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BNB Chain: Q2 Report Card Presents ‘Recovery’ Differences

Binance Coin (BNB) breached a downward line on July 26, confirming a possible trend shift. While publishing this content, BNB controlled 7.5% ($6.86B) of the overall market’s total value locked. DeFiLlama data shows BNB Chain’s TVL gained 14% within the past 30 days. However, you may wonder about the platform’s progress following the events.

BNB Chain’s Report Card

The Binance Chain recorded a continued surge in some sectors and declines in others in 2022 Q1. However, investor curiosity heightened as Messari published BNB Chain’s state report for 2022 Q2.

Meanwhile, the bear market wasn’t a hindrance to BNB Chain’s implementation of ecosystem expansion strategies and core architectural solutions. Various indicators confirmed improvements for the network.

The second quarter saw DAA (Daily Active Addresses) steadies at 1 million daily average in June. Meanwhile, that address activity was about 2X last year’s numbers. Moreover, 24hr unique addresses remained the outstanding indicators for Q2.

The quarter saw average daily addresses joining the platform increasing by 6.6%. Surprisingly, the overall quarterly surge emerged amid an activity surge between May 11 and May 14 (during the Binance Bridge 2.0 launch.

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Besides that, BNB Chain had its daily transactions stabilizing at nearly 4 Million per day in June, regardless of Q2’s downside trends. That matched figures of one year ago. Meanwhile, the scale of individual addresses plus transaction activity in May exceeded what other networks saw by a large margin.

Furthermore, BNB Chain saw increased user activity in mid-May compared to leading EVM chains. These metrics confirmed surging interest in the network. Meanwhile, some substantial updates have instilled certainty within fans.

What to Consider

Binance revealed the issue of BAB (Binance Account Bound), the first SBT (Soulbound Token) created on Binance’s mobile application. Having stated that, some vital milestones took a hit. BNB Chain’s TVL declined by around 55% quarter-over-quarter in USD terms, regardless of the progressing investment programs.

That saw BNB tokens locked in decentralized finance decreasing. While publishing this content, BNB changed hands around the $288 level, following slight movements within the past 24 hours.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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