MUBARAK has just reached 150M (as of the time of writing, it has reached 200M), and many communities are particularly FOMO-ing, with some even focusing on single coins A7/A8. For this kind of "event-driven" surge, many users are arriving late. What does this signify? Let's review the data before today through three indicators to see what impact this wave of operations has on the BNB ecosystem.
Important Timeline
On March 13, Binance announced an investment of up to $2 billion from the UAE sovereign fund MGX; the official account posted a tweet with an image of a "tycoon" wearing a Middle Eastern-style headscarf, and CZ retweeted it with the caption "Mubarak."
On March 14, CZ subsequently retweeted a related tweet from a member of the "0x5c…46f6" community; CZ posted on Binance Square saying, "Going to meet a friend this weekend."
On March 15, Binance Alpha launched Mubarak; the next day, CZ spent 1 BNB each to buy TST and Mubarak, and posted on Binance Square saying, "Doing some testing this weekend." This series of operations pushed the hype around Mubarak to a climax.
On March 16, CZ tweeted about "considering changing his profile picture"; Mubarak won the support of a $4.4 million permanent liquidity pool provided by Binance.
Now, let's officially enter the analysis section:
1/TVL
From the perspective of TVL, the main liquidity into the BNB Chain flowed in on March 13, likely influenced by the news of the MGX investment.
2/On-chain Indicators
- Daily Active Addresses: There was no increase in users due to the MGX investment news, with 500k new addresses added on the 13th and 15th.
- Daily Trading Volume: After a sharp drop on the 11th, trading volume slightly increased to 4.8m on the 15th.
- DEX Trading Volume: Trading volume increased by approximately 500m and 750m on the 13th and 15th, respectively.
- Transaction Fees: Transaction fees have been steadily rising since the 12th, from 0.1 to 0.18.
3/7d Cross-chain Liquidity Sources
In the last 7 days, liquidity mainly came from Ethereum, accounting for 61%. Solana only contributed 5%.
4/Cross-chain Transaction Volume
In the last 24 hours, the cross-chain transaction volume was:
- LayerZero: 2585 tx large transactions
- UniversalX: 586 tx small transactions
- Orbiter Finance: 145 tx small transactions
- Meson: 125 tx large transactions
- deBridge: 111 tx large transactions
It can be seen that LayerZero, Meson, and deBridge mainly address large transactions, while Orbiter Finance and UniversalX focus on small transactions. However, UniversalX's transaction volume is higher than that of Orbiter Finance.
5/Changes in Cross-chain Transaction Volume %
It is evident that UniversalX saw a significant increase in transaction volume due to last weekend's BSC Meme wave, while Stargate and deBridge had relatively low incremental changes.
6/Summary
The FOMO caused by MUBARAK's surge has increased liquidity in the BNB Chain ecosystem. DEX trading volume and average transaction fees have reached new highs within a week. However, the core user base has not seen a significant increase and has even shown a downward trend compared to seven days ago. This may indicate that while the on-chain DEX ecosystem has become more active, it has not attracted more users to BSC.
In terms of liquidity sources, the main source is the EVM ecosystem, while liquidity from Solana is minimal, which may explain why BSC has not gained incremental users—much of the meme user liquidity remains on Solana.
From the perspective of cross-chain sources, such "event-driven" explosive opportunities may not be efficiently addressed through mainstream cross-chain bridges for immediate coin-buying needs. Therefore, it is not surprising that users are adopting cross-chain bridges like UniversalX along with aggregation trading platforms. In fact, the increase in transaction volume is indeed higher than that of other cross-chain bridges that do not offer "coin-buying application scenarios."
Data should be updated again in a few days to validate my thoughts, mainly because I believe BSC will have other event-driven opportunities.
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