Connect with us
Active Currencies 14904
Market Cap $2,573,848,298,828.20
Bitcoin Share 51.67%
24h Market Cap Change $0.50

How BNB reaped the benefits of opBNB’s launch

2min Read

BNB’s weekly active users exceeded 4 million aided by the launch of the opBNB testnet.

How BNB reaped benefits from the launch of opBNB

Share this article

  • BNB’s daily active users and daily transactions gained upward momentum.
  • A few on-chain metrics looked bearish on BNB, which can be troublesome.

It has been nearly 2 weeks since BNB Chain [BNB] went Layer-2 with its opBNB launch. Since then, the testnet has gained much attention from the crypto community as it plays a vital role in improving scalability. 

Is your portfolio green? Check the BNB Profit Calculator   

While opBNB remained the center of attention, BNB Chain registered an uptick in its weekly users. However, the achievements of the blockchain did not reflect on the token’s price action, as it remained dormant last week. Are there any chances of a trend reversal in the coming days? 

opBNB’s stats are on fire

Just a few weeks after the launch, the testnet’s stats looked very promising. For instance, the total number of transactions has already reached 4.4 million. As per opBNBScan, the testnet logged a transaction speed of 3 TPS, which was also encouraging to see. 

While the testnet continued to perform well, the main blockchain’s stats also gained upward momentum. As per BNB’s latest tweet, its weekly active users crossed the 4 million mark. A major factor behind this uptick could be the launch of the opBNB testnet.

Not only that, but the tweet also revealed that the blockchain’s weekly transactions crossed 23 million, reflecting increased usage and adoption of BNB. A look at Artemis’ data also painted a similar picture. BNB’s daily active addresses and number of daily transactions gained upward momentum. 

Source: Artemis

Here is the catch

While the aforementioned metrics looked promising, the same can’t be said for the blockchain’s DeFi ecosystem. Artemis’ chart revealed that BNB Chain’s TVL has been declining for weeks. At press time, the figure stood at $3.44 billion.

Apart from TVL, DEX volume also declined over the last month. A possible reason behind this downtrend could be BNB’s sluggish price action, as its daily price only went up marginally. At the time of writing, BNB was trading at $249.10 with a market capitalization of over $28 billion.

Read BNB Chain’s [BNB] Price Prediction 2023-24

Upon considering a few on-chain metrics, BNB’s slow-moving price action seemed likely to continue for a long time. BNB’s velocity plummeted sharply last week. This meant that BNB was used in transactions less often within a set time frame.

LunarCrush’s data revealed that bullish sentiment around BNB also went down by more than 56% in the last seven days. However, BNB’s MVRV Ratio increased last week, which can help with a price rise in the coming days.

Source: Santiment


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.