Binance Smart Chain, developed by Binance (the world’s biggest cryptocurrency exchange by volume of trading), experienced significant growth in Q1 2024.
In a recent article, it was highlighted that Reportage Binance Smart Chain, according to Messari, has seen a surge in its market capital, revenue, number of average active daily addresses, total value locked (TVL), decentralized finance, and volume average decentralized exchange.
BNB outperforms Bitcoin in Q1 2024
BNB Smart Chain’s market capitalization grew by 89% in Q1 2024. The market cap reached $92.5 billion. Third position All tokens except stablecoins. BNB was only surpassed by Bitcoin (BTC), Ethereum (ETH) in terms of market capitalization.
The report also notes, surprisingly, that BNB outperformed Bitcoin in terms of outstanding market capitalization, with a 66% increase over the same time period.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=860&resize=860%2C419)
Binance Smart Chain revenue grew significantly in Q1. Revenues for the network reached $66.8 millions, a 70 percent increase from QoQ.
Messari said that the increase in revenues was driven primarily by BNB’s appreciation. Notably, Q1’s The revenue contribution from DeFi transactions, particularly gas fees, was significant and accounted for 46% of the total. Gas fees and DeFi transactions were the major contributors to revenue, with 46%.
BNB Smart Chain saw a sustained 27% increase in activity over the past year (YoY), despite a small decrease in daily average transactions.
The average number of active addresses per day increased by 26 percent QoQ to 1.3 millions. BNB Smart Chain protocols saw increased transactions and addresses. Tether USDT PancakeSwap is a decentralized exchange that has been leading in the field.
DEX Trading Volume Explodes
BNB Smart Chain’s DeFi TVL in USD experienced a QoQ increase of 67%, reaching $7.2 Billion. Binance Smart Chain was ranked third in terms of chain value by this growth. DeFi TVL Denominated as USD
TVL, however, decreased by about 12% when it was denominated as BNB. The surge in USD was driven primarily by BNB’s price increase and inflows of capital.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=860&resize=860%2C417)
The average trading volume on Binance Smart Chain decentralized exchanges increased by 193% in a quarter-on-quarter basis. Total DEX volumes for Q1 were $1.1 billion. PancakeSwap emerged as the most dominant DEX.
PancakeSwap’s daily average DEX volume grew by 140% QoQ. It now surpasses other competitors, solidifying PancakeSwap as the preferred provider. DEX BNB Smart Chain
Binance Smart Chain has shown significant gains in all parameters during the first quarter 2024, confirming its status as a leading blockchain platform.
Binance Coin is the native token of the exchange and currently trades at $607. This represents a price rise of 2% over the last 24 hours, as well as a 10% gain over the previous 7 days.
The token is now closer than ever to the all-time record price of $686 that was reached in May 2021.
Chart from TradingView.com, image from Shutterstock
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