thecryptobasic.com
$BNB Chain TVL rises 2%, $NFT trading volume surges 283%, but on-chain activity and network revenue decline.
Recent data shows that the $BNB Chain experienced notable changes across various metrics in Q3 2024 despite facing market challenges. The chain saw a modest rise in Total Value Locked (TVL) and a significant increase in $NFT trading activity.
However, network revenue and overall on-chain activity declined compared to the previous quarter.
$BNB DeFi and Staking See Modest Gains
$BNB Smart Chain’s DeFi TVL, measured in USD, increased by 2% QoQ, rising from $4.74 billion in Q2 to $4.85 billion in Q3. Despite this growth, $BNB Smart Chain slipped to fourth place in the TVL rankings, overtaken by Solana.
Meanwhile, TVL denominated in $BNB remained stable at 8.3 million $BNB, indicating consistent capital inflows. Venus Finance retained its position as the leading protocol by TVL, with a 13% QoQ increase to $1.79 billion. However, borrowing on Venus dropped significantly by 36%, falling to $454 million.
Staking activity also grew, with total $BNB staked rising 7% to 32.4 million $BNB. ListaDAO’s liquid staking solution, slisBNB, continued to dominate, though staked volumes fell 2% QoQ to 406,200 slisBNB.
In a key development, the YieldNest protocol introduced a re-staking feature, allowing users to convert slisBNB into ynBNB for further staking. This move aims to boost ecosystem liquidity.
$BNB Chain Revenue Declines
$BNB Chain’s revenue, which reflects the total fees collected by the network, declined in Q3. Revenue for the quarter totaled $34.9 million, a 28% decrease from $48.4 million in Q2.
Revenue denominated in $BNB also decreased, falling by 22% QoQ. In Q3, revenue amounted to 63,500 $BNB, down from 81,300 $BNB in the previous quarter.
$NFT Activity Surges
On the $NFT front, $BNB Chain saw a significant rebound after a quiet Q2, with average daily trading volume soaring by 283% to $600,400 in Q3. Average daily sales also increased by 47%, reaching 8,900.
However, the number of unique daily buyers fell by 53% to 2,300, suggesting that recent $NFT activity was driven by larger transactions from a smaller pool of high-value traders.
On-Chain Activity & Gas-Free Initiative
Despite positive momentum in some areas, $BNB Smart Chain’s on-chain activity slowed. Average daily transactions decreased 8% QoQ to 3.4 million, while active daily addresses dropped 19% to 868,300.
Stablecoin transactions remained a strong point, with $USDT leading in active addresses, averaging 294,000 daily—a growth of 8% QoQ. PancakeSwap remained the second most active protocol, with 94,600 daily addresses.
Amid these trends, $BNB Chain launched its “Gas-Free Carnival” to enhance stablecoin usage. This initiative offers gas-free transfers for $USDT, USDC, and FDUSD, supported by Bitget Wallet and SafePal. Additionally, fee-free withdrawals and free bridging options via Celer cBridge aim to improve user experience and boost adoption.