Recently, Binance Smart Chain has emerged as the leading layer 1 platform with the largest number of BNB users. Its size also increased noticeably.
An optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. The recent rise of Bitcoin, which has a market capitalization of approximately $2.3 trillion, exceeding $63,000 suggests that investor confidence has increased.
BNB, TVL reaches $5 billion
The total value locked (TVL) of the BNB chain has steadily increased this year and is now close to $5 billion. It is important to remember that the current upward trend in BNB is what caused the TVL surge.
Source: DefiLlama
According to data from DefiLlama, this represents a notable increase compared to the $3.5 billion reported at the beginning of the year and demonstrates the growing presence of decentralized finance (DeFi) protocols on chain.
According to Crypto Rank data showing the total number of unique users for the top 15 networks, the BNB chain took the top spot at the time of publishing, with 425 million unique users.
Top 15 Blockchains by Number of Unique Addresses@BNBChain – 425M@0xpolygon – 406M@Ethereum – 259M@Trondao – 214M@PhantomFDN – 172 million@optimism – 124M@NEARProtocol – 99M@Base – 65M@Aptos_Network – 27 million@Moonbeam Network – 20M@arbitrum – 17.9 million@avax – 17.7 million… pic.twitter.com/lGYGfjTaea
— CryptoRank.io (@CryptoRank_io) February 28, 2024
The BNB Chain’s on-chain trading volume surged significantly this week, reaching approximately $1.4 billion. According to DefiLlama, this is the largest volume seen in 2024 and the second highest daily volume on the chain in over a year. More activity means more user engagement and more room for the ecosystem to evolve.
Total crypto market cap is currently at $2.214 trillion. Chart: TradingView.com
BNB breaches $400 level.
It is quite notable that the price of BNB has recently risen to levels not seen in several months. As of April 2022, the coin has moved into a previously unobserved price range.
According to 24-hour chart analysis, BNB ended trading at a high level. At the time of writing, there has been a slight decline of less than 1%, but BNB is still trading at $405.
Source: Coingecko
Anticipation of web3 gaming project Portal’s airdrop farming campaign has partially influenced the recent rise in BNB prices. Binance’s Launchpool integration allowed users to participate in Portal’s PORTAL token airdrop, which increased interest and participation in the BNB Chain ecosystem.
Meanwhile, if the price breaks above the resistance of $401, the bulls will regain control and be ready to challenge the market’s resistance of $420 this week. If the price stays the same, BNB coin will be ready to test the $435 upper limit next week.
A notable change in price has been observed despite Binance receiving the most severe criminal penalty in U.S. history. Following the judge’s agreement, the exchange reached a $4.3 billion plea agreement related to charges related to violations of anti-money laundering regulations and penalties.
Featured image from Pexels, chart from TradingView
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