BNB Chain Weekly Recap | May 9th- 15th, 2022
This BNB chain Weekly Recap is provided solely for informational purposes and does not constitute investment advice. Week 19 was a memorable week for the market when the Terra ecosystem collapsed, dragging the entire market down with it. The BNB chain was also significantly affected as the price of $BNB fell from $358 to $271 on May 12, a decrease of approximately 24.3%. The price has now recovered back to $300, but the market is not yet active again. Let’s take a look at some updates for the 19th week of 2022 with CoinCu.
During Week 18 (May 2nd-8th), Daily Transactions averaged around 4.3 million, a fairly active trading week. During Week 19, we saw a significant decline due to a sharp market correction; many people fled the market, resulting in this Week’s Average Daily Transactions increasing significantly to 6,930,916 transactions. An increase of more than 60.2% compared to the number of transactions per day of the previous week.
The average number of unique addresses increasing per day is 605,054 addresses, a significant increase of about 331% compared to 182,554 addresses in week 18. This is in stark contrast to the current bleak market. A number of new users are approaching the market, especially the BNB chain ecosystem.
BNB smart chain addresses were active from May 9 to 15, with about 1,113,668 active addresses per day, an approximate 3.6% increase over the number of active addresses per day of week 18. The lowest number is on the last day of the week, May 16, with 992,024 active addresses. And the high of the week was May 11 with 1,204,532 (this was the day when Terra collapsed, leading to huge volatility for the whole market)
Total Value Locked
Total value Locked has plummeted to $6.96 billion from week 18 of $11.26 billion, down approximately 38.1% from the previous week. This is significant compared to other ecosystems after a week of strong market decline.
BNB Chain Prepares to Cross 3 Billion Transactions
BNB Chain is preparing to cross the mammoth 3 billion mark in transactions as protocols on the chain continue to attract users and activity even during a market-wide pullback.
The most used chain in the industry took to Twitter to underline the fact that it had crossed the 2.9 billion mark in transactions on May 8. The rising figure becomes even more astounding given that BTC has plummeted to just below the $30,000 mark at the time of writing, according to the CoinMarketCap a figure last seen in the summer of 2021.
The rise in transactions may have been positively impacted by the burgeoning NFT scene on the chain, with several collections beginning to see a significant upswing in user interest. In addition, the flagship protocol PancakeSwap has also set down its intentions for the coming year, which adds to the longer-term expectations for the chain to keep pushing ahead.
PancakeSwap Ready to Revitalize Tokenomics
PancakeSwap is a Decentralized Exchange (DEX) built on the BNB Chain. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Perpetuals Trading, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
Alongside the capping of $CAKE’s supply, the token will retain most of its use-cases and also see additional use-cases for locked $CAKE derivatives like weighted voting, boosted farm yields, boosted IFO allocations, and even more still to come. The platform focuses on the future and assumes there are no changes to the rate of emissions. A supply cap of 750 million sets forth an approximate runway of a minimum of three years before the supply reaches this cap.
Learn and Earn Campaign by BNB Chain to Kick off on May 9
BNB Chain has unveiled a Learn & Earn campaign with a grand total of $400,000 in prizes. Titled ‘How to Web3 on BNB Chain,’ the program will invite users to learn about Web3 and concepts like Decentralized Finance (DeFi), Stablecoins, Metaverse, GameFi, and Non-Fungible Tokens (NFTs).
Alongside BNB Chain, Project Galaxy and CoinMarketCap are also hosting the beneficial event and all three organizations have come together in aid of making the onboarding process as seamless as possible with education largely understood as the surest way to equip users with the tools they need.
Top Gainers & Losers of BNB chain Ecosystem
ApeSwap’s Non-Fungible Apes are Coming to Binance NFT
ApeSwap’s native Non-fungible Tokens (NFT)—Non-Fungible Apes (NFA) are set to be listed on the leading NFT marketplace on BNB Chain, Binance NFT. The marketplace, which offers the most premium, unique and exclusive NFT collections on BNB Chain, will soon display ApeSwap’s NFA collection.
When the listing goes live, users will be able to buy, sell, and list the unique collection of 1000 cryptographically generated digital apes on the Binance NFT marketplace. Additionally, the development will also increase the adoption of NFAs in the industry and promote its popularity in the BNB Chain ecosystem.
Earn BNB Staking Rewards on Baked Beans Miner
Baked Beans Miner provides users with an opportunity to earn huge rewards. The Decentralized Application (dApp), created by Bake-House, is a $BNB Miner built on BNB Chain. The reward pool has one of the best daily returns on the network with a very low slippage (fee for withdrawals and deposits).
The dApp is simple and easy to navigate, with a complex mining mechanism. Users deposit BNB into the mining contract and earn BNB back in daily percentage when they bake BEANS. Additionally, users can also earn a percentage from referrals through the dApp.
Currently, Baked Beans Miner offers users a daily return of 8%, with an Annual Percentage Rate (APR) of 2920%. Users would also earn 12% of the BNB used to bake beans from anyone who uses their referral links. Not forgetting the dApp’s fee for withdrawals and deposits is 3%.
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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.