Will BNB Chain’s new update help its struggling metrics?

• BNB Chain witnessed a drop in active addresses and transactions over the last 30 days. 
• The new update will add new features to BNB Greenfield, but BNB’s price action continued to be slow. 

BNB Chain [BNB] has been witnessing a decline in its fundamentals over the last 30 days. However, new updates were launched last week regarding BNB Greenfield that could have a positive impact on the blockchain’s key metrics. 

Read BNB Chain’s [BNB] Price Prediction 2023-24

The latest release not only fixed multiple bugs but also added new features, increasing the testnet’s capabilities. Amidst this, BNB investors were having a tough time as the token’s price took a sideways path. 

BNB Chain adds new features to Greenfield 

Artemis’ data revealed that BNB Chain’s daily active addresses were declining over the last 30 days. The same trend was also noted for the blockchain’s daily transactions.

BNB also took a blow in terms of captured value as its fees and revenue dropped. All these fundamentals suggest a decline in the blockchain’s usage over the past 30 days. 

Source: Artemis

However, BNB Chain’s latest update could be a game changer. As per BNB Chain’s latest announcement, BNB Greenfield is undergoing a regular maintenance upgrade for the testnet version to v0.2.3 on 3 August. The community is adding new features and making significant enhancements in order to improve the user experience. 

We’ve recently launched brand-new features and bug fixes for BNB Greenfield 🍀

Read below for details about:

🔸Resumable uploads for big files
🔸Data recovery
🔸Using Alicloud OSS as the underlying storage of SP
🔸Sharding of large-capacity data tableshttps://t.co/34Snn62crh

— BNB Chain (@BNBCHAIN) July 28, 2023

As per the official announcement, to make bucket migration and storage provider exit more lightweight and to reduce the storage of chain metadata, new concepts like Virtual groups and families have been added for Greenfield blockchain.

Additionally, a new algorithm to get the secondary SP price is introduced to avoid unfair competition.

BNB’s price chart remains flat

While BNB prepared for this launch, the token’s price action remained pretty dormant. As per CoinMarketCap, BNB’s price only moved marginally last week. At press time, it was trading at $241.66 with a market capitalization of over $37 billion.

A look at its metrics gave an idea of what went wrong. 

Source: Santiment

How much are 1,10,100 BNBs worth today?   

While its price struggled to move up, BNB’s funding rate remained green, causing its price to behave in a similar manner. Negative sentiment around the token also spiked quite a few times last week.

However, the good news was that, as per Coinglass, BNB’s Open Interest was declining. A drop in this metric usually suggests a trend reversal.