BNB Chain Shines Amid Bearish Market Conditions: Report

Summary:

• Binance Coin [BNB] had a good end to the year 2022 with increases in active addresses and transactions count.
• However, TVL and NFT ecosystems experienced a decline in revenue and total value locked.
• The new year brought better news for BNB as most of the cryptos gained bullish momentum.

Overview of BNB Performance in Q4 2022

Messari recently published Binance Coin’s [BNB] 2022 Q4 report, which highlighted the blockchain’s performance during the last three months of the previous year. As per the report, BNB Chain registered growth in quite a few areas. This helped BNB begin the new year on a good note. Average daily active addresses increased considerably by 30%, along with an influx of new network users as average daily unique addresses increased from 889k to over 1 million. Average transactions also witnessed a slight uptick despite the bearish market condition of that quarter registering an increase of 0.2%.

Decline In Revenue and Total Value Locked

Despite this growth, several other areas registered a decline such as quarterly revenue which decreased from $66.8 million to $59.98 million in Q4 2022 and network value which decreased by 13.4%. Similarly, Total Value Locked (TVL) denominated in both BNB and USD declined by 12% and 24%, respectively while NTF secondary sales dropped by more than 67%. However, after integration with OpenSea, the number of unique buyers skyrocketed changing this trend significantly.

Positive Start To The New Year

2023 brought better news for cryptos across board as most gained bullish momentum resulting in positive changes for BNB too such as increase or maintenance in various metrics such as active addresses etc.. PancakeSwap was able to remain dominant with respect to TVL dominance followed by Venus and Alpaca Finance at second and third positions respectively. Furthermore, NFT space too saw some improvement after OpenSea listing resulting in an influx of unique buyers on BNB Chain’s platform .

Conclusion

Overall it can be said that all metrics were not favourable for Binance Coin during Q4 2022 but despite this fact it managed to start off 2023 on a positive note due its performance across various factors such as active addresses etc., along with improving integration with other platforms like OpenSea leading to improved figures regarding NFTs on its chain’s platform thereby allowing it start off 2023 on a high note despite bearish market conditions during previous quarter