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Binance Smart Chain – the world’s leading cryptocurrency exchange based on trading volume – enjoyed a spectacular growth trajectory and performance in the first quarter 2024. In a recent report, Messari outlined these notable leaps in terms of market variables, such as market cap, revenue and daily average active addresses.
Binance Smart Chain (BNB), better known in crypto circles, has seen its market capitalization increase by an astounding 89% QoQ in Q1 of 2024. It reached a peak value of $92.5 Billion. BNB was positioned as the third-most dominant token in Q1 2024, behind only Ethereum (ETH), Bitcoin (BTC) and stablecoins.
Google News: Follow Us! The report highlighted BNB’s outperformance of Bitcoin in this period. Bitcoin’s market cap increased by 65% in Q1 2024. This was dwarfed by BNB.
Binance Smart chain’s revenue didn’t fall behind. The company experienced a rapid expansion that culminated in earnings of $66,8 million. This represents a 70% increase QoQ. Messari attributes this strong revenue increase to BNB’s price rise. The first quarter revenue was higher than any previous quarter of 2023. The revenue from DeFi, and in particular gas fees, was a major contributor to the total.
BNB Smart Chain was able to maintain its position in the network despite a small drop in daily average transactions. Network activity increased by 27% over the past year (YoY). The average number of active addresses per day increased by 26% QoQ, reaching 1.3 millions. The BNB Smart Chain has seen an increase in the number of active addresses and transaction volume. Tether’s USDT protocol and PancakeSwap, a decentralized exchange platform (DEX), are two prominent protocols.
DEX volumes were equally impressive, as BNB Smart Chain reached a stunning $7.2 billion in USD for its DeFi TVL. Binance Smart Chain was able to maintain its third place in the DeFi TVL rankings with this 67% increase QoQ. TVL denominated as BNB showed only a 12% decline, indicating that this surge was driven primarily by capital inflows and the price appreciation of BNB.
Decentralized exchanges of the Binance Smart Chain saw their average daily volume increase by 193%. PancakeSwap was the top DEX for the BNB Smart Chain with a 140% increase in average daily DEX volumes QoQ.
Binance Smart Chain has shown impressive growth across the board in the first three months of 2024. This solidifies its status as a leading blockchain platform.
Binance Coin is the native token for the exchange and is valued at $607. This is a 2 percent increase over the previous 24 hours, which is complemented by an additional 10 percent gain over the seven-day period. The token is now getting closer to the historic high of $686, achieved in May 2021.