Weekly Analysis of Binance Ecosystem (Sept. 2-8)

BNB Chain Key Data Highlights

Here are some key metrics of BNB Chain’s performance between Sept. 2 and 8:

• Weekly Active Users: In the period under review, BNB Chain logged visits from 3.50 million active users. This was a 24% growth from the 2.82 million registered as Weekly Active Users (WAU) in the previous week.
• Weekly Transactions: This week, 22.1 million transactions were executed on BNB Chain. This was a 7.6% uptick from the 20.5 million transactions completed the week before.
• Average Daily Transactions: Between Sept. 2 and 8, BNB Chain saw average daily transactions of 3.15 million, a 7.6% growth in average daily transactions count over the previous week.
• Average Gas Fee: The average fees paid to process transactions on BNB Chain fell by 3.8% within the period under review. Each transaction between Sept. 2 and 8 cost an average gas fee of 0.00077 BNB.

BNB Chain and Binance Ecosystem Update

The period under review was marked by many significant developments on BNB Chain and within the Binance ecosystem. These included the announcement of the BNB Beacon Chain’s Testnet Gibbs Upgrade, the launch of Binance Account Bound (BAB) tokens, the introduction of zkBNB, and more.

BNB Beacon Chain’s Testnet Gibbs Upgrade

In a Sept. 5 announcement, BNB Chain confirmed that the BNB Beacon Chain testnet is expected to undergo a hard fork upgrade at block height 30,516,226. It expects this would fall on Sept. 16 at 7:30 a.m. (UTC). Full node operators on the testnet are expected to upgrade their software to v0.10.2 ahead of the hard fork. According to the blog post, this upgrade, referred to as BEP 153, will allow individual or institution delegators to stake their $BNB to specified validators and directly get staking rewards on the BNB side.

Binance Account Bound (BAB) tokens

On Sept. 8, Binance announced the launch of the Binance Account Bound (BAB) token – a soulbound token designed as proof of identity for Binance users who have completed KYC verification. In addition, the leading exchange partnered with 14 projects built on BNB Chain to deploy the BAB tokens to offer their users utility. These partners include ApeSwap, ApolloX, PearDAO, Project Galaxy, X World Games, Summoner’s Arena, Ultiverse, CyberConnect, P12, Math Wallet, LiveArt, OpenOcean, TinyWorld and The Harvest.

The zkBNB

With the drive to solve problems associated with blockchain scaling, BNB Chain launched zkBNB on the testnet on Sept. 2. Built for Web3 developers, zkBNB can be deployed by builders of NFT dApps, blockchain gaming, and social media projects. According to the blog post, zkBNB can roll up sidechain transactions into a single transaction, generating a cryptographic proof, commonly referred to as a Succinct Non-interactive Argument of Knowledge (SNARK).

BNB Coin Price Performance

According to CoinMarketCap, $BNB exchanged hands at $283.37 as of writing. In the past week, BNB coin logged a 1% price uptick.