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Cryptocurrency News Articles
BNB Chain Reports Impressive Growth in Q1 2024, Showcasing Technological Advancements
May 02, 2024 at 06:16 pm
In Q1 2024, BNB Chain experienced significant growth, with an increase in Daily Active Users (DAU) on BSC by 27.3% to 1.4 million and a 70.8% increase in Total Value Locked (TVL). The BNB token price increased by 93.5%, and opBNB saw a rise in DAU, leading the industry in daily new unique addresses. BNB GreenField progressed with over 415 GB of stored data and implemented three forks for enhancements. Security measures included a 55.8% reduction in value loss and the AvengerDAO community's protection efforts.
BNB Chain Q1 2024 Report Highlights Significant Growth and Technological Advancements
Dubai, UAE, May 2nd, 2024 - BNB Chain, the decentralized blockchain ecosystem that encompasses the world's largest smart contract blockchain, has released its Q1 2024 performance report, showcasing notable growth metrics and updates across its suite of products.
BNB Smart Chain (BSC)
BNB Smart Chain, the Layer 1 (L1) blockchain within the BNB Chain ecosystem, experienced a surge in activity during Q1 2024. The average Daily Active Users (DAU) increased by an impressive 27.3% quarter-on-quarter to 1.4 million. This growth was accompanied by a significant increase in the Total Value Locked (TVL), which rose by 70.8% from $3.49 billion in January to $5.96 billion at the end of Q1.
The price of the BNB token also exhibited remarkable gains, rising by 93.5% during the quarter, more than doubling the growth rate witnessed in Q4 2023 (42.9%). This surge in token value contributed to a 93.5% increase in market capitalization, reaching $43.7 billion. The total number of unique addresses on BSC increased by 5.3% to 435 million between January and March 2024, maintaining BSC's position as the leading EVM-compatible blockchain in terms of daily new unique addresses.
opBNB
opBNB, the Layer 2 (L2) blockchain within the BNB Chain ecosystem, has emerged as an industry leader in terms of Daily Active Users (DAU). This milestone was achieved alongside a significant increase in the number of distinct addresses on opBNB, which surpassed 20 million during the quarter.
opBNB's roadmap for 2024 focuses on enhancing scalability and optimization. The team is aiming to achieve a throughput capacity of 10,000 transactions per second (TPS) and reduce transaction costs by a factor of 10. The integration of the Path-Based Storage System (PBSS) solution is also underway, with its rollout expected in Q2 2024. This solution will optimize blockchain storage for opBNB, further improving efficiency and cost-effectiveness.
Several new projects, including Bitget Wallet and Binance Web3 Wallet, have begun utilizing the opBNB Bridge. A customized gas token for opBNB is also in development, addressing the specific needs of the growing opBNB ecosystem.
BNB Greenfield
BNB Greenfield, the decentralized storage platform within the BNB Chain ecosystem, has made significant progress, with network storage data size exceeding 415 GB. The peak daily stored data size reached a new high of 33.84 GB on February 22, 2024.
BNB Greenfield has implemented three major forks named Hulunbeier, Ural, and Pawnee during Q1 2024. These forks introduced enhancements that improved user experience and backend operations, ensuring the platform's continued stability and efficiency.
Security Enhancements
BNB Chain places a high priority on security, and its AvengerDAO community has played a crucial role in protecting users. Through its efforts, the network has seen a 55.8% reduction in value loss compared to the same period last year. Red Alarm, a real-time risk-scanner for Dapps, further strengthens the ecosystem's security posture.
Ecosystem Support
BNB Chain continues to support builders and innovators through its Builder Support Program. This program provides monetary and ecosystem rewards to eligible projects, fostering the growth of the ecosystem and driving innovation.
Conclusion
BNB Chain's Q1 2024 performance report reflects the ecosystem's robust growth and sustained momentum. The strong growth metrics across BSC, opBNB, and BNB Greenfield, combined with ongoing technology upgrades and a commitment to security, position BNB Chain as a leading force in the blockchain industry.
For more information on BNB Chain and its ecosystem, visit https://www.binance.org/ or explore the Dapp library at https://dappstore.binance.org/.
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