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Weekly Analysis of the BNB Chain (June 10- June 16)

BNB Chain made significant strides between 10 June and 16 June. 

Key Metrics of the Week

In its newly published Weekly Ecosystem Report, the BNB Chain informed users of the various developmental updates on the Network between June 10 and 16.

According to the report from June 16, all key metrics of the BNB Chain registered some growth compared to the past week. So let’s have a look at some of them:

  • Between June 10 and 16, the Network saw a 3.7% uptick in its weekly active users, totaling 3.08m. 
  • The index for weekly transactions on the BNB Chain within that window period also registered a 5.65% growth from the past week. 
  • With an average daily transaction of 4.26m executed on the platform between June 10 and 16, a 5.16% uptick was recorded.  
  • In addition, the average gas fee for trades executed on the chain between the period under review was pegged at 0.00079 BNB.
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Ecosystem Update 

According to the report, on June 10, The Republic of Palau confirmed the issuance of identification cards to its digital residents in the form of non-fungible tokens (NFTs) minted on the BNB Chain. 

Another ecosystem update provided in the report was that, on 13 June, Nansen, a blockchain analytics platform, announced the launch of analytics support for BNB chain NFTs to assist users in making better decisions while investing in NFT projects on the BNB chain. 

In addition, on 15 June, CZ  announced that users of the Binance App could now book taxis in over 150 countries through the app and make payments either in BNB or BUSD. 

The report further confirmed that on 16 June, through a publication post, Ankr, a Web 3.0 infrastructure provider, announced its open-source contributions to BNB Chain through the Erigon Upgrade. Through the Erigon Upgrade, BNB Chain’s storage requirements saw a 75% reduction. The upgrade also increased the RPC request performance by 10 times and made the sync process 100 times faster.

Price Performance

On 10 June,  the price per BNB coin was spotted at an index price of $289. However, in light of the bloodbath that plagued the cryptocurrency market in the past week, the price registered a 27% decline. As a result, the market capitalization dropped from $47.2 billion to $34.02 billion within the period under review. 

Source: Santiment

Within that period, on-chain analysis revealed significant traction in whale activity. Although transactions count for whale transactions above $100 thousand saw a 67% decline between 10 June and 16 June, count for whale transactions above $1 million registered a 150% growth within the same period. 

Source: Santiment

What is BNB Chain:

BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain-powered by BNB. 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.  

For more information on BNB Chain, these links:

Website | Twitter | Discord | Telegram | GitHub  

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