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More User Adoption and Investment Despite the Bear Market: BNB Chain Q2 Report
August 10, 2022
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A drop in DeFi activity on BNB Chain was mitigated by growth in GameFi and NFTs.
Growth Through the Bear Market
Despite the ongoing bear market, BNB Chain experienced more user adoption during this period as more users joined the network. But an area of concern around the BNB Chain ecosystem is its concentration and dependence on PancakeSwap.
Here are some key highlights from the second quarter:
Daily Active Addresses and Transactions:
After a downward trend in Q2, daily active addresses stabilized at 1 million per day in June. In context, this almost doubles last year's network activity. Over the quarter, 6.6% more addresses were created daily.
In contrast, average daily transactions declined by 17.3%, while total revenue declined by 35.8%. Daily transactions, however, stabilized at around 4 million in June, similar to one year ago. Moreover, the number of daily transactions spiked between May 11-14. The pattern indicates that Terra users migrated to BNB Chain to transact, and the chain also got a major push from the launch of Binance Bridge 2.0.
Growth in daily transactions indicates gains in the network’s fundamental value and revenue generation.
A Decline in $BNB Circulating Supply:
BNB Auto-Burn replaced the quarterly burn to provide greater transparency and predictability. The burn program began in 2017 and has eliminated more 36.8 million $BNB as of the end of June. A deflationary mechanism combined with transaction activity supported $BNB values over Q2.
Total Value Locked:
BNB Chain's TVL dropped 55% from $14 million at the beginning of the quarter to $6 million in Q2. This downturn, however, was confined to Decentralised Finance(DeFi) as there was growth in BNB Chain’s nascent Non-Fungible Token (NFT) and GameFi markets.
The TVL of BNB Chain's most prominent protocol, PancakeSwap, dipped roughly at the same pace as the ecosystem. Meanwhile, PancakeSwap grew in dominance, suggesting a migration of TVL from smaller protocols.
Growth Strategies:
In Q2, BNB Chain launched DeFi protocols like iZiSwap and Unbound Finance and continued to make strategic investments in protocols like OpenLeverage. Further, BNB Chain announced the MVB V Accelerator Program to help projects develop working products.
The Emergence of GameFi:
Collectively, the top three GameFi applications (Era7, X-World Games, and Binary X) on BNB Chain by the number of users and transactions have generated over 60,000 daily active users, up 35% from Q1 2022. In addition, the application's smart contracts generated $14 million, representing incoming value.
Staking and Decentralization:
Besides the 21 active validators, BNB Smart Chain also introduced more inactive validators (called "Candidates") over the quarter. As a result of this Euler hard fork, the network will have improved reliability and redundancy. Redundancy, in this case, means that two candidate validators and 19 active validators will be selected every hour to join the consensus. BNB Chain's Nakamoto coefficient of 7 is within the industry median.
NFT Sector:
In comparison with the top five L1s by secondary NFT sales volume, BNB Chain has established a strong position. NFT secondary sales (634%) and unique NFT buyers (716%) grew rapidly on BNB Chains, reaching levels seen on Solana and Flow.
“We believe the growth for BNB Chain NFTs in Q2 is a factor of the increased quality of the underlying projects, the impact of tools like Rareboard, and the clear indications from Binance and the BNB Chain team that they are taking NFTs more and more seriously,” Luke Rare, Growth Lead at Rareboard, told BSC News.
The NFT marketplace aggregator Rareboard was also selected for the BNB Chain MVB program in the NFT category.
Despite the market downturn, developers strengthened the BNB Smart Chain with the Euler hard fork and enhanced the BNB Beacon Chain with the Descartes upgrade. Through its evolving architecture, investment in its ecosystem, and deployment of ZK-rollups and sidechains, BNB Chain is providing additional value propositions to its users.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
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Memecoins Shiba Inu (SHIB) and DigiToads (TOADS) Among Most Appealing Cryptos to Buy Now
June 5, 2023
Both SHIB and TOADS offer rewarding and enjoyable investment opportunities, with TOADS more positioned to bring outsized returns.
Memecoins like DigiToads (TOADS) and SHIB are starting to gain momentum in the crypto world. There's a reason for this: many investors are tired of stagnant cryptos that offer nothing in the way of enjoyment. Both TOADS and SHIB are actually FUN to invest in, rather than just boring options you leave in your portfolio and check back to see if they've moved in price. The only fun you can have with Bitcoin is when you look at your charts and see that it's gone up in price, but with SHIB and TOADS, you can enjoy the journey along the way. That's why memecoins offer a more viable investment opportunity right now, one that puts the fun back into the altcoin world and allows you to profit while you play. TOADS leads the way as the top crypto to buy right now, here's why:
DigiToads (TOADS)
TOADS puts the fun back into crypto investing thanks to the most comprehensive P2E memecoin model ever seen, making it lead the way as one of the best cryptos to invest in. Not just for right now: but for the long term, too. So if you want gains as well as rewarding fun, it's important to understand the incredible P2E benefits that TOADS bring to the table.
As part of a wider 7% sales tax on transactions, 2% goes straight into the TOADS rewards pool. This will ensure the long-term viability of the project and make sure there's always enough money to go around. And it's both fun and simple to start earning TOADS token rewards in the revolutionary TOADS swamp arena. In the swamp arena, you get to battle it out every season with your own unique TOADS companions. You can collect more companions, nurture them by feeding and leveling up, and take them into the swamp arena to battle it out as part of one of the most enjoyable experiences ever seen in the crypto world. The best battlers will win more TOADS tokens every season, which will either be instant profit or enable you to power up your TOADS to make them even stronger.
As you can see, the TOADS P2E environment is second to none, truly revolutionizing the space by putting the fun factor back into investing in a big way. TOADS has its sights set on quickly becoming one of the top 5 cryptocurrencies by market cap and will continue to reward early investors along the way throughout its incredible presale journey and beyond. Check it out immediately if you want fun, gains, and rewards.
Shiba Inu (SHIB)
SHIB helped revolutionalize the memecoin world a couple of years ago when it added a new level of collectibility and a level of fun to investing that the industry hadn't seen before. While SHIB struggled to hold into its gains, it still has a lot of potential in the crypto investment world. Many still see SHIB as the standout memecoin option, but TOADS is hot on its tail as it continues to show presale prowess.
Conclusion
Both SHIB and TOADS stand out as two of the most fun and rewarding crypto investments available. TOADS leads the way as the best new crypto to invest in by a wide margin, continuing to welcome new investors while giving them a fun-first way to earn. Consider adding TOADS to your portfolio immediately if you want an enjoyable way to earn and an investment that's ready to launch into the stratosphere.
For more information on DigiToads visit the website, join the presale, or join the community for regular updates.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
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