Analyzing BNB Chain’s [BNB] latest integration and its role in network growth
- Recent ecosystem developments can help BNB further increase its daily active users.
- BNB’s hourly chart became green, and a few metrics looked in the token’s favor.
BNB Chain [BNB] has maintained its spot as the second largest blockchain in terms of daily active users for quite some time. Though it is an achievement in itself, a few developments have happened in the network that can propel further growth. Therefore, this can increase the chances of BNB overtaking Tron [TRX] on the list.
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BNB Greenfield adoption is on the rise
BNB Chain’s tweet, posted on 20 April, revealed a new integration. As per the tweet, xLog announced that their decentralized blogging platform will integrate with BNB Greenfield. For the uninitiated, xLog is an on-chain and open-source blogging community.
xLog just announced their decentralized blogging platform will integrate with BNB Greenfield! That means you'll own your content securely on our blockchain. ✍️🔒
Give xLog a try and witness the power + utility of Greenfield! https://t.co/snwF3lkI1o
— BNB Chain (@BNBCHAIN) April 20, 2023
The integration will improve content security on the platform, which can help attract new users onto the platform.
Is BNB’s network usage declining?
As per Token Terminal, over the last 90 days, BNB fees remained high but stagnant. It was also interesting to note that BNB Chain registered a double-digit decline in its revenue in the first quarter of 2023.
Stagnant fees indicated less usage of the network, which was further proven by BNB’s declining gas amount and plateaued daily transactions. As this latest integration can bring new users, a rise in fees and revenue can also be expected.
BNB in the bear market
The entire crypto market was currently under the influence of bears, causing a 3% decline in global crypto market capitalization. Though BNB was affected, its performance was comparatively better than most others on the list of the top 10 cryptos by market cap.
CoinMarketCap’s data revealed that BNB’s price declined by over 2.5% in the last 24 hours. At press time, it was trading at $317.19, with a market cap of over $49 billion.
Surprisingly, the number of BNB holders kept on increasing despite the recent price action. However, whale interest has declined, as evident from BNB’s whale transaction count.
Read Binance Coin’s [BNB] Price Prediction 2023-24
Good news for investors
At press time, BNB’s price showed signs of recovery by increasing over 4.5%. A look at BNB’s MVRV Ratio also gave hope for a trend reversal, as it went up slightly on 21 April.
As BNB’s price increased, its trading volume also showed a spike, further raising the chances of a continued uptrend.