BNB Chain has been leading the way in new address growth since September. According to StockApps.com, over 12 weeks, BNB Chain has gained over 18M new addresses, while other blockchains combined have only gained 20.8M new addresses.
According to StockApps financial analyst Edith Reads, “BNB Chain’s growth is driven by its use case in the Binance ecosystem. BNB is used as a means of payment for transaction fees, which has encouraged more people to join and take part in the trading options available”.
Moreover, beyond just transaction fees, users are also using BNB for other purposes such as travel, entertainment, services, and finance. Binance’s website lists several use cases for BNB that span across these categories, which includes leveraging BNB to pay for flights and hotel stays. Users can also utilize BNB to purchase goods online or participate in decentralized finance (DeFi).
Overall, the range of uses available with BNB has allowed it to become the leading blockchain regarding new address growth and usage on the Binance ecosystem.
Polygon had a particularly strong showing in October, with 932K new addresses recorded during the week of Oct. 3rd. However, this strong performance was short-lived as BNB Chain soon returned to its position of dominance.
Fantom’s address growth also saw a resurgence in October, with 319K new addresses recorded the week following Andre Cronje’s Medium post on Oct. 25th. This represents an increase of 64x from the average 5k new addresses reported in the week before.
Since the FTX collapse, Solana’s weekly new address growth has decreased by 33%, from averaging 149K to only 99K. Even small events like this can significantly impact blockchain usage and growth.
From a technological perspective, BNB Chain has also driven innovation. Its recent developments include the introduction of BSC Application Sidechains, MetaFi, and an increased focus on privacy. These advancements demonstrate that BNB Chain is committed to furthering blockchain technology and creating an improved user experience.
Still, there are some drawbacks to BNB Chain. For example, some are worried that the chain is centralized, has complicated and resource-consuming node operation and validation processes, and related innovations occur on Ethereum instead of its own environment.
Nevertheless, it’s clear that BNB Chain is a force to be reckoned with. With its low transaction fees, fast adoption, bridging feature, enough funding, and localization, BNB Chain has the potential to become the leading blockchain platform in terms of usage and innovation. Its impressive new address growth and technological advancements indicate that BNB Chain is well on its way to becoming a formidable player in the blockchain space.
Edith is a fintech expert and a trader with over 10 years of industry experience. She is knowledgeable about blockchain, NFTs, Cryptocurrencies, and stocks - all from an informed perspective that will help you make better decisions when it comes time to invest your money.
Best Stock, Forex, CFD, Crypto, Social or Day Trading Apps that meet your trading goals and needs.
Question & Answers (0)