Messari Research Report: Overview of BNB Ecosystem Development in the Third Quarter

BNB Chain launched several incentive programs in the third quarter, including the Gas-Free Carnival and the TVL Incentive Program, to promote the growth of DeFi and NFT activities.

Written by: AJC, Messari

Translated by: Luke, Mars Finance

Key Points

BNB Chain has introduced several new incentive programs and initiatives, including the Gas-Free Carnival for stablecoin transfers, the Gas Grants Program, and the fourth phase of the TVL Incentive Program.
The DeFi TVL on BNB Smart Chain slightly increased to $4.85 billion, maintaining its ranking as the fourth highest TVL chain. Venus Finance and Avalon Finance saw the largest growth, with Venus's TVL increasing by 13% month-over-month, while Avalon grew over 300% after joining the BNB Incubation Alliance.
NFT activity has shown a resurgence, with daily trading volume increasing by 283% month-over-month to $600,400, although this growth was primarily driven by large individual traders.
BNB Chain further advances its multi-chain strategy by continuously launching the BNB Chain Bridge, facilitating cross-chain transfers and improving liquidity across the ecosystem.

Overview

BNB Chain (BNB) is a blockchain ecosystem where each chain has specific functions. The three core components of BNB Chain are as follows:

BNB Smart Chain (BSC): The smart contract layer and DeFi hub.
BNB Beacon Chain: The current staking and governance layer (its functions will migrate to BSC and be deactivated to enhance the efficiency and security of the ecosystem).
Note: As of the writing of this article, the BNB Beacon Chain is in the final deactivation phase.
BNB Greenfield: A decentralized storage network. As an important part of the One BNB paradigm, Greenfield focuses on real-time, valuable data, allowing users to create their own personal data markets.
opBNB: A high-performance optimistic rollup. opBNB is well-suited for Dapps that require high-frequency trading, such as fully on-chain games. It offers the lowest gas fees in L2, with transaction costs at $0.0001. It has very high performance, capable of handling 5,000 to 10,000 TPS.

The metrics in this report primarily focus on BNB Smart Chain (BSC). BSC is an EVM-compatible Layer-1 blockchain secured by a Proof-of-Staked-Authority (PoSA) mechanism, which combines features of Proof-of-Authority (PoA) and Delegated Proof-of-Stake (DPoS). In BSC's PoSA, the size of the validator set is fixed and elected based on staking weight (staking plus binding). Additionally, validators must continue to stake assets to secure the network, while the validators selected to produce blocks are rotated (not based on staking weight). For a complete introduction to the BNB Chain ecosystem, please refer to our ecosystem report.

Key Metrics

Financial Overview

Market Capitalization and Revenue

Similar to the broader cryptocurrency market, BNB's price slightly declined in the third quarter of 2024. At the end of the quarter, BNB's market capitalization was $82.79 billion, a decrease of 4% month-over-month. Among all tokens (excluding stablecoins), BNB's market capitalization ranking remained at 3rd, following ETH and BTC. Additionally, BNB's performance in the third quarter was slightly weaker than BTC, as Bitcoin's circulating market capitalization grew by 1% during the same period.

Revenue (measuring all fees collected by the network) saw a decline in the second quarter. In dollar terms, third-quarter revenue was $34.9 million, a decrease of 28% from $48.4 million in the second quarter. Revenue measured in BNB also decreased, falling 22% month-over-month from 81,300 BNB in the second quarter to 63,500 BNB in the third quarter.

Historically, gas fees paid for DeFi-related transactions have been the largest single contributor to revenue. The third quarter continued this trend, with the DeFi category contributing 10,200 BNB in gas fees (a decrease of 27% month-over-month). Notably, the share of DeFi in total revenue also decreased by 6% month-over-month to 16%. Revenue related to wallet-to-wallet transactions increased by 53% month-over-month to 8,800 BNB in the third quarter. Furthermore, its revenue share rose by 97% month-over-month to 14%. The revenue share from stablecoins also increased, rising by 8% month-over-month to 8%. All other major categories (MEV, Infrastructure, Tokens, and Other) experienced a month-over-month decline in both revenue and revenue share.

