Binance Coin [BNB] broke above the downtrend line on 28 July, indicating a potential trend change. In fact, at press time, BNB held a 7.5% ($6.86 billion) share of the entire market’s TVL. On DeFilama, just in the last 30 days, TVL on the BNB Chain grew by 14%.
But given the events, one might wonder, how has the network progressed?
The report card
The BNB Chain experienced continued growth in some areas but declines in others during Q1 2022. But the curiosity among investors was high as Messari released the state of BNB Chain Q2 2022 report.
The bear market didn’t prevent BNB Chain from implementing core architectural solutions and strategies for expanding its ecosystem. Different indicators highlighted some improvements for the flagship network.
Daily active addresses over Q2 stabilized at an average of one million per day during June.
For perspective, this amount of address activity was nearly double of the last year’s amount for the network. Furthermore, daily unique addresses became one of the outstanding metrics for the quarter here.
The average daily creation of new addresses over the quarter increased by 6.6%. Interestingly, the total quarterly increase was primarily due to an activity spike between 11 May and 14 May (launch of Binance Bridge 2.0).
In addition to this, BNB Chain’s daily transactions, despite a downward trend in Q2, stabilized at around four million per day during June. Similar to what it painted a year ago.
Herein, the magnitude of unique addresses and transaction activity during May was much larger than what was seen on other networks.
In fact, BNB Chain experienced more user activity during the middle of May compared to a peer group of top EVM chains.
— Messari (@MessariCrypto) August 2, 2022
These metrics, indeed, showcase the rising interest in the said network. In fact, a few significant updates have injected certainty within enthusiasts.
Binance announced the issue of Binance Account Bound (BAB), the first-ever Soulbound Token (SBT) built on the BNB Smart Chain. BAB would work as a pilot project initially, accessible through the Binance mobile app.
Having said that, some important key milestones did take a hit. Despite ongoing investment programs, BNB Chain’s Q2 TVL fell roughly 55% in USD terms quarter-over-quarter (QoQ). Following this, the amount of BNB locked in DeFi also decreased.
At the time of writing, BNB traded around the $288 mark after witnessing a fresh 3% surge over the last 24 hours.