BNB Chain is moving forward day by day, let’s dive into the BNB Chain Q3/2022 Report & forecast future potentials.
Key Takeaways
- Within Q3, BNBChain has supported many potential projects on the list of Monthly dapp stars, project spotlights and especially 27 MVB V selected projects, which mainly promote Web3 technology
- DappBay – the journey to find high-risk, medium-risk and low-risk projects, helping users reduce the risk of being scammed
- Some football leagues consider using NFT Ticketing to replace regular tickets, bringing many benefits to Fans – the forecast is likely to resonate at the 2022 World Cup.
- Binance announces the 20th $BNB burning – making $BNB more sustainable and becoming a store of value
- Soulbound tokens to pave the way for decentralized society on BNB Chain – exploring BAB token value in the ecosystem
- BNBChain Introducing AvengerDAO – a unique community-run security infrastructure project designed to protect users on BNB Chain from possible exploits, scams and malicious actors.
Introduction
During Q2, the BNBChain ecosystem clearly aims to expand horizontally with the launch of many new projects in MVBV, Monthly Dapp Stars and Project Spotlights. Projects include many lego such as Infrastructure & Tooling, DeFi, GameFi, Music, SocialFi, NFT, etc.
In addition, the BNB Chain team also deepened the infrastructure of BNBChain with Binance Application Sidechains and zkBNB. The innovation will significantly impact developers’ ability to build large-scale BNB Smart Chain -based applications with guaranteed security and transaction speed, faster finality, and significantly reduced transaction fees.
DeFi projects in BNBChain have continuously improved and upgraded tokenomics, business models, and reward mechanisms to match the current market. At the same time, some outstanding DeFi projects also launched in Q2, such as Wombat Exchange, Stader, and Helio Protocol, which attracted a lot of money flowing into the ecosystem.
Network Activity
Total Transaction and Daily Active Users (DAU) decreased slightly in July and August. In September, the numbers started to stabilize and increase slightly.
Users did panic sell and stopped trading during sharp drops and fuds. However, investors and users got used to it and started trading again after a while.
Comparing total transactions with Ethereum, BNBChain still maintains an average of 2x. Simultaneously with indicators like Daily Active User, New Unique Addresses also has a similar coefficient to the total transaction.
In contrast to DAU and Total TXN, When compared to Q2 2022 (23.4M), New Unique Addresses are still rising gradually (23.3M) despite the more gloomy market.
. With improvements in width and depth, BNBChain has successfully attracted many new users from other ecosystems and people just starting out in the crypto market.
Ecosystem breakdown
The TVL of BNBChain in Q2 did not see a drop. Instead, it was sustainable around the $5B mark because there were many projects with tokenomics updates, new reward mechanisms & new innovation DeFi Project. It proved that BNB Chain ecosystem is now an ideal space to earn & skin in the game, especially with staking, farming & launchpad.
Notable Events in Q3 2022
Despite the market turmoil, the BNBChain Ecosystem continues to have events, upgrades, and promotion programs to support the development of potential projects and educate users.
July
- BNBChain announced 27 MVB V selected projects
- BNBChain Partnered with Melos Studio
- Music Mania is Live on BNBChain with Rockie & Melos Studio
- BNBChain Introduced DappBay
- BNB Chain is Making Innovations in Sport Possible as Utilize NFT Ticketing
- Binance announces the 20th $BNB burning
- RichQuack Metaverse Sneak Peak
August
- BNBCHAIN is now at 2.5 million followers
- PARSIQ’s TsunamiAPI has launched on BNBCHAIN
- BNBChain introduced Binance Account Bound (BAB) Token
- WombatExchange IFO to be Hosted on PancakeSwap
- BabyDogeCoin Introducing BabyDogeSwap
September
- SPACE ID Closed its Seed Round Led by Binance Labs
- BNBCHAIN ’s virtual Headquarters are located in the USMverse – Radio Caca Metaverse
- BNBChain introduced zkBNB
- Binance Blockchain Week Paris
- BNBChain Partnership with Google Cloud
- BNBChain Introducing AvengerDAO
MVB V – Uncharted Territory
In Q3, MVB V has attracted more than 650 applications, BNB Chain Team has worked hard to select 27 projects focusing on the fields of focusing on infrastructure and tooling, decentralized finance (DeFi), SocialFi, NFTs and GameFi were selected.
