BNB Chain’s Q2 report card has ‘recovery’ differences

ambcrypto.com:

Binance Coin [BNB] broke above the downtrend line on 28 July, indicating a potential trend change. In fact, at press time, BNB held a 7.5% ($6.86 billion) share of the entire market’s TVL. On DeFilama, just in the last 30 days, TVL on the BNB Chain grew by 14%.

But given the events, one might wonder, how has the network progressed?

The BNB Chain experienced continued growth in some areas but declines in others during Q1 2022. But the curiosity among investors was high as Messari released the state of BNB Chain Q2 2022 report.

The bear market didn’t prevent BNB Chain from implementing core architectural solutions and strategies for expanding its ecosystem. Different indicators highlighted some improvements for the flagship network.

Daily active addresses over Q2 stabilized at an average of one million per day during June.

For perspective, this amount of address activity was nearly double of the last year’s amount for the network. Furthermore, daily unique addresses became one of the outstanding metrics for the quarter here.

Source: Messari

The average daily creation of new addresses over the quarter increased by 6.6%. Interestingly, the total quarterly increase was primarily due to an activity spike between 11 May and 14 May (launch of Binance Bridge 2.0).

In addition to this, BNB Chain’s daily transactions, despite a downward trend in Q2, stabilized at around four million per day during June. Similar to what it painted a year ago.

Source: Messari

Herein, the magnitude of unique addresses and transaction activity during May was much larger than what was seen on other networks.

In fact, BNB Chain experienced more user activity during the middle of May compared to a peer group of top EVM chains.