Supply Dynamics

The initial total token supply of BNB was 200 million (launched in July 2017). BNB achieves deflation through a series of burning mechanisms:

Auto-Burn: An automatic burning mechanism that burns different amounts of BNB each quarter based on the token price and the number of blocks generated on BNB Chain.
Pioneer Burn: This program accounts for all BNB accidentally lost by new or careless users in quarterly burning. The project team compensates users in accepted cases.
Gas Fees Burn: According to BEP-95, 10% of all gas fees generated on BNB Smart Chain are automatically burned. The remaining 90% is distributed as rewards to validators and stakers.

As of the end of the quarter, BNB's circulating supply was 145.9 million, resulting in an annualized deflation rate of 4.5% (an increase of 14% month-over-month). Finally, the 28th quarterly BNB burn took place on July 22, with 1.6 million BNB burned, equivalent to $971 million at the time of burning. All burned BNB came from the Auto-Burn mechanism.

Adoption

On-chain activity on BNB Smart Chain saw a slight decline in the third quarter. The average daily transaction volume showed a downward trend, decreasing by 8% month-over-month from 3.7 million to 3.4 million. The average daily active addresses also declined in the third quarter, decreasing by 19% month-over-month from 1.1 million to 868,300. After a period of activity in the first half of the year, on-chain activity across most smart contract platforms decreased in the third quarter.

Tether's USDT became the token with the highest trading volume associated with a single protocol on BNB Smart Chain in the third quarter. Its average daily trading volume was 676,600, an increase of 10% month-over-month (from 617,300). Nearly 20% of the transactions on BNB Smart Chain in the third quarter were related to USDT. The trading volume of USDT was more than double that of the second-largest trading volume protocol, PancakeSwap, which had an average daily trading volume of 234,200, a decrease of 14% month-over-month (from 273,600). 7% of transactions were related to PancakeSwap.

Aside from USDT, none of the other top six protocols saw a month-over-month increase in trading volume. However, MEV (up 2% to 2%), BNB System (up 1% to 1%), and Circle's USDC (up 1% to 0.5%) all saw increases in trading share.

Similar to trading activity, Tether's USDT became the protocol with the most active addresses on BNB Smart Chain in the third quarter. The average daily active addresses for USDT at the end of the quarter were 294,000 (an increase of 8% month-over-month from 271,800). The second-largest protocol by active addresses was PancakeSwap, which maintained a relatively stable average daily active address count of 94,600. USDT and Tether accounted for nearly 45% of all active addresses in the third quarter. No other single protocol had an average daily active address count exceeding 10,000.

Security and Decentralization

BNB Smart Chain adopts the Proof-of-Staked Authority (PoSA) consensus mechanism, electing 45 validator nodes every 24 hours to participate in consensus. The election is based on the total amount of BNB tokens staked by each node. Among these 45 validators, the top 21 with the highest staking amounts are referred to as "Cabinets," while the remaining 24 are called "Candidates." Then, 18 are randomly selected from the 21 "Cabinets," and 3 are randomly selected from the 18 "Candidates" to produce blocks for a given epoch. The selected validator nodes then take turns producing blocks based on Ethereum's Clique consensus design.

With the Feynman upgrade conducted by BNB Chain on April 18, the maximum number of active validators on BNB Smart Chain increased from 40 to 45. Since the upgrade, there have consistently been 45 active validators on BNB Smart Chain, indicating strong network security and high demand for operating validators.

The total amount of staked BNB has risen for the third consecutive quarter, partly due to the transition of staking from BNB Beacon Chain to BNB Smart Chain. The total staked BNB increased by 7% month-over-month, from 30.4 million to 32.4 million. Due to a slight decline in BNB prices in the third quarter, the total dollar value of staked BNB saw a smaller increase (up 4% month-over-month, from $17.7 billion to $18.3 billion). Compared to other PoS networks, BNB Smart Chain had the third-highest dollar value of staked funds at the end of the third quarter. However, the gap with the second-ranked (Solana) was $20.7 billion.

MEV

BEP-322, a Proposer-Builder Separation (PBS) proposal for BNB Smart Chain validators, was launched in the previous quarter (the second quarter). BEP-322 was implemented as a builder API specification to address the decentralization issue of MEV (Maximum Extractable Value) solutions on BSC. This specification created a unified MEV market where block proposers (i.e., validators) do not participate in selecting which transactions to include in the proposed blocks. Instead, block builders create potential blocks and submit them to the proposing validators. The validators then choose the proposed block that brings them the most fees. This new mechanism brings stability and transparency to BNB Chain's MEV market while fostering healthy market competition among block builders.

The Builder API specification for BNB Smart Chain went live in May. Throughout the quarter, 83% of blocks were built using the Builder API specification. On the last day of the third quarter, 92% of the blocks created that day utilized the Builder API specification. Additionally, as of the writing of this article, there are 35 different block builders on BNB Smart Chain.

Technical Developments

In the previous quarter, BNB Beacon Chain began its phase-out process. Although BNB Beacon Chain served as the staking and governance layer of BNB Chain, it introduced complexity and some security vulnerabilities due to the bridging between BSC and BNB Beacon Chain. Therefore, BNB Chain began migrating the functions of BNB Beacon Chain to BNB Smart Chain. BEP-333: Chain Fusion will be implemented through four different upgrades.

First phase-out fork of BNB Beacon Chain (implemented on April 15) - Disabled cryptocurrency issuance and minting functions on BNB Beacon Chain.
BNB Smart Chain Feynman hard fork (implemented on April 18) - Enabled validator creation and governance functions on BNB Smart Chain.
Second phase-out fork of BNB Beacon Chain (implemented on July 14) - Disabled governance and delegation functions on BNB Beacon Chain.
Final phase-out fork of BNB Beacon Chain (scheduled for November 19) - Cease BNB Beacon Chain and disable cross-chain communication with BNB Smart Chain.

In the third quarter, BNB Chain also conducted a series of hard forks and technical upgrades unrelated to BNB Chain Fusion:

BNB Greenfield Veld hard fork (July 8) - Key features include adding bucket status to bucket migration-related events, fixing non-migratable deprecated buckets, fixing delegator values that support group names, and ignoring registration channel errors.
BNB Greenfield Mongolian hard fork (August 8) - Key features include supporting cross-chain creation strategies, fixing the issue where the initial value for minimum comparisons should be sufficiently large, and fixing broken links redirecting from local repositories to BNB Chain documentation.
opBNB Wright hard fork (August 27) - This upgrade introduced several changes, such as setting the base fee to zero, supporting bundle features, and handling persistent IDs when using nodebufferlist. Mainnet Op-Geth nodes must upgrade to Op-Geth v0.4.5 before the hard fork.
BNB Greenfield Altai hard fork (September 23) - The Altai hard fork addressed compatibility issues between Greenfield and the Metamask extension.
BNB Smart Chain Bohr hard fork (September 25) - This upgrade will introduce the following four BEPs:
BEP-341: Validators can produce blocks continuously.
BEP-402: Completes missing fields in the block header for signature generation.
BEP-404: Clears miner history when switching validator sets.
BEP-410: Adds delegation for validators.

Development Roadmap

On January 31, BNB Chain released its roadmap for 2024. This roadmap showcases strong development plans for BNB Smart Chain, BNB Greenfield, opBNB, and more. The goal of future development efforts is to unify the current ecosystem and chains through the multi-chain paradigm One BNB, achieving a unified and seamless experience within BNB Chain. Some key highlights include:

BNB Smart Chain - Completing BNB Chain Fusion, expanding the validator set to 100, introducing delegated voting, MEV proposer-builder separation, and a new parallel EVM.
opBNB - Increasing gas limits to 200 million and achieving 10,000 TPS (achieved this quarter), implementing BEP-336 (achieved in the previous quarter), and introducing ZK error proofs and shared sorter sets.
BNB Greenfield - Adding permanent storage and making it a data availability layer.

DeFi

The DeFi TVL (in USD) on BNB Smart Chain slightly increased from $4.74 billion in the second quarter to $4.85 billion, a month-over-month growth of 2%. As of the end of the quarter, this placed BNB Smart Chain fourth in the ranking of TVL in USD, having dropped one position after being surpassed by Solana in July. The TVL in BNB remained relatively stable over the quarter at 8.3 million BNB (an increase of 10,700 BNB month-over-month). This dynamic indicates that the decrease in TVL in USD is driven by capital inflows.

The top two protocols by TVL on BNB Smart Chain are Venus Finance and PancakeSwap. As the protocol with the largest TVL, Venus Finance's TVL grew from $1.59 billion to $1.79 billion, a month-over-month increase of 13%. Notably, despite the increase in TVL, the lending volume decreased from $707 million in the second quarter to $454 million in the third quarter, a month-over-month decline of 36%. By the end of the third quarter, Venus Finance's TVL share reached 37% (up from 34%, an increase of 10%).

PancakeSwap's TVL slightly decreased in the third quarter, dropping from $1.72 billion to $1.64 billion, a month-over-month decline of 5%. PancakeSwap consists of three different AMMs (PancakeSwap AMM, StableSwap, and AMM V3). By the end of the third quarter, the TVL of AMM was $1.19 billion (accounting for 73% of the TVL), StableSwap's TVL was $14.7 million (less than 1% of the TVL), and AMM V3's TVL was $379.1 million (accounting for 23% of the TVL). However, PancakeSwap's share of the TVL decreased to 34% (down 7% from 36%). Overall, Venus Finance and PancakeSwap accounted for 71% of the TVL on BNB Smart Chain.

Among the top six protocols, the only one besides Venus Finance that saw an increase in TVL was Avalon Finance, a protocol providing lending services for BTC-based assets across multiple networks. Avalon Finance launched its lending market on BNB Smart Chain in May and quickly achieved a TVL in the eight figures. On July 31, Avalon Finance was announced as one of the winners of the second round of the BNB Incubation Alliance, which rapidly positioned it within the Most Valuable Builders (MVB) program of BNB Chain. Following this announcement, Avalon Finance's TVL quickly surpassed $100 million, reaching $159.4 million by the end of the quarter (a 315% increase from $38.4 million).

Other protocols among the top six include ListaDAO, PinkSale, and UNCX Network. ListaDAO is a CDP stablecoin lending and liquid staking protocol, whose TVL decreased by 38% in the third quarter, from $317.6 million to $198.4 million (this figure does not include ListaDAO's liquid staking TVL). ListaDAO has been running a rewards program since the first quarter. Part of the decline in its TVL in the third quarter can be attributed to short-term arbitrage funds seeking better yield opportunities. PinkSale, a token issuance platform protocol, saw a month-over-month decline of 11%, dropping from $200.2 million to $179.2 million. Ranking sixth is UNCX Network, a DeFi infrastructure protocol offering various token services. Its TVL decreased by 2%, from $80.5 million to $79 million.

In the fourth quarter, BNB Smart Chain launched a TVL incentive program. This program aims to reward projects that deploy within the ecosystem and attract significant TVL. In the third quarter, the second phase concluded, running from June 27 to July 27. The third phase is a two-part program that establishes prize pools for two categories: Liquid Staking and DeFi. A total of $300,000 was awarded to eight projects:

Liquid Staking - Venus Finance, PancakeSwap, and Kinza Finance.
DeFi - Solv, BitU, Avalon Finance, KiloEx, and Harbor Market.

On September 4, the fourth phase of the TVL incentive program was announced. The fourth phase is a two-part program that establishes prize pools for two categories: Liquid Staking and DeFi. The Liquid Staking prize pool is $100,000, to be distributed among three winners, while the DeFi prize pool is up to $200,000, to be distributed among five winners. The fourth phase runs from September 12 to October 11.

With the migration of validation and staking services to BNB Smart Chain over the past year, liquid staking has become one of the top priorities in the BNB Chain ecosystem. Meanwhile, ListaDAO's liquid staking solution, slisBNB, has become the primary liquid staking solution on BNB Smart Chain. As of the end of the third quarter, the amount of BNB staked on ListaDAO was 406,200 (valued at $234.4 million), a 2% decrease from 412,700 slisBNB (valued at $237.3 million) in the second quarter.

On September 15, BNB Smart Chain's first restaking token protocol, YieldNest, officially launched. YieldNest allows users to restake slisBNB as ynBNB and then deposit it into restaking protocols like Karak. In the coming quarters, restaking and liquid staking are expected to become growth areas for BNB Smart Chain.

After peaking in March, DEX trading volumes across most smart contract platforms have shown a downward trend. This trend continued into the third quarter for BNB Smart Chain, with average daily trading volume decreasing by 18% month-over-month, from $708.5 million to $578.1 million. In the third quarter, BNB Smart Chain's DEX trading volume ranked fourth among all chains ($53.73 billion). Only Ethereum ($138.15 billion), Solana ($121.47 billion), and Arbitrum ($58.53 billion) had higher DEX trading volumes.

As of the end of the third quarter, there were 69 different DEXs on BNB Smart Chain (an increase of 3). Despite the fierce competition, PancakeSwap has remained the leading DEX on BNB Smart Chain. In the third quarter, PancakeSwap's average daily trading volume was $480.9 million, a 23% decrease from $625.8 million. PancakeSwap's market share dropped from 87% to 83%, a 4% decline month-over-month. The DEX with the highest average daily trading volume growth in the third quarter was DODO. Its average daily trading volume increased by 83% to $30.7 million, making it the second-largest DEX by trading volume on BNB Smart Chain. The top five DEXs ranked by average daily trading volume in the third quarter are as follows:

PancakeSwap ($480.9 million - accounting for 83% of BNB Smart Chain DEX trading volume)
DODO ($30.7 million - accounting for 5% of BNB Smart Chain DEX trading volume)
THENA ($30.3 million - accounting for 5% of BNB Smart Chain DEX trading volume)
Uniswap ($25.7 million - accounting for 4% of BNB Smart Chain DEX trading volume)
BabyDogeSwap ($2.4 million - accounting for less than 1% of BNB Smart Chain DEX trading volume)

On May 21, BNB Chain announced a trading volume incentive program. This program aims to increase trading volume on protocols through a reward-based approach. The total prize pool is $200,000, which will be shared among the top ten protocols. Winners are determined based on total trading volume and incremental trading volume during the period. The program ran until July 9. Rewards were distributed to the ten projects with the highest incremental trading volume: PancakeSwap, THENA, APX Finance, uDEX, KiloEx, WOOFI, Sigma, Velvet Capital, KTX, and Level Finance.

Stablecoins and BTC

In 2023, the market capitalization of stablecoins on BNB Smart Chain has been on a downward trend, primarily due to the reduction in BUSD supply. In the first quarter of 2023, the NYDFS ordered BUSD issuer Paxos to stop issuing, and various centralized exchanges (such as Coinbase) also suspended BUSD trading. As a result, the market capitalization of stablecoins on BNB Smart Chain has been declining each quarter in 2023.

However, this trend has largely reversed in the first half of 2024, mainly due to the growth of other stablecoins on BNB Smart Chain. In the third quarter, the market capitalization of stablecoins remained relatively stable, slightly decreasing from $5.03 billion to $5.00 billion (a decrease of $24.9 million). The largest stablecoin on BNB Smart Chain, USDT, saw a slight increase in market capitalization, rising from $3.97 billion to $3.98 billion. As of the end of the third quarter, USDT accounted for 79% of the stablecoin market on BNB Smart Chain (unchanged month-over-month). The second-largest stablecoin, USDC, experienced a slight loss in the third quarter, dropping from $543.4 million to $540.8 million.

At the end of the third quarter, BNB Smart Chain launched the "Gas-Free Carnival" event, aimed at increasing the adoption of stablecoins on the platform. The Gas-Free Carnival allows users to transfer stablecoins without gas fees, providing various seamless transaction options:

Gas-Free Stablecoin Transfers: Users can send USDT, USDC, and FDUSD on BNB Smart Chain and opBNB without gas fees, supported by Bitget Wallet and SafePal.
Zero-Fee Withdrawals: Participating exchanges (such as Binance, Bitget, Gate.io, and SafePal) offer free withdrawal services for these stablecoins to BNB Smart Chain.
Free Cross-Chain Transfers via Celer cBridge: Users can transfer supported stablecoins to BNB Smart Chain or opBNB network for free using Celer cBridge.

BTCB is one of the largest assets by market capitalization on BNB Smart Chain, second only to BNB and stablecoins. It is the tokenized version of Bitcoin on BNB Smart Chain. In the third quarter, the supply of BTCB increased by 8% year-over-year, reaching 65,300, equivalent to $4.13 billion. The number of BTCB holders grew by 7% year-over-year, slightly exceeding 1 million. The development of BNB Smart Chain is supported by its emerging BTCFi ecosystem. Projects like Solv Finance, Lorenzo, and Lombard Finance provide BTCB holders on BNB Smart Chain with access to various DeFi opportunities.

opBNB

opBNB is an EVM-compatible optimistic rollup that helps increase the execution throughput of BNB Smart Chain. Since its mid-third quarter launch, the total bridged value (TVB) has been on the rise. In the third quarter, $3 million was bridged to opBNB, bringing the TVB to $78.9 million (a 4% increase from $75.9 million). USDT (up 4% to $52.1 million) remains the most popular bridged token on opBNB, accounting for 66% of all TVB. In percentage terms, BTCB saw the largest growth in the third quarter, increasing by 304% to $774,200.

In 2024, DeFi TVL on opBNB has been on the rise, partly due to the launch of various TVL incentive programs during the year. In the third quarter, DeFi TVL on opBNB slightly retreated, decreasing by 12% month-over-month from $28.9 million to $25.4 million. The DeFi TVL on opBNB is primarily supported by two projects: KiloEx (with a TVL of $17.4 million) and PancakeSwap ($6.5 million). These two projects accounted for 94% of the TVL on opBNB in the third quarter.

NFTs

After a lackluster performance in the second quarter, NFT activity rebounded in the third quarter. The average daily NFT trading volume increased by 283% month-over-month, rising from $156,900 to $600,400. The average daily sales volume also increased, growing by 47% to 8,900. However, the average daily number of buyers decreased by 53% to 2,300, indicating that NFT activity in the third quarter was primarily driven by "whales" rather than small users.

Ecosystem Growth

BNB Chain continues to support new projects within its ecosystem through its Most Valuable Builder (MVB) Accelerator Program. In August, BNB announced the results of MVB Season 7. There were over 700 applications, with five different projects receiving investment from Binance Labs:

Aggregata - AI data and model platform
Blum - Cryptocurrency trading application based on Telegram
O.LAB - Dynamic prediction market
SideKick - Social hub for gaming and other fields
Vooi - Cross-chain aggregator for perpetual DEX

MVB Season 8 was also announced at the end of August. The eighth season of BNB Chain MVB projects provides a four-week intensive acceleration for early Web3 projects, with continued collaboration from Binance Labs, CMC Labs, and BNB Chain.

In addition to the MVB Accelerator Program, BNB Smart Chain hosted a hackathon in the third quarter. The application submission period was open from July 31 to August 28, receiving nearly 200 different applications. The total prize pool was $500,000, with three different tracks: gaming, social, and payments. The winners of the hackathon were announced on October 2:

First Prize ($15,000) - zkGraph
Second Prizes ($10,000 each) - Siren and CryptoBed
Third Prizes ($5,000 each) - The Witch Credit Card, GreenPress, and Bakeland

BNB Chain also launched a series of community and ecosystem initiatives in the third quarter:

BNB Chain Telegram Mini Games Report (August 2) - BNB Chain highlighted the rise of Telegram mini-games within its ecosystem, noting their increasing popularity as a Web3 entry point. These mini-apps seamlessly integrate into Telegram, allowing users to access Web3 services, including decentralized exchanges and NFT markets, without leaving the app. Notable projects include GombleGames' Eggdrop, which features token-based gameplay, and SkyArk Chronicles' Let's Throw Slime, an NFT-based interactive game.
BNB Incubation Alliance (BIA) Winners (August 6) - Last quarter, BNB Chain announced its BNB Incubation Alliance, an incubator program for early ecosystem projects seeking BNB grants and Binance Labs investment. During the Bitcoin 2024 event in Nashville, the winners of the BNB Incubation Alliance were Avalon Finance and Bedrock. At EthCC in Brussels, the winners included Balloon Dogs, Blackwing, and Payman.
Meme Coin Innovation Battle Round 3 (August 13) - This program offered rewards of up to $150,000 to promote the meme coin ecosystem on BNB Smart Chain. It focused on launching new meme coins and enhancing the liquidity of existing meme coins, providing customized marketing and access to a $900,000 liquidity pool to support growth. The meme coin launchpads four.meme, MyShell, Flap, and Burve also provided additional incentives.
Gas Subsidy Program (August 19) - This program offered over $1 million in rewards over three months to incentivize projects on BNB Smart Chain or opBNB that meet specific criteria, such as daily active user requirements and passing security audits. Up to $440,000 will be allocated monthly based on participants' gas fees generated and user engagement, with top projects eligible for up to 80% gas fee refunds, capped at $50,000 per project.
BNB Chain Bridge (August 28) - Developed in collaboration with Celer, deBridge, and