Darius Baru
September 4, 2024 06:01
The BNB chain celebrates its 4th anniversary with a focus on expanding its ecosystem and attracting a new billion Web3 users through innovative strategies and continued support for developers.
BNB Chain, a leading blockchain ecosystem, recently celebrated its 4th anniversary on September 1, 2024. The event, known as “BNB Day,” highlighted the platform’s efforts to support startups and developers while aiming to onboard the next billion Web3 users through cost-effective, scalable, and secure infrastructure.
Won BNB Strategy
One of the key initiatives announced was the “One BNB” strategy, a unified multi-chain ecosystem that integrates BNB Smart Chain (BSC), opBNB, and Greenfield. The strategy aims to drive full on-chain decentralized applications (Dapps) across a variety of sectors, including AI, gaming, and DeFi.
Support for developers and startups
BNB Chain has expanded its support for developers and startups through initiatives such as the MVB program, BNB Incubation Alliance (BIA), grants, and Launch-as-a-Service (LaaS) packages. From Q3 2023 to Q2 2024, BNB Chain has allocated $7 million to foster the ecosystem. In particular, MVB Season 7 attracted over 700 applications, and 13 outstanding teams received significant support and investment from Binance Labs.
Growing the community and ecosystem
The BNB chain ecosystem has seen significant growth, currently boasting about 800 live Dapps and reaching 1.2 million daily active users (DAU) on BSC and 2.7 million DAU on opBNB. This growth is reflected in the total value locked (TVL) on BSC, which has increased by 40.4% to $4.82 billion.
Improved performance and scalability
The BNB chain has achieved significant performance milestones, including the introduction of 10,000 transactions per second (TPS) and Blob-carrying transactions on opBNB. These advancements aim to improve user experience and reduce costs. The BNB chain has also strengthened security measures, resulting in an 87% reduction in total annual losses.
Bringing Web3 to the next billion users
The One BNB strategy focuses on integrating BNB Smart Chain, opBNB, and Greenfield into a cohesive ecosystem to transform applications into a complete on-chain framework. This approach addresses the scalability requirements of large-scale Dapps, ensuring seamless interaction between distributed computing and storage solutions.
Ongoing support and incentives
BNB Chain continues to implement targeted activities to support early-stage projects through the MVB program, hackathons, and the BNB Incubation Alliance. In 2024, the BIA program evaluated 38 project pitches and awarded 5 promising projects. In addition, BNB Chain’s grant and kickstart programs provide important funding and services to projects in the deployment stage.
Impact by sector
In 2024, BNB Chain has allocated over $7 million to several major initiatives, including the Global Online Hackathon, TVL and DAU Incentive Program, and Gas Grant Program. These initiatives have contributed significantly to the growth and innovation within the BNB Chain ecosystem.
Achievements in 2024
BNB Chain has shown remarkable performance, with daily active users on BSC increasing by 8.5% and transaction indicators increasing significantly. While the average gas price on BSC has decreased by 42%, opBNB has maintained a low average gas price, increasing cost efficiency for users.
Expanding capabilities
The BNB chain has made significant progress in governance and consensus mechanisms through BC Fusion, which integrates the governance of the BNB Beacon Chain and BSC. In addition, the implementation of Proposer-Builder Separation (PBS) has established a transparent and fair MEV market on the BNB chain.
Focus on user experience and ecosystem growth
BNB Chain’s efforts to improve performance and user experience reflect its commitment to providing a smooth, secure, and efficient infrastructure. New projects such as SocialFi, DeFi, and Web3 games continue to contribute to the vibrant ecosystem.
Future Prospects
BNB Chain is looking to the future and is committed to supporting developers and users building the next generation of decentralized applications. Upcoming initiatives include completing the BNB Chain Fusion process, introducing a new Rust-based node client, and improving real-world use cases with high throughput and low latency.
For more information, please visit the BNB Chain Blog.
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