Is BNB Chain Worth Investor Attention Following this ‘Milestone’?
The crypto market experienced one of its worst quarters in 2022 Q2. Also, the BNB Chain succumbed to the carnage, leading to an over 50% dip in BNB. Nevertheless, the Binance Chain has embarked on steady recoveries in August. The platform sees renewed investor optimism for improved performance in Q3.
BNB Chain’s Respite
The BNB Chain noted various fascinating aspects throughout the second quarter. Network activity plunged in different metrics within the Chain. Nevertheless, the surge in NFTs and GameFi on the platform brings signs of relief.
BNB recorded a mild performance in DAA (Daily Active Addresses). The decline remains visible from December 1, 2021, when addresses hit 2.2 million ATH. Meanwhile, the Q2 downtrends DAA consolidating at 1 million in June. Nevertheless, the trend maintained its downside tendencies into July (regardless of broad market recovery).
Also, the decline in BNB Chain’s Daily Transactions appears visible. The platform noted 16.2M transactions per day during the November 2021 peaks. However, the Q2 onslaught reverses the course, maintaining about 4 million daily transactions. The drop extended in July, with the metric plunging to 3.6 million daily transfers.
Also read:The overall decentralized finance (DeFi) market also suffered during the worst quarter. BNB Chain saw its TVL (total value locked) dropping by 55% (USD terms), plus the locked BNB. The Chain closed the quarter with investors taking over 8 million BNB coins.
However, BNB’s DeFi total value locked sees one crucial concern, with PancakeSwap continuing to control the proceedings, even during August. For now, the DEX boasts more than 45.9% control over BNB’s decentralized finance value, a narrative that might ensure possible effects for the Chain.
Final Thought
Indeed, BNB Chain recorded a sharp drop in activity and value amidst the Q2 turmoil. Nevertheless, the Chain has several respites, considering the NFTs and GameFi growth. Also, BNB noted a milestone lately when BNB-BTC set a record, hitting $0.0124. Will it extend the ongoing plummets or flouring in August? Time will reveal everything.
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