BNB Chain recently put forward a proposal aiming to slightly reduce the liquidation of the token for an important purpose. If the proposal is accepted, it could have a larger impact on the price of the token.
BNB Chain recently made a proposal in the Venus forum. According to the official post, the proposal seeks to grant BNB Chain the discretion to seize collateral and repay debts of the exploiter of the BNB bridge, while also avoiding any market liquidations. It presented a plan that would safely reduce debts and potentially address the shortfall of the Venus Protocol. The proposal also stated that as of December 11, the exploiter’s balance included 630,240.00 BNB in supply along with 58,440,000 USD Coin (USDC) and borrowed 37,440,000 Tether (USDT).
Since this proposal aims to reduce liquidity, less liquidation could generally lead to less volatility, which might have a positive impact on the price of BNB. At the time of writing, BNB had experienced a drop of 2% over the last 24 hours. BNB was also trading at $241.66 and had a market value of over $36.6 billion, making it the fourth-largest cryptocurrency.
While the price of the token was falling, the funding rate was also decreasing. This could mean that futures investors were not buying BNB at its low price during the report. Additionally, it could soon signal the potential for a reversal in trend. Apart from the mentioned proposal, BNB Chain also recently published a tweet announcing their weekly report. Notably, BNB’s weekly transactions over the last seven days reached an average of 36.89 million daily transactions.
The weekly average user of the blockchain was 3.24 million, and the daily average user was 959,000. Alongside the statistics, the report revealed details about some new dApps launched on the blockchain. Among these dApps were Hacash and Openfort operating in the infrastructure space, and Gabby World, a Social Fi dApp.
