BNB Chain shows impressive growth and adoption, thanks to…

• Binance’s BNB chain boasts over 1 million daily active users, surpassing other popular blockchains like Ethereum and Polygon.
• Despite impressive growth and adoption metrics, the price of BNB remains bearish.

Despite numerous challenges, Binance’s BNB chain remained unfazed and thrived. Recent data has revealed that the BNB chain is head-to-head with established blockchains like Ethereum. Despite the obstacles, Binance is proving its mettle.

Read Binance Coin (BNB) Price Prediction 2023-24

Binance BNB chain leads active address metric

According to a recent report by Coin98, the Binance BNB chain has taken the lead as the top blockchain network with the highest number of daily active users.

The chart indicated that the BNB chain had surpassed other popular blockchains like Polygon and Ethereum. Impressively, the BNB chain boasted over 1 million daily active users, while the second-ranking chain had half that number. 

Source: Coin98analytics

A closer look at the BNB chain addresses on Bscscan showed that the active addresses on the network were on the rise. Despite reaching its highest number of active addresses in March, with over 1.9 million, the current count still exceeded the numbers recorded in January.

BNB chain unique addresses rise

According to data from Messari, the Binance BNB chain had cumulatively onboarded 274 million unique users, whereas Ethereum had onboarded 226 million.

Notably, the BNB chain had onboarded users at an average month-on-month rate of 6% over the past year, while Ethereum’s rate had declined by an average of 5%. 

Source: BSCscan

Additionally, the BSCscan data revealed that the BNB chain had experienced a daily increase of over 300,000 unique addresses. Furthermore, data from Flipside indicated that the BNB chain had 10.36 million unique addresses in February alone, highlighting the network’s impressive growth and user adoption.

Binance BNB price trend remains bearish

Despite the positive growth and adoption metrics of the Binance BNB chain, its price has yet to reflect this trend. At press time, trading at around $312, the price of BNB was experiencing a minor loss in value.

Furthermore, the coin is currently stuck in a bearish trend as it has been unable to rise above the neutral line on the Relative Strength Index (RSI).

Source: TradingView

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One possible explanation for the disconnect between the Binance BNB chain’s impressive growth metrics and its current price could be a decline in transaction fees.

Recent data from the chain indicated that there had been a decrease in transaction fees in 2023. As of this writing, the transaction fee stood at over 1,800, which was relatively low compared to the same period in 2022.

This decline in transaction fees could impact the price of BNB, as lower fees may result in reduced revenue for the network and its validators. 

Source: BSCscan