Messari’s report states that the number of active addresses on the Binance Chain network increased by 30% in the fourth quarter of 2022.
Moreover, network activity increased even against the backdrop of the dominance of bearish sentiment in the cryptosphere.
As one of the authors of the report, James Trautman, noted, registration on the BNB blockchain continued throughout the past quarter, which indicates its growth in popularity among investors and developers. The network has performed well in the DeFi and NFT markets.
According to BscScan, the number of unique BNB addresses has set a new record, exceeding 250 million. In annual terms, this number has increased by more than 40%.
Messari links the Binance Chain expansion to the recovery of user activity in DeFi and NFT projects.
The value of funds locked in DeFi protocols on Binance Chain increased by 25% to $6.62 billion, according to DeFiLlama.
The network has become a platform for blockchain applications and NFT projects. Its underlying asset, the Binance Coin (BNB) token, is ranked fourth in the cryptocurrency ranking.
BNB fell to $326, but it has skyrocketed 25% in the last month. In May 2021, the altcoin reached $686.