dApp volumes declining, but the price of Binance’s crypto holds

BNB, currently the third crypto by market cap, has recorded a decrease in dApp volumes on BNB Chain by 32% in the last week. Nevertheless, the price of the token used on Binance, BNB remains at $580.

BNB: decline in dApp volumes but the price of Binance’s crypto holds 

BNB, the native token of the BNB Chain, has recorded a 32% drop in the total volumes of dApps on its network in the last seven days. 

According to what is reported by DappRadar, the BNB Chain is in first place for the number of dApps developed on its blockchain. In fact, there are currently 5510 dApps on BNB Chain, 6 more than last week. In contrast, Ethereum is the base of 4,787 dApps.

Nevertheless, currently the total volumes of dApps on BNB Chain are 6.92 billion dollars, compared to 10.79 billion dollars of Ethereum. 

This drop in volumes in DeFi, however, is not affecting the price of the BNB crypto which, on the contrary, seems to hold up. 

At the time of writing, BNB is worth $580, in a pump of +1.21% in the last 24 hours. Not only that, in the last month, BNB has reached price highs of $613 and lows of $530.

The price of BNB somehow reflects both the activity of its network in the DeFi sector, but also the offerings of the crypto-exchange of Binance. In fact, here, BNB remains the exclusive token used for certain services such as exclusive access to the launchpad and discounts on trading fees.

BNB: the dApp, the DeFi but also the activities on Binance determine the price of the crypto

In this 2024, the price of BNB has started to flourish from March, like the rest of the crypto, in a wider range of $420 and $700. Specifically, from June to today, the price range for BNB has narrowed to $490-$610. 

These fairly stable price performances of the last few months could reflect a sort of equilibrium that the crypto experiences in the various sectors of its use. 

In fact, BNB is widely used in the decentralized applications of the ecosystem (dApps) for trading, staking, yield farming, real-world assets (RWA), lending, launchpads, gaming, and derivatives markets.

For example, for Binance Launchpad, there have recently been criticisms about its performance, with analysts seeing a way of acting by the platform worsened compared to when CZ was CEO. 

I don’t want to lie, after @cz_binance was replaced as CEO, @binance turned into a lower quality exchange, listing everything that pays a listing fee without thorough research. This is not the Binance we know and not what CZ wanted it to be.

In DeFi, however, concerns can also arise from the market situation and competitor blockchains. For example, at the time of writing, the TVL of BNB Chain is 4.5 billion dollars, right in between the 6 billion dollars TVL of Solana and the 2.4 billion dollars TVL of Base. 

The latest news in casa BNB Chain

In the last month, the BNB Chain network has not stood still watching its volumes. On the contrary, there have been some developments. 

Among others, there was the introduction of stablecoin transfer without gas fees on the chain. This is a strategic move aimed at improving cross-chain liquidity and increasing the network’s functionality. 

Speaking instead of dApp, then, there was the launch of GraFun, the new launchpad for memecoin on BNB Chain. The next-generation platform was supported by Floki, DWF Labs, DeXe Protocol, and HOT Protocol. 

And what if we looked at Binance and its history, last month the date of September 29 was awaited for the release from prison of CZ, former CEO and founder of the crypto-exchange. 

In this regard, CZ himself has promised his followers that he will be present at the Binance Blockchain Week in Dubai, on October 30 and 31. 

“I will participate in a personal capacity at the Binance Blockchain Week in Dubai from October 30 to 31. It is one of the biggest web3 events of the year. See you there”