Weekly Analysis of Binance Ecosystem (Sept. 30- Oct. 6): New Developments, $560M Bridge Hack, Price Action

BNB Chain performance and Binance ecosystem updates from the last week, including users, transactions, news and price movement.

BNB Chain Key Data Highlights

Here are some key metrics of the performance of BNB Chain between Sept. 30 and October 6:

Weekly Active Users: Weekly Active Users (WAU) on BNB Chain between Sept. 30 and Oct. 6 totaled 3.01 million. This was an 8% decline in the count of weekly users that visited the previous week.

Weekly Transactions: Within the period under review, 19.5 million transactions were completed on the chain. That represented a 2.5% decline from the 20 million transactions completed the week before.

Average Daily Transactions: Between Sept. 30 and Oct. 6, BNB Chain logged average daily transactions of 2.78 million, a 2.79% decline from the previous week.

Average Gas Fee: Transactions on BNB Chain between Sept. 30 and Oct. 6 cost an average gas fee of 0.00073 BNB. This was the same as the week before.

BNB Chain and Binance Ecosystem Update

The Binance and BNB Chain ecosystems recorded a series of developments in the last week. These included the addition of a new class of crypto assets to Binance Loans and Binance Convert, the launch of Zero Maker Fees for Hong Kong Dollar (HKD) makers, the introduction of exclusive offers for users of Binance Options, and more. And, of course, there was the massive BNB bridge exploit where hackers attempted to heist 2 million BNB tokens worth about $570 million.

New Class of Crypto Assets

During the week, a series of cryptocurrency assets were added to Binance Loans and Binance Convert. Ellipsis ($EPX) and Moonbeam ($GLMR) were added as “borrowable assets” on the Loans platform. Meanwhile, Viberate ($VIB) and $GMX were added to Convert against BTC, BUSD and USDT and made tradeable by users with zero fees.

Zero Maker Fees HKD on Binance P2P

On Oct. 3, Binance P2P announced the launch of Zero Maker Fees for Hong Kong Dollar (HKD) makers to run between Oct. 10 and Nov. 1. During the promotion period, all makers deemed eligible who post new advertisements traded with the HKD fiat currency will be entitled to Zero Maker Fees for every successful trade on those pairs.

Exclusive Offers for Binance Options

On Oct. 3, to celebrate the launch of its new Binance Options Platform, Binance announced two exclusive offers for its users. Starting on Oct. 10, Binance Affiliates who refer others to Binance Options are entitled to receive a 30% commission on their eligible referrals’ trading fees on Binance Options. In addition, from Oct. 10 to the end of the year, users who trade on Binance Options are eligible for 30% rebates of their Options trading fees. However, this is not inapplicable to trades for Daily Options.

BNB Chain Bridge Exploit

On Oct. 6, BSC Token Hub, a cross-chain bridge linking BNB Beacon Chain (BEP2) and BNB Chain (BEP 20 or BSC), suffered an exploit that led to the forging of 2 million BNB tokens — about $570 million at current prices.

As confirmed in the chain’s official response to the exploit, the validators on the network were immediately contacted to prevent the further spreading of the incidence.

The chain was temporarily suspended when the exploit was discovered. However, an update was immediately implemented, and the network has since resumed operations.

The hackers managed to move about $100 million off of BNB Chain to other chains, primarily Ethereum and Fantom.

BNB Coin Price Performance

According to CoinMarketCap, $BNB exchanged hands at $274.98 as of writing. In the past week, BNB coin logged a 4% price decline during the week.

Source : bsc.news