Santiment, the price of $BNB rallied by 5% between July 29 and Aug. 4. Also, the coin’s market capitalization rose from $47 billion to $50 billion. However, despite the price uptick, the coin’s trading volume declined from 2.96 billion to 1.92 billion within a similar window period. 

Source: Santiment

Source : bsc.news

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