The cryptocurrency market has been experiencing a general downturn, yet Binance‘s native asset BNB coin has challenged this trend with a 6% increase in the last 24 hours. The trading volume for the altcoin also saw a significant increase, rising by 80% to over $2.54 billion. At the time of writing this article, BNB coin is trading at $375 with a market capitalization of $56.11 billion, standing out for its resilience amidst market volatility. We have compiled potential reasons for this surge in BNB for you.
BNB Chain Surpasses 1.2 Million Active Users
As a notable development, BNB Chain shone with the announcement on February 21st from the BNB Chain blog that it surpassed 1.2 million active users, reaching a significant milestone. This achievement is particularly striking as it comes amidst Binance’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). According to the blog post, the total number of active users on the BNB Chain has increased sixfold over the last four years, indicating strong adoption and usage of the network.
Throughout 2023, the BNB Chain has made notable progress, especially with increased activity and positive changes in the market cycle. The Binance Smart Chain, which is the layer where smart contracts are executed within the BNB ecosystem, and opBNB, the Layer-2 solution of BNB Chain, have demonstrated impressive scalability by recording the highest transaction volumes of 2,000 and 4,500 transactions per second, respectively.
The blog post also highlighted another milestone with Binance Smart Chain processing a record-breaking 32 million transactions in a single day and opBNB reaching an unprecedented 71 million transactions. Additionally, according to AvengerDAO, there has been an 85% reduction in losses due to hacks and fraud, a testament to the network’s security and resilience.
The Success of opBNB
Furthermore, Binance’s commitment to interoperability and scalability is evident through its continuous development efforts. The launch of opBNB mainnet in September 2023 aims to improve user experiences in decentralized finance (DeFi) and gaming by reaching 10,000 transactions per second.
Moreover, the introduction of opBNB Connect is strengthening the links between Layer 2 solutions by providing decentralized sequencers, unique gas tokens, and unlimited bridges.
