- 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.
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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
