BNB is set to undergo its second hard fork of the month- Here are the details

-BNB’s second hard fork of the month will occur on 21 April 2023.

-Its network fundamentals looked strong, and the price remained bullish. 

BNB Chain [BNB] is expecting to undergo another hard fork named Barral upgrade, at block height 310,182,000. The following BNB Beacon Chain hard fork is anticipated to take place on 21 April based on the current block generation speed.

This will be the second hard fork of April as the BNB Smart Chain performed the ‘Plank’ hard fork

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

Investors have nothing to worry about

As per the official announcement, BNB full node operators need to switch to v0.10.10 before the hard fork, or else they won’t be able to connect or send transactions.

When the hard fork gets executed, it will bring along several security enhancements for the cross-chain bridge between BNB Beacon Chain and BNB Smart Chain.

Cross-chain channels, for instance, can be immediately paused by forged proof detection and stopped by any validator in an emergency.

However, investors can sit back and relax as there’s no action required on their side unless their exchange or wallet service notifies them. 

BNB Chain’s stats appear encouraging

Apart from the BNB Beacon Chain update, BNB recently published its weekly report highlighting the notable developments and key metrics of the blockchain. It was quite interesting to see that the network managed to (once again) touch the 3 million mark in terms of average weekly users.

As per the report, BNB’s WAU (Weekly Active Users) exceeded 3.5 million while its DAU (Daily Active Users) reached 1.16 million.

Additionally, BNB’s daily transactions have also gained upward momentum since January 2023. During the last week, it processed more than 20 million transactions. 

Source: Dune

Performance on the price front also looked favorable for the investors. CoinMarketCap’s data revealed that BNB was one of the top gainers among the 10 largest cryptos by market capitalization, as its daily chart was green.

BNB’s price increased by over 10% in the last week, and at press time, it was trading at $345.35.

Contributing factors to the surge

A look at BNB’s on-chain metrics shed some light on what went in the token’s favor. As per Token Terminal, BNB’s P/S Ratio declined over the past few weeks, suggesting that the token was undervalued. However, the P/S ratio registered an uptick in mid-March. 

Source: Token Terminal

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Positive sentiments around BNB also spiked during the middle of last week, reflecting investors’ trust and confidence in the token.

BNB’s MVRV Ratio improved considerably, which also might have contributed to its bullish price action.

The latest gains caused BNB’s 1-week price volatility to shoot up, giving hopes for a continued uptrend in the coming days. 

Source: Santiment