BNB Chain leaves no stone unturned as it strives to improve network activity

• BNB Chain’s daily active addresses and transactions have been declining for months.
• BNB’s weekly chart was flat, but its funding rate turned red.

BNB Chain [BNB] continues to remain the second largest blockchain by daily active users. However, over the past few months, the numbers have registered a drop, meaning that the blockchain’s network activity has declined. BNB recently posted its weekly report highlighting the blockchain’s statistics, which also pointed out the drop in network activity. Nonetheless, the blockchain has planned a new update that can turn the situation in BNB’s favor. 

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BNB Chain is losing ground.

BNB Chain recently posted its key metrics for the last week, revealing that the blockchain had weekly active users of 3.5 million, with average daily users numbering 980,000. The blockchain processed 18.9 million transactions last week, with 3.14 million average daily transactions.

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Here’s a look at our Key Metrics from last week 👀 pic.twitter.com/8Whod7N9Af

— BNB Chain (@BNBCHAIN) August 27, 2023

However, Artemis’ data pointed out that BNB Chain’s key metrics have been on a declining trend for multiple weeks now. As per the charts, both BNB’s daily active addresses and transactions were sinking over the last three months as they fell under 1 million and 3 million marks, respectively.

The same declining trend was also seen in terms of the blockchain’s TVL and captured value during the same period. 

BNB Chain’s Greenfield is expecting an update

Though network usage was dropping, BNB Chain’s development activity remained high as it planned to push a new update for its Greenfield testnet. For starters, BNB Greenfield is a storage platform with a focus on facilitating decentralized data management and access.

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As BNB is pushing an update for the Greenfield testnet, it will bring along a few new features.

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https://twitter.com/BNBCHAIN/status/1695526530758103063?ref_src=twsrc%5Etfw

 

To enhance the user experience, the new features include a fresh pricing model. Additional changes include support for storage provider exit, bucket migration, and group member expiration. The update will be pushed on 31 August 2023. 

Read BNB Chian’s [BNB] Price Prediction 2023-24

How is BNB doing?

BNB’s price chart, like that of the majority of other cryptocurrencies, was largely unchanged over the last week. The token did witness a price correction on 22 August, but later BNB regained the value it shed. 

According to CoinMarketCap, BNB was marginally up by 0.2% in the last seven days. At press time, it was trading at $217.01 with a market capitalization of more than $33 billion. As per Coinglass, BNB’s funding rate was red. Generally, prices tend to move in the opposite direction from the funding rate, giving hope for more volatile price action in the coming days. 

Source: Coinglass