Binance’s BNB Chain appears primed to remain competitive in 2023 after facing down last year’s headwinds, according to the crypto analytics firm Messari.
Messari research analyst James Trautman notes in a new analysis that the non-fungible token (NFT) sector of the BNB Chain had a “breakout year” in 2022.
The chain’s secondary NFT sales volume grew 857.9% year-on-year, according to the report.
That growth, however, spiked in the middle of the year, and then the BNB Chain’s sales volume plummeted in the second half of 2022 amid the larger crypto meltdown. Trautman says that secondary NFT sales volume decreased 67.4% on a quarter-over-quarter basis.
Looking at daily transactions, the research analyst says that the BNB Chain outperformed other layer-1 protocols in its peer group last year.
“Daily transaction activity was flat over the quarter. BNB Chain finished the quarter with a foundational level of daily transactions similar to Polygon. On average, Polygon processed ~2.0 million transactions per day, and BNB Chain averaged ~3.4 million per day over the quarter.”
Trautman argued that the BNB Chain “successfully executed” its 2022 roadmap despite the year’s serious challenges.
“It will continue to focus on growth strategies and technical developments such as scaling solutions and boosting throughput. The team plans to expand the network with layer-2-like solutions, such as zero-knowledge rollups and sidechains, and to increase decentralization by open-sourcing the validator set. BNB Chain plans to implement parallel EVM [Ethereum Virtual Machine] execution in several phases, already drafting a new validator reward model to be implemented in 2023.”
Read Trautman’s full analysis here.
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