Binance Smart Chain Soars in First Quarter of 2024: A Comprehensive Analysis
The Binance Smart Chain, a product of the world-renowned cryptocurrency exchange Binance, has been making waves in the market in the first quarter of 2024. According to a recent report by Messari, the Binance Smart Chain, also known as BNB, has seen significant growth in various market parameters, including market cap, revenue, DeFi, TVL, and DEX volume.
One of the most impressive achievements of BNB in Q1 2024 was its 89% quarter-over-quarter increase in market cap, reaching a staggering $92.5 billion. This milestone positioned BNB as the third most dominant token in the market, surpassing Bitcoin in terms of market capitalization growth.
Revenue generated by the Binance Smart Chain also saw a substantial increase, reaching $66.8 million, a 70% QoQ growth. This growth was attributed to the rise in the price of BNB, with revenue from DeFi transactions playing a significant role.
Despite a slight drop in average daily transactions, the Binance Smart Chain maintained its network activity, with a 27% year-over-year escalation in network activity. The average daily active addresses also saw a 26% surge QoQ, reaching 1.3 million.
The DEX trading volumes on the Binance Smart Chain were equally impressive, with the DeFi TVL reaching $7.2 billion, a 67% QoQ increase. The total DEX volume for Q1 reached $1.1 billion, with decentralized exchanges on the Binance Smart Chain experiencing a 193% QoQ increase in average daily trading volume.
Overall, the Binance Smart Chain demonstrated significant growth in the first quarter of 2024, solidifying its position as an influential blockchain platform. The price of Binance Coin, the native token of the exchange, is currently valued at $607, showing a 2% increase in the past 24 hours and a 10% increase over the last seven days, bringing it closer to its historic high of $686 achieved in May 2021.
