Messari notes uptick in activity on BNB Chain

During Q4 2022, the BNB Chain network posted sustained activity growth amid the ongoing bear market, noted by Messari researcher James Trautman.

State of BNB Chain Q4 2022https://t.co/ustKzqDk0H

A 🧵on $BNB

— James Trautman (@JamesTrautman_) February 5, 2023

“Despite market headwinds, BNB Chain continued an aggressive strategy of deploying financial and human capital in its ecosystem,” the expert noted in the blockchain metrics report.

According to him, ongoing updates and improvements to the network helped the number of daily active addresses and transactions buck the downward trend, rising by 30% and 0.2%, respectively.

2/Due to ecosystem developments, average daily active addresses and transactions bucked a downward trend during Q4 and grew by 30% and 0.2%, respectively. pic.twitter.com/RkBNobEtfi

— James Trautman (@JamesTrautman_) February 5, 2023

Trautman said the growth strategy, including an incubator program and grants to creators, formed the cornerstone of BNB Chain’s success.

The spike in DeFi activity in the ecosystem was attributed by the expert to the Venus Protocol and the introduction of liquid staking in partnership with the platforms Ankr, Stader and pStake.

In the NFT sector, a significant impact on metrics came from the network’s OpenSea marketplace integration in December.

7/It was a breakout year for the BNB Chain NFT sector, growing secondary sales volume by 857.9% YoY.

While BNB Chain emerged in the NFT space, macro forces may have stalled sales volume during the back half of 2022. pic.twitter.com/AJTaXaheWg

— James Trautman (@JamesTrautman_) February 5, 2023

“It was a breakout year for the BNB Chain NFT sector, with secondary sales volume up 857.9% year over year,” Trautman said.

The GameFi segment in the blockchain ecosystem also “gained momentum” in 2022, the researcher says. He noted projects such as Era7: Game of Truth, Tiny Worlds and X World Games, which showed steady daily user activity.

Trautman noted that one of the network’s problems in Q4 was the October hack. Hackers minted BNB tokens worth more than $500 million. The attackers were able to steal assets worth only about $100 million thanks to the rapid response of the team and the validators, the researcher said.

13/Ultimately, BNB Chain’s ecosystem growth strategy will continue to push forward throughout 2023. With initiatives such as season six of the MVB Accelerator Program (MVB VI).

— James Trautman (@JamesTrautman_) February 5, 2023

“Ultimately, the BNB Chain ecosystem growth strategy will carry on through 2023, thanks to initiatives such as the sixth season of the accelerator program, improved staking and network decentralization,” Trautman said.

In February, the project team presented the white paper outlining the infrastructure for decentralized storage of data in BNB Greenfield.