Messari: In Tough Q4 2022, BNB Chain Grew Users, Decentralization

Aggressive Growth Strategy Showing Results

The last quarter of 2022 was a difficult one for crypto and the global financial sector. However, the steadfast growth-oriented strategy employed by BNB Chain seemed to show positive results, in terms of users, decentralization, staking and other metrics examined by Messari in its State of BNB Chain Q4 2022 report.

“Despite the FTX drama and unfavorable price action, Q4 reflected that BNB Chain's network and ecosystem continue to grow and remain competitive,” report author James Trautman wrote.

The report covers an array of data points on BNB Chain, including technical performance, adoption, and revenue generation. Here are some headline figures:

• Average daily active addresses grew by 27% from Q3 to Q4.
• Average total engaged stake increased by 13%
• Average number of validators increased by 23% (to 26) and the chain’s current Nakamoto coefficient of decentralization is 8.

The report name-checks many projects that drove activity or received significant development support, such as SocialFi dApp Hooked Protocol, DeFi platform Venus Protocol, NFT marketplace OpenSea and DEX Wombat Exchange.

“Despite several challenges along the way, BNB Chain successfully executed its 2022 roadmap. It will continue to focus on growth strategies and technical developments such as scaling solutions and boosting throughput,” Trautman wrote. “The team plans to expand the network with L2-like solutions, such as ZK-rollups and sidechains, and to increase decentralization by open-sourcing the validator set.”

BNB Chain’s emphasis on user growth is in precise harmony with the mindset of Binance CEO and Co-Founder Changpeng Zhao (CZ), who says the top thing the Centralized Exchange looks for when listing projects is the number of users.

CZ was even more direct about users being a priority for BNB Chain in a Feb. 6 tweet:

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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