This BNB chain Weekly Recap is provided solely for informational purposes and does not constitute investment advice. Despite the volatile market. BNB chain is taking quite solid steps to realize its Multichain vision. Last week, Binance continued its efforts to legalize its exchange in many countries and continued to pour capital to develop Web3 ideas on the BNB chain ecosystem. Let’s take a look at the important news on BNB Chain with Coincu in week 22.
Network Growth
BNB Price Last 7D
$BNB opened at $305 last week and closed at $298, down approximately 2.68%. This is an insignificant decrease because, in the past 2 weeks, the market has mainly followed the sideways trend. Next week, the price may continue sideways in a wider range of $296-$317.
Daily Transactions
During Week 22, daily transactions averaged around 3.96M, down approximately 11% from Week 21. Last week, the market continued to be sideways and there was no clear trend so investors were also cautious when making trading decisions. The number of transactions in the whole week decreased.
Unique Addresses
There were about 1,168,112 unique new addresses created this week. The average number of unique addresses increasing per day is 166,873 addresses, down about 9.5% from 184,419 new addresses created in the 21st week.
Active Addresses
BNB smart chain addresses were active from May 30 to June 5, with around 912,415 active addresses per day, a decrease of about 6.8% from the number of active addresses per day of week 21. The number is low, especially on the last day of the week, Jun 04, with 819,109 active addresses. And the weekly high was May 31 with 1,023,947.
Total Value Locked
Total Value Locked on BNB Chain not much has changed in the past week. The TVL of the current ecosystem is around $8.41B, only a slight decrease from last week’s 3.4%. Currently, there is not enough data to assess whether the money flow will continue to enter the BNB chain ecosystem or not. Let’s wait for more information in the next few weeks.
Top Price Performance in BNB Chain
Highlight Events
Binance.US Aims for a License in all 50 States by the end of 2022
Binance, the largest cryptocurrency exchange globally, is on track to reach its goal of acquiring a license in all 50 US states by the end of 2022.
Binance went one step further, recently making it possible for Idaho residents to use its exchange to buy, sell, and trade cryptocurrencies. As a result of the recent development, Binance.US is now available in 46 of the 50 states. As reported by Casey Wagner from Blockworks on June 3, the states of Hawaii, New York, Texas, and Vermont have to wait for Binance.US’s services, but as per a company spokesperson, this may not be the case for very long.
In order to expand its operations in the United States, Binance.US has raised an additional $200 million in April at a valuation of $4.5 billion with participation from investors such as RRE Ventures, Foundation Capital, and Original Capital. During that period, Binance.US had launched in Connecticut and Louisiana, bringing the number of states and territories supported to 45 and 8, respectively. The company plans to use the funds to develop new products and services to be announced soon and invest in marketing and consumer education initiatives.
MX Global Hosts CZ in Malaysia as the Binance CEO Addresses Crowd
CZ spoke on Terra Luna’s collapse and Binance’s role in building a vibrant crypto ecosystem in an event hosted by MX Global, Binance’s equity partner in Malaysia.
One of the questions posed by the host, Dato’ Fadzli Shah, is about the Luna crash that wiped out $80 billion in wealth. The Binance chief in addressing the question points toward a fundamental flaw in the design of the Luna ecosystem. Minting new cryptos does not necessarily create value, which was the case with Luna (renamed Terra Luna Classic)
CZ was also of the view that slow response in maintaining the $UST peg by the technical team also contributed to the loss of consumer confidence leading to a market-wide sell-off. Communication was slow and this led to a downward spiral.
Binance Labs Closes $500 Million Investment Fund
The fund will provide investment for projects building out cryptocurrency use cases and help expand the adoption of Web3 and blockchain technologies. The $500 million investment fund will be distributed to projects under three stages of investment: Incubation, early-stage venture, and late-stage growth.
Binance Continues Its Rapid Regulatory Expansion
The largest global cryptocurrency exchange, Binance, continues its regulatory expansion as it seeks to solidify operations in new homes.
In a race for global hegemony in the crypto space, competing against other exchanges like Crypto.com and FTX, Binance appears to be leading the way. Among the many moves, Binance has so far acquired the following:
- Binance solidifies access to Dubai after securing a license to operate on March 17, 2022.
- Binance secures the option to purchase a Brazilian securities firm backed by the Central Bank of Brazil after signing a Memorandum of Understanding in late March 2022.
- Binance.US obtains a Money Transmitter License in Puerto Rico on April 21, 2022.
- Binance completes a Digital Asset Service Provider registration to operate in France just as Binance CEO CZ announces Paris as the exchange’s European hub.
- Binance UK joins the United Kingdom’s FinTech Founders Association on May 23, 2022, thereby establishing a close link to major companies focused on blockchain technology and the fintech sector.
- Binance Bahrain becomes the first crypto-asset service provider to hold a full category 4 license after securing the license from the Central Bank of Bahrain on May 24, 2022. This allows the exchange to offer more crypto-focused services to users in that region.
- Binance signs a Memorandum of Understanding with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan on May 25th. The two sides aim to integrate existing banking infrastructure into the cryptocurrency market and focus on distributed ledger technology.
- Binance obtains regulatory approval to operate as a virtual asset service provider in Italy on May 27, 2022.
DeFi Lego
DEX
BabySwap – A Baby MetaFi on BNB Chain
BabySwap is a decentralized exchange (DEX) on the BNB Chain. It offers features such as token swaps, yield farming, liquidity pools, perpetual trading, etc. However, it is much more than just an exchange; it is a holistic MetaFi ecosystem combining Decentralized Financial (DeFi) elements with a Non-Fungible Token (NFT) platform and the GameFi Metaverse.
Overall, BabySwap’s value proposition can be summarized as follows:
- It is completely decentralized, which means users do not have to transfer tokens to the exchange; instead, they can directly link their wallets and trade.
- It also offers users the ability to instantly swap tokens without the need for an account or registration.
- As it runs on the super-efficient BNB Chain, the transaction costs are much lower and faster compared to institutional-grade chains such as Ethereum.
- It is one of the first exchanges on BNB to recommend the USDT swap route, which the DeFi community is mainly familiar and comfortable with. This also significantly lowers arbitrage costs between BabySwap and other exchanges.
- It has a dedicated Growth Fund to support new and upcoming projects with liquidity and resources.
- It was audited by renowned auditor CertiK PeckShield.
Yield Optimizer
Crystal Finance is coming to BNB Chain
Crystal Finance is a DeFi protocol built on Polygon and Cronos. Crystl Finance has confirmed its expansion to BNB Chain as the project releases brand new V3 Vaults and Ultra Farms.
The move was exclusively confirmed by the team to Web3Wire, and will see the project attempt to utilize the significant volume that flows through BNB Chain. The team was quick to underline that they have plans for further expansion and intend to offer their relevant products to users on other chains in the near future. Web3Wire caught up with the Crystl Finance team to learn more about the motivations behind the innovative pivot.
Verdict
Above is important information on the BNB chain ecosystem. BNB chain is constantly growing and expanding even though the cash flow is almost saturated. Let’s wait and see if the Binance universe explodes once more time.
Find more information about BNB chain
Website: https://www.binance.com/en
Whitepaper: https://www.binance.org/#smartChain
Twitter: https://twitter.com/binance
Telegram: https://www.binance.com/en/community
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
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.
Ken. N
Coincu Ventures