Besides, MVB V will have many differences compared to previous MVB events including great benefits from BNB Chain and Binance Labs such as:
• Business Development
• Alumni Network
• Partnership
• Exposure Program
• etc
Binance Account Bound (BAB) Token – Pave the way for Decentralized Society on BNB Chain
The Binance Account Bound (BAB) token is non-transferable and can only be revoked or canceled by the user in question, as it is a unique token that can only be minted upon completion of KYC.
Fourteen projects across the BNB Chain ecosystem have already pledged to offer users exclusive use cases that are tied to the BAB tokens. The following list outlines the relevant projects set to be the world’s first Web3 platforms to adopt Soulbound tokens:
The benefits of owning your own BAB token range from exclusive airdrops and VIP benefits to newly launched feature access across the ecosystem. This initiative will mark the first time that multiple Web3 projects and Binance have teamed up to provide real-world use cases for soulbound tokens.
BNBChain Introducing AvengerDAO – Leading Security Initiative Protecting Users on BNB Chain
The AvengerDAO is a unique community-run security infrastructure project designed to protect users on BNB Chain from possible exploits, scams and malicious actors.
AvengerDAO consists of: Meter, a passive API system, Watch, a subscription based alert system, and Vault, a programmable fund management system. The initiative marks our steadfast commitment to making user experience on Web3 more secure and enjoyable.
Projections
Taste of BNB Chain
An overview of the recent Q3’s events reveals that the BNBChain team is particularly interested in Web3, Infrastructure, Metaverse, DeFi, and GameFi because:
• Infrastructure will help BNB grow deeper and more extensive in the future;
• Web3 and GameFi will bring users to BNBChain Ecosystem because of its accessibility and attractiveness;
• Metaverse and DeFi will be a model to increase user experience and reward users for helping the ecosystem maintain interaction with users who have been using the products and services of the ecosystem.
BNB Chain — The Road Ahead
BNBChain is still on schedule with its 2022 Tech Roadmap. The team also presents additionally tested and validated cutting-edge innovations from ecosystems and business professionals.
There will be more intriguing and challenging developments with the BNB Chain in 2023. Including outstanding events such as
• BAS Mass Adoption
• zkBNB – zkBAS Technology
• Binance – World Cup – BNBChain – Fan Token
Binance Application Sidechains – Making BNB Chain Seize the 1 Billion User Goal
BAS is a multichain solution that allows large-scale applications to run their chain while maintaining a close connection with BNB Smart Chain (BSC).
BAS brings many benefits to the project in particular and the ecosystem in general, such as:
• As a project owner, you can have your own blockchain with your own gas token
• BAS could bring sustainability to projects and the whole ecosystem
• BAS and BSC are seamlessly integrated
• BAS is backed by the largest community of users and developers
The first project to launch on BAS is Meta Apes. Although there were many initial problems and difficulties, that will push the BNB Chain and BAS team to finalize and plan for mass adoption soon.
The above facts show a big boom in 2023 in the BNBChain can be projected.
Conclusion
In general, the second quarter was difficult for Layer-1 networks and crypto assets. Numerous macro pressures reduced user activity and pushed networks downward.
Despite these drawbacks, BNB Chain kept building.
BNB Chain could continue to serve as an alternative to Ethereum given its new use cases. BNB Chain is positioned to offer additional value propositions to its sizable user base thanks to its expanding architecture and deployment of zk-rollups and sidechains. BNB Chain might continue to compete in the Layer-1 race as one of the most valuable networks in the industry if its plans are carried out properly.
There might be technical and governmental obstacles to overcome as it grows its user base through applications in brand-new industries like NFTs, GameFi, and the Metaverse. To address these issues, BNB Chain has a strategy that entails a technical roadmap, an ecosystem growth fund, and an accelerator program.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of BSC Daily.
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