BNB Chain Transactions Surge by 35% in Q4 2023, Messari Report Reveals
Date: 2024-01-26 Author: Dima Zakharov Categories: BLOCKCHAIN
BNB Chain's Spectacular Q4 2023 Performance
The BNB Chain (BSC) network has shown substantial growth in the fourth quarter of 2023, with a record-breaking 35% increase in transaction volume compared to the previous year. Messari's report highlights several key metrics that underline the network's impressive performance.
Revenue and Market Cap Soar
During the specified period, BNB Chain's revenue surged by an impressive 27%, while its market capitalization grew by a whopping 48%. These remarkable numbers illustrate the network's increasing prominence in the cryptocurrency landscape.
Record-Breaking Transactions
One standout moment in December 2023 saw BSC processing an astounding 32 million transactions in a single day, with an average of 4.6 million daily transactions throughout the quarter. Additionally, transaction fees on December 7th averaged just $0.27, a significant 74% reduction from the quarterly average.
Growing Validator Network
The number of active validators on BSC increased from 32 to 40 during the quarter, marking a 25% quarterly and 54% annual growth. This expansion was attributed to the implementation of BEP-131 and BEP-159 standards, as noted by analysts.
Impressive Financial Performance
BNB Smart Chain's profitability saw a 27% increase in Q4 2023, surpassing $39 million in earnings for the quarter. Total Value Locked (TVL) in BSC smart contracts reached $4.3 billion, reflecting a remarkable 33% increase.
USDT Dominance and Delisting
Among stablecoins on the BNB Smart Chain, USDT emerged as the dominant player, with BUSD witnessing significant outflows. Notably, Binance delisted BUSD on December 15th, leading to changes in the stablecoin landscape.
BNB Greenfield Launch
In a significant development, the launch of BNB Greenfield in Q4 2023 aimed to provide secure and decentralized data storage infrastructure for AI and Web3 projects, as per Messari's statement.
Developer Incentives and NFT Activity
BNB Chain's strategy to attract developers and foster ecosystem growth included initiatives such as the Most Valuable Builder accelerator program and a DAU incentive program with a $200,000 prize pool. However, experts noted a decline in secondary sales of NFTs, despite games like BLCR and Burger Cities contributing to the creation of over 100,000 new addresses in Q4 2023.
This Messari report showcases the impressive progress and achievements of the BNB Chain network in the final quarter of 2023, solidifying its position as a major player in the cryptocurrency industry.
