James Trautman • Research Analyst (@JamesTrautman_)
Mike Kremer • Data Engineer (@mikeykremer)
Jacob Anderson • Data Analyst (@borgley)
BNB Chain’s average daily active addresses and transactions increased by 25.6% and 24.4%, respectively. The growth was primarily driven by a rise in activity from LayerZero.
BNB Chain’s market cap declined 25.2% after the SEC alleged BNB is a security in its regulatory actions against Coinbase and Binance. In contrast, the total crypto market cap increased by 2% QoQ, primarily driven by BTC and ETH.
BNB Chain revenue (in BNB) decreased 6.1% QoQ as average transaction fees declined 25.5% after BSC validators voted to reduce gas fees from 5 to 3 Gwei.
Staking on the network was stable through Q2. BNB Chain plans to increase the number of validators from 29 to 100 with a new validator reward model (balanced mining) and a validator reputation system.
The BNB Chain's growth initiatives to invest in the ecosystem were continued by introducing a Gas Grant Program and the Zero2Hero Incubator.
Incremental network activity resulted in DeFi activity resurgence on LayerZero, NTF platforms, and other use cases, especially in the SocialFi space.
Several technical developments rolled out during Q2, including the Planck hard fork, Luban hard fork, and opBNB.