BNB Chain’s New Update for Greenfield
BNB Chain recently announced a new update for Greenfield, which holds the potential to positively impact the blockchain’s fundamental metrics. Over the past 30 days, BNB Chain [BNB] has experienced a decline in its key fundamentals. However, the latest updates released last week concerning BNB Greenfield offer hope for improvement.
Improvements in Greenfield
The latest release not only addresses multiple bugs but also introduces new features that enhance the capabilities of the testnet. This progress comes amidst a challenging period for BNB investors as the token’s price remained relatively stagnant.
Declining Daily Active Addresses and Transactions
According to Artemis’ data, BNB Chain’s daily active addresses and daily transactions experienced a decline over the last 30 days, indicating a reduction in the blockchain’s usage.
Positive Impact of the New Update
Despite the recent struggles, BNB Chain’s latest update could prove to be a game changer. As per the official announcement, BNB Greenfield is scheduled for a regular maintenance upgrade to version v0.2.3 on 3 August. The community is actively adding new features and making significant enhancements to improve the overall user experience.
Some of the noteworthy additions include implementing concepts like Virtual groups and families to make bucket migration and storage provider exit more lightweight, as well as reducing the storage of chain metadata. Moreover, a new algorithm has been introduced to obtain the secondary SP price and prevent unfair competition.
Flat Price Chart of BNB
Despite the upcoming update, BNB’s price action has remained relatively stagnant. CoinMarketCap reports that BNB’s price showed minimal movement over the past week, currently trading at $241.66 with a market capitalization exceeding $37 billion.
During this period, BNB’s funding rate remained green, which contributed to its price behaving similarly. Negative sentiment surrounding the token spiked several times last week.
Declining Open Interest and Potential Trend Reversal
Encouragingly, Coinglass data indicates a decline in BNB’s Open Interest, suggesting a potential trend reversal in the future.
Conclusion
As BNB Chain gears up for the new Greenfield update, hopes are high for a positive impact on the struggling fundamental metrics. With the addition of new features and enhancements, the community aims to bolster the blockchain’s usage and user experience. Investors eagerly await the update’s effects on BNB’s performance in the coming days.
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