The number of active BNB addresses and transactions has increased in the past quarter.
TVL and NFT ecosystems saw a decline.

Messari has recently published Binance Coins [BNB] 2022 Q4 report, highlighting the blockchain’s performance in the last three months of the previous year.

According to the report, BNB Chain registered growth in quite a few areas. This helped BNB to start the new year off right.

Read Binance Coins [BNB] Price prediction 2023-24

How did BNB fare?

Messari’s report noted that BNB’s average daily active addresses increased significantly in the past quarter. The figure registered a 30% increase, reflecting its popularity in the crypto space.

In addition, the average daily number of new unique addresses has increased dramatically from 889,000 to over 1 million, indicating an influx of new network users.

Average trades also saw a slight increase despite that quarter’s bearish market conditions. BNB Chain’s average daily trades undercut the downtrend and ended the quarter slightly higher at 0.2%.

Source: Messari

However, not everything turned out positive BNB, as several of the other areas recorded declines. Most notable was a decline in BNB Chain sales. According to the report, quarterly revenue fell from $66.8 million to $59.98 million in the fourth quarter of 2022.

Further, BNB‘s network value followed quarterly revenue, registering a -13.4% decline.

The same trend was true for the network’s Total Value Locked (TVL), as value expressed in BNB and USD dropped by 12% and 24% respectively. Speaking of TVL dominance, PancakeSwap managed to lead, followed by Venus and Alpaca Finance.

BNB’s NFT space was also impacted by last quarter’s bearish market conditions.

It should be noted here that BNB Chain’s secondary NFT sales fell by more than 67%, which looked worrying for the network.

However, the integration of the chain with OpenSea helped to change the situation. After BNB Chain’s NFTs were listed on OpenSea, the number of unique buyers skyrocketed.

Source: Messari

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2023 brought better news

The new year kicked off with a change in overall market sentiment as most cryptos gained bullish momentum. Therefore, some statistics have turned in favor of it BNB.

For example, while BNB’s NFT ecosystem witnessed a decline in the fourth quarter of 2022, the new year changed the scenario. According to Santiment, the total number of NFT trading numbers and total NFT trading volume in USD registered an increase over the past 30 days.

Source: Sentiment

Not only this, but BNB’s daily active addresses also increased last month, complementing BNB’s Q4 2022 performance.

The popularity of the blockchain rose as social volume increased. In addition, the demand of BNB in ​​the futures market increased as evidenced by the Binance funding rate.

Nevertheless, despite a significant price pump, BNB’s MVRV ratio took a hit, which was a bit surprising.

Source: Sentiment

This post BNB Chain’s 2022 Q4 Report – What BNB Holders Need to Know to Turn Profit

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