Originally published on: November 08, 2024
The third quarter brought a whopping 283% surge in non-fungible token trading volumes on the BNB Chain, reaching a daily average of $600,400, as reported by blockchain analytics firm Messari.
According to Messari’s Research Manager “AJC,” the average daily sales also skyrocketed, rising by 47% quarter-on-quarter to 8,900. However, the number of average daily buyers decreased by 53% QoQ to 2,300, indicating that Q3’s NFT buzz was fueled by ‘whales’ rather than small users.
Despite hitting $55.2 million in NFT trading volume on the BNB Chain in Q3, this figure still falls short compared to Ethereum and Bitcoin networks, which recorded $120.7 million and $74.6 million in trading volumes, respectively, within the last month alone.
Other networks such as Solana, Mythos Chain, Polygon, and Immutable also outperformed the BNB Chain in terms of trading volume during the same period.
While some metrics showed mixed results for the BNB Chain’s performance in Q3, there were bright spots to note. The total value locked on the BNB Chain increased by 2.2% to $4.8 billion in Q3. Notably, Venus Finance, an algorithmic money market protocol, contributed significantly to this rise by increasing its value to $1.79 billion, up by 13%.
Additionally, a higher number of BNB tokens were burned than minted in Q3, leading to a deflation rate of 4.5% and contributing to a 2.5% price increase. This deflationary measure helped counteract the slight regression in the broader market.
The BNB Chain’s most common use cases involved transacting with the Tether USDT stablecoin and interacting with the decentralized exchange PancakeSwap, as highlighted by Messari’s analysis.
Launched by Binance in 2020 as Binance Smart Chain, the BNB Chain currently ranks as the fourth-largest layer-1 blockchain by total value locked, trailing behind Ethereum, Solana, and Tron, according to DeFiLlama.
In recent news, the BNB Chain unveiled a new real-world asset tokenization service that promises to revolutionize the process of tokenizing real-world assets swiftly with a ‘no-code’ solution, reducing costs and labor significantly.
With exciting developments like these, the BNB Chain continues to make waves in the crypto space. Don’t miss out on the latest DeFi trends – subscribe to the Finance Redefined newsletter for a weekly dose of sharp analysis and financial insights that will help you navigate the world of decentralized finance with confidence.
