BNB Chain Weekly Recap | May 2- May 8, 2022
This BNB chain Weekly Recap is provided solely for informational purposes and does not constitute investment advice. The past week has been a tumultuous time for the financial market in general and the crypto market in particular when the BTC price has reached $33,700. The price of BNB is also image-driven, nearly 8.4% down to $358. Let’s take a look at some updates for the 18th week of 2022 with CoinCu. One of the interesting names is Binance contributing capital to buy Twitter with the world’s richest billionaire Elon Musk. Let’s take a look at these BNB chain updates.
During Week 17 (April 25th to May 1st), Average Daily Trades were around 5.1 million, a fairly active trading week. But in Week 18, we saw a significant drop as the market corrected sharply, resulting in This Week’s Average Daily Transactions of just 4.3 million. This represents a decrease in the number of transactions per day during Week 18, approximately 15.6% compared to the previous week.
The average number of unique addresses increasing per day was 182,554 addresses, a significant decrease of approximately 24.5% compared to 241,521 addresses in Week 17. This is evident in such gloomy market times like now.
BNB smart chain address is active from 2nd to 8th of May about 1,074,183 active addresses per day. The lowest number is the last day of the week, May 8 with a count of 981,703 active addresses. And the weekly high was May 4 with 1,185.279.
Total Value Locked
While other online metrics were all down, Total Value Locked increased 7.2% to $11.26 billion from week 17 of $10.33 billion. This is a significant level in a bleak market.
Binance Invests $500M to Support Musk’s Twitter Purchase
Global cryptocurrency exchange Binance has confirmed its intention to invest $500 million in Twitter alongside Elon Musk as the Tesla billionaire seeks to obtain ownership of the social media platform.
The crypto giant published a press release confirming the move on May 5th. The ongoing saga of Musk’s Twitter purchase has undergone another interesting twist as Binance is among a consortium of 17 investors that includes venture capital firm Sequoia Capital, Oracle co-founder and Tesla board member Larry Ellison and investment firm Fidelity.
Hyphen Adopts BNB Chain Allowing Cross-Chain Transactions
Hyphen now allows secure, capital-efficient cross-chain transfers for BNB users to the likes of Ethereum, Polygon, and Avalanche.
Hyphen describes itself as the missing cross-chain superhighway network that is working to unify and create a seamless multi-chain world. It looks to combat the issue of low composability and weaker network effects experienced on native bridges. By enabling transfers across chains quickly and in a cost-effective manner, the project is making life easier for users
With the addition of BNB Chain to Hyphen, the trend toward a multi-chain future is becoming clearer. Polygon, Ethereum, and Avalanche are just a few of the crypto chains that have been successfully integrated into Hyphen.
The team has reiterated that transfers are not the only benefit this integration will provide. Liquidity providers will be able to earn fees and BICO rewards for adding liquidity to these BNB pools: BNB – BICO, BNB – ETH, BNB – USDC, and BNB – USDT.
Binance Completes ‘Digital Asset Service Provider’ Registration in France
Binance reached another major milestone after it received regulatory clearance from Autorité de Contrôle Prudentiel et de Résolution (ACPR) to be registered by Autorité Des Marchés Financiers (AMF) as a licensed Digital Asset Service Provider (DASP) in France.
The ACPR is a non-profit organization entrusted with overseeing banks and insurance firms in France. The AMF, on the other hand, oversees and supervises the French financial sector, as well as ensures investor financial literacy.
Changpeng Zhao (CZ) said:
Effective regulation is essential for the mainstream adoption of cryptocurrency. The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.”
With this registration, Binance has shown that its platform meets the stringent compliance standard set by the French regulators. Binance has successfully become the first major global crypto exchange to register in France.
Binance to Launch Educational Initiatives for Indian Investors
Binance reported that India has one of the world’s largest populations, with a median age of 28. The global blockchain ecosystem views this as an opportunity to play an essential role in educating the future innovators and builders of India, especially students, in blockchain and crypto to guide them on a path to financial freedom. To make this a reality, Binance announced three key educational initiatives to accelerate the education of Indian investors and students on cryptocurrencies and the blockchain ecosystem as a whole.
Binance also hosted a free webinar entitled Crypto for All on May 1 in partnership with key crypto influencers and educators from India, including Neha Nagar, Aditya Saini, and Kashif Raza. According to the announcement, there was a chance for attendees to receive grand giveaways in Bitcoin and Binance Coin (BNB) along with certificates issued over blockchain by Binance NFT to all attendees.
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Binance Labs Launches Season 4 of its Incubation Program with 14 Early-Stage Start-ups
Binance Labs, the venture capital and incubation arm of Binance, announced that Season 4 of its global Incubation Program is launching on May 5th. Through the program, Binance Labs supports promising projects in the blockchain space. Over 500 projects applied, and Binance Labs selected fourteen that demonstrated the most potential and best fit for the program.
For the past 3 seasons of the Incubation Program, Binance Labs has incubated numerous market-leading crypto platforms and protocols such as Polygon, Perpetual Protocol, Injective Protocol, SafePal, Cere Network, and Dune Analytics.
There are 14 incubation projects that have been selected for Season 4 of the Binance Labs Incubation Program: FilSwan, Grindery, NuLink, Starton, CODA Ventures, OpenLeverage, AlterVerse, ChapterX, CoralApp, Gamic Guild, Qwestive, Reveel, Playbux and Ambrosia.
In the coming months, Binance Labs will launch applications for its Season 5 Incubation Program, which will kick off in Q4 of 2022. As one of the benefits of being part of the Binance Labs ecosystem, all portfolio company founders, mentors, or Binance alumni can directly recommend projects to fast-track into the final interview for incubation selection. Interested applicants can apply for the next season.
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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.