BNB Chain launches Greenfield Testnet, can it impact BNB’s key metrics

• Binance launched the much-awaited BNB Chain Greenfield testnet v0.1.0.
• BNB’s price is yet to respond positively, but a few metrics were bullish.  

Binance’s BNB Chain made an announcement on 11 April for which aficionados were waiting eagerly. The blockchain revealed that its Greenfield “Congo” testnet was live.

The testnet offers developers and users multiple features such as decentralized data storage, access control, and native cross-chain communication, among others.

Read Binance Coin’s [BNB] Price Prediction 2023-24

All you need to know about the Greenfield testnet

For starters, BNB Greenfield is a blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. The launch of Greenfield was mentioned in BNB’s 2023 roadmap and is one of the major upgrades this year.

Speaking of the recent release, this inaugural testnet version, v0.1.0, offers a foundation for developers and the community to refine and build upon in forthcoming testnet versions. Binance also said that the mainnet will be released sometime around Q3 2023.

Can BNB now overtake Tron? 

Considering the hype around Greenfield, an influx of new users is expected, which can in turn help BNB increase its daily active users. As per Token Terminal’s data, BNB ranked second on the list of blockchains by a number of daily active addresses. 

Source: Token Terminal

The list was topped by Tron [TRX] by a margin of around 500 million. But with this new release, there is a possibility of BNB overtaking Tron.

In fact, BNB has already shown signs of increased adoption. For instance, the BNB Chain onboarded users at an average month-on-month rate of 6% over the past year, which looked promising. 

The crypto community shows confidence in BNB

A look at Santiment’s chart reveals that the crypto community has immense confidence in BNB Chain, as evidenced by the spikes in positive sentiment. BNB’s daily active addresses also registered a slight increase, which looked optimistic for the network. 

Source: Santiment

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BNB’s response is awaited

The Greenfield testnet launch was a major event, but BNB was taking time to show any reaction. According to CoinMarketCap, BNB’s price declined by more than 2% in the last 24 hours.

At press time, it was trading at $318.81 with a market capitalization of over $50 billion. A possible reason for the price decline could be BNB’s decreased demand in the futures market. 

Source: Santiment

Lastly, BNB’s Binance funding rate remained relatively low throughout the last week. However, things might turn in BNB’s favor soon, as the token’s MVRV Ratio registered an uptick.

Additionally, LunarCrush’s data revealed that BNB’s Altrank improved considerably, which is typically a bull signal.