• BNB Chain’s weekly active users were 2.6 million.
• Popular dApps saw a decline in activity, impacting BNB negatively and adding to the selling pressure.
• BNB performed well in terms of daily active users and total number of transactions in the past week.
The Binance blockchain, home to the native token BNB, has seen a surge in activity over the past week. According to BNB Chain’s latest tweet, the weekly active users were 2.60 million and the average daily transactions on the BNB chain hit the 2.51 million mark. This high activity has been beneficial for other protocols deployed on the Binance blockchain as well, such as Radiant Capital’s decentralized finance (DeFi) protocol, which saw a jump in the number of daily active users after deploying Radiant V2.
However, not all metrics related to the Binance blockchain have been positive. Popular decentralized applications (dApps) such as PancakeSwap, 1inch Network, and ApeSwap all saw a decline in activity. PancakeSwap saw a decrease of 21.21% in terms of daily active wallets, while 1inch Network and ApeSwap witnessed a dip of 28.97% and 15.32%, respectively. PancakeSwap’s volume also declined by 38.18% over the last month, falling from $4.13 billion to $2.59 billion. This has had a direct impact on the number of transactions on the dApp, which fell by 18.87% over the same period.
The decline in activity has also impacted the total value locked (TVL) for BNB, which has dropped from $5.02 billion to $4.76 billion over the last two months, as reported by DeFiLama. All these factors have had a negative effect on the BNB token as well, adding to the selling pressure and making it difficult for short-term holders to make a profit.
Despite these challenges, BNB has seen some positive developments as well. For instance, the chain saw a surge in daily active users in the past week, which indicates that the Binance blockchain continues to gain traction among users. Moreover, the total number of transactions on the chain also increased, indicating that users are actively engaging with the various protocols and dApps deployed on the chain.
In conclusion, Binance’s native token BNB has been negatively impacted by a decline in activity on popular dApps on the chain. However, the chain has also seen positive developments in terms of daily active users and total number of transactions, which suggests that the Binance blockchain remains a popular platform for users.