Tech

BNB Chain lures in users with these new updates

07/18/2023
Bitcoin Ethereum News


  • BNB Chain announced updates for its Beacon Chain and opBNB in the last seven days. 
  • BNB’s price went down in the last 24 hours, and metrics were bearish.

BNB Chain [BNB] once again managed to keep its network activity high, which was revealed by its latest weekly report. A possible reason behind this performance was also mentioned in the report, which could be the latest updates. Not only did BNB launch new updates for its Beacon chain, but also for its latest layer-2 opBNB. 

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Apart from network activity, Artemis’ data revealed that the blockchain’s TVL also gained upward momentum over the last few weeks. While this happened, BNB’s weekly chart turned green like most other cryptos, thanks to the bullish market condition. However, things changed as its daily chart registered a decline. 

BNB Chain’s development is a key factor 

BNB’s weekly report mentioned that the blockchain’s weekly average users remained above the 4-million-mark last week, which was commendable. Its weekly transactions exceeded 22 million. While BNB’s average daily active users crossed 1 million, its daily transactions reached 3.82 million. Not only that, but the blockchain’s fees also remained pretty low last week. These metrics clearly suggest massive usage of blockchain.

The reason behind this performance can be traced to the updates launched by the blockchain for its Beacon chain and its layer-2 opBNB. To begin with, the blockchain announced the release of its BNB Beacon Chain Mainnet ZhangHeng Upgrade. As per the announcement, the mainnet upgrade will go live on 19 July 2023.

BNB Chain is expected to have the scheduled hard fork upgrade at block height 328,088,888. Mentioning opBNB, the blockchain has partnered with NodeReal, a leading provider of scalable, reliable, and efficient blockchain solutions. Additionally, opBNB’s explorer is now accessible through NodeReal’s platform, providing users with enhanced visibility and transparency into the opBNB ecosystem. 

How much are 1,10,100 BNBs worth today        

A look at BNB’s state

Amidst this, BNB registered a price uptick last week. As per CoinMarketCap, the coin’s price went up by 4% in the last seven days. However, the winning streak ended, as in the last 24 hours, the coin’s price went down by over 2%. At press time, it was trading at $242.62 with a market capitalization of over $37.8 billion.

A look at BNB Chain’s on-chain metrics suggested that the declining trend might continue. Negative sentiment around BNB spiked in the last few days. Additionally, its 1-week price volatility plummeted, which was bearish. Nonetheless, it was interesting to note that despite the price drop, BNB’s MVRV Ratio remained pretty stable.

Source: Santiment

 

Source: https://ambcrypto.com/bnb-chain-lures-in-users-with-these-new-updates/