How BNB reaped benefits from the launch of opBNB
. Since then, the testnet has gained much attention from the crypto community as it plays a vital role in improving scalability.While opBNB remained the center of attention, BNB Chain registered an uptick in its weekly users. However, the achievements of the blockchain did not reflect on the token’s price action, as it remained dormant last week. Are there any chances of a trend reversal in the coming days?Just a few weeks after the launch, the testnet’s stats looked very promising.
Not only that, but the tweet also revealed that the blockchain’s weekly transactions crossed 23 million, reflecting increased usage and adoption of . A look at Artemis’ data also painted a similar picture. BNB’s daily active addresses and number of daily transactions gained upward momentum.While the aforementioned metrics looked promising, the same can’t be said for the blockchain’s DeFi ecosystem. Artemis’revealed that BNB Chain’s TVL has been declining for weeks. At press time, the figure stood at $3.44 billion.
Apart from TVL, DEX volume also declined over the last month. A possible reason behind this downtrend could be BNB’s sluggish price action, as its daily price only went up marginally. At the time of writing, BNB wasBNB Chain’s [BNB] Price PredictionUpon considering a few on-chain metrics, BNB’s slow-moving price action seemed likely to continue for a long time. BNB’s velocity plummeted sharply last week. This meant that BNB was used in transactions less often within a set time frame.
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