BNB Chain Releases Q1 2024 Report, Highlights 55.8% Reduction In Its Value Loss, While BSC TVL Soars By 70.8%

Published: May 02, 2024 at 6:00 am Updated: May 02, 2024 at 4:43 am

Edited and fact-checked:
May 02, 2024 at 6:00 am

In Brief

BNB Chain released its quarterly report detailing the growth metrics and recent developments of BSC, opBNB, and security enhancements.

Community-led blockchain ecosystem BNB Chain released its quarterly report detailing the performance of BNB Chain in Q1 2024. The report outlines the growth metrics and recent developments of its Layer 1 BNB Smart Chain (BSC), Layer 2 opBNB–the decentralized storage solution BNB Greenfield, and security enhancements.

The BNB Chain ecosystem is composed of the largest Layer 1 blockchain, along with the EVM-compatible BNB Smart Chain, and fosters a multi-chain environment with the inclusion of BNB Greenfield and opBNB. Offering competitive gas fees and high transaction processing speeds (TPS), the BNB Chain ecosystem hosts a variety of decentralized applications (dApps) spanning across decentralized finance (DeFi), the metaverse, gaming, SocialFi, non-fungible tokens (NFTs), and infrastructure, all of which enrich its ecosystem.

As per the report, in the first quarter, the average Daily Active Users (DAU) on BSC saw a quarter-on-quarter (QoQ) rise of 27.3%, reaching 1.4 million. Similarly, the Total Value Locked (TVL) on BSC surged by 70.8% from $3.49 billion in January to $5.96 billion by the end of Q1. Furthermore, throughout Q1 2024, the price of the BNB token experienced a notable increase of 93.5%, marking a significant uptick compared to the 42.9% growth observed in Q4 2023.

During the same timeframe, the market capitalization experienced a 93.5% growth, reaching $43.7 billion. From January to March 2024, the total number of unique addresses on BSC expanded by 5.3% to 435 million addresses, positioning it as the leader among EVM-compatible blockchains in terms of daily new unique addresses.

Moreover, in alignment with the “One BNB” strategy, opBNB has demonstrated continued growth and currently stands as the foremost blockchain in the industry by Daily Active Users (DAU). This achievement coincided with the total number of distinct addresses on opBNB surpassing 20 million during this quarter.

opBNB Unveils Roadmap And Integrates Path-Based Storage System, BNB Chain Registers 55.8% Decrease In Value Loss Compared To 2023

According to the report, significant technological advancements were also introduced, primarily focusing on scalability and optimization. The opBNB team unveiled its 2024 roadmap with the aim of achieving 10,000 transactions per second (TPS) and improving cost-effectiveness by tenfold. Additionally, efforts to integrate the Path-Based Storage System (PBSS) solution, tailored to enhance blockchain storage for opBNB, are underway, with plans for implementation expected in Q2 2024. Moreover, new opBNB initiatives such as Bitget Wallet and Binance Web3 Wallet have started utilizing the opBNB Bridge, while the development of a customized gas token for opBNB is currently in progress.

In addition, BNB GreenField achieved notable progress as the network storage data size exceeded 415 GB. On February 22, 2024, the peak daily stored data size reached a record high of 33.84 GB. Additionally, BNB GreenField witnessed the introduction of three significant forks named Hulunbeier, Ural, and Pawnee. Each fork was designed to introduce improvements, greatly enhancing both user experience and backend operations.

Regarding security measures, BNB Chain has observed a decrease of 55.8% in value loss compared to the corresponding period last year, as per the report. This highlights the network’s ongoing enhancements and reaffirms its commitment to security and protecting users’ interests through AvengerDAO.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson