BNB Chain Outperforms Other Smart Contract Networks In Q2

According to the latest report from Messari, the blockchain network powered by Binance, BNB Chain is outperforming other rival smart contract platforms.

According to the report, BNB Chain appears to have benefited from the crypto market slump recorded during the quarter, describing it as a “breakthrough quarter” for the blockchain.

Despite the volatile nature of the bear market, BNB Chain has seen stable financial performance and network usage, especially NFT. NFT market volume hit a new high in the second quarter.

The number of unique NFT buyers increased by 716% while secondary sales increased by 634% in the second quarter. This puts NFT’s activity on the BNB network on par with that of rival networks such as Solana (SOL) and the Flow blockchain (FLOW).

The GameFi sector on BNB Chain continues to grow as developers introduce more GameFi apps like X World Games and Era7: Game of Truth. During Q2, the top three GameFi platforms on BNB Chain saw daily users grow 35% QoQ to 60,000 and generated $14 million in revenue.

Meanwhile, DeFi lagged somewhat in the second quarter. The total value of assets locked in the BNB chain decreased by 55% from $14 million to $6 million. Notably, the main DeFi platform on the network, Pancakeswap, which holds about 50% of its TVL, has fallen at the same rate as the industry as a whole.

In addition, the total number of smart contracts deployed in the second quarter increased by 31.7%, but the number of unique contract deployers decreased by 23.9%.

But this is not enough to detract from the overall positive performance during this period.

“Ultimately, DeFi, NFTs, GameFi, and to some extent the Terra collapse, collectively brought more unique users to the BNB Chain ecosystem,” the report states.

Overall, BNB Chain performs better on major indexes than other chains in the top 5 EVM compatible chains, including Ethereum, Avalanche, Fantom, and Polygon. It has the lowest drop in market cap, lower revenue decline over the same period, more daily trading volume at 4 million than Ethereum at 1.17 million, and an increase in secondary NFT sales although Ethereum NFT dominates the field.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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