BNB Chain Weekly Recap | April 18th- 24th, 2022

The past week has been a volatile period for the financial market in general and the crypto market in particular. Join CoinCu to review some updated information in the 16th week of 2022. One of the interesting news is Unbound Finance announced plans to launch on BNB Chain. We also cover the weekly performance of BNB Chain DeFi projects. Let’s take a look at these BNB Chain Updates.

Network Growth

Daily Transactions

In Week 15 ( from April 11th to April 17th) the average Daily Transaction was around 4.5 million, a rather bleak trading week. But in Week 16, we witnessed a sudden increase as well as a sharp decrease after the market’s recovery, leading to the average Daily Transaction of this Week being around 5.1 million. This indicates an increase in the number of transactions per day in Week 16, approximately 13% from last week.

Unique Addresses

The average of Unique Addresses increases per day is 284,110 addresses, increased to 8.5% from the figure 261,613 addresses of Week 15. A special thing is that the data of Week 16 is quite similar to Week 14, 285,977 addresses.

Active Addresses

The Active BNB Smart Chain Addresses from April 20th to 21st increased from 1,163,495 to 1,220,694, this is the highest level achieved in Week 16. The lowest number is the first day of the week, 18th April with the number 1,087,212 active addresses. However, this is still well above the  Week 15 low which was on 17th April with 966,807 active addresses. In Week 16, the data has increased by 26%.

Total Value Locked

The Total Value Lock of Week 16 was $12.92b, ​​compared to last week’s data is $13.13b then this week the decline is 1.6%, a not so positive sign when the market is quite bearish.

Highlight Events

Binance US Arrives at Coachella Music Festival

The famous Coachella Music Festival in California was visited by representatives of Binance US looking to grow the exposure and branding of the US Franchise arm of the world’s largest crypto exchange. 

Complete with tote bagscustom cocktailspool parties, and a fleet of Binance US branded Mercedes Sprinter Passenger Van, the Binance US team was ready to take on the popular desert music. In honour of the festival, which runs for two weekends between April 15th to 24th, Binance US is offering a Coachella $5 Sign-up Bonus in bitcoin if a new user buys over $100 in crypto after creating an account and completing the account verification. The promotion runs until May 15. 

Binance US is on a mission to complete an initial public offering (IPO) in 2022. Attendance at major events like Coachella lends well to building the exposure and credibility of the company. The team looks ready to bring the Binance US passenger vans around the country, revving their engines for more growth and exposure.

Binance US recently raised $200 million in a fundraise that equated to a $4.5 billion valuation. The US franchise arm of Binance has also been slowly expanding into all 50 states, and now supports 45 states and eight territories. 

Binance US Obtains Money Transmitter License in Puerto Rico

Cryptocurrency exchange Binance.US announced the addition of a ‘Money Transmitter License’ that will allow them to operate in Puerto Rico. This marks the fourth such license in the last four months for the US-based version of Binance with West Virginia, Connecticut, and Wyoming marking the other three. Binance.US now operates in a total of 45 states and 7 territories.

The latest license acquisition confirmed via Twitter and Binance US blog on April 19, comes shortly after recently securing a $4.5 billion valuation with their first successful $200+ million seed round. The investor list was long and included firms such as RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures. According to an April 6 blog post, Binance.US will be utilizing the funds to scale its offerings by developing a new line of products and services in addition to increasing brand visibility and educational initiatives.

It will be interesting to see how Binance.US continues to proceed with its expansionary approach given its restrictive nature geographically speaking. Note that Binance.US is an off-shoot of Binance and is technically a different organization. Users in the United States are not permitted to use Binance but can access Binance.US, of course, given they are operating in the state. 

Binance US to Build Own Lobbying Group in Washington DC

Binance.US formerly left the Blockchain Association to redirect effort towards its own lobbying initiatives in Washington DC and across the rest of the United States.

The news of Binance.US’ exit from the well-known lobbying group in DC was originally confirmed by CoinDesk on April 20, two years after Binance.US joined the group in August 2020. Binance.US will be opening its own lobbying office in DC, a person close to Binance.US confirmed to CoinDesk’s Brandy Betz. The Blockchain Association spokesperson, Curtis Kincaid, also confirmed the departure to CoinDesk.

Binance.US has decided to go it alone for now with lobbying. They are not the first group to leave Blockchain Association. Coinbase also left the group after joining in August 2020, citing decisions that it deemed at “odds with the association’s mission.” Despite leaving, Binance.US may find that working as a group, at least now, is better for the whole industry. Much remains to be seen. 

Binance CEO CZ responds to Euro Decision on Russian Users

Following the European Union’s (EU) fifth package of sanctions against Russia, global cryptocurrency exchange Binance moved to limit its services and offerings to Russian nationals, persons residing in Russia, and legal entities that hold crypto-assets valued above 10,000 Euros (EUR). 

Binance CEO Changpeng Zhao, formally known as CZ, released a series of tweets explaining the exchange’s decision. CZ notes in his tweets that while the exchange should not be unilaterally taking restrictive actions against any users, they committed to following international sanctions imposed by the global community. Binance users will have to complete a proof-of-address verification, and any accounts that fall within the restrictive guidelines will be limited to withdrawals only

The decision means that no new accounts can be created, no deposits made, and users will lose access to staking and earned options. With that being said, users with a balance below the 10K Euro threshold will remain unaffected. Users who exceed the threshold will be given 90 days to close out their positions, and no new positions can be opened. 

Spotlight Projects

Top Weekly Gainers and Losers on the BNB Chain

Top 3 DeFi on the BNB Chain

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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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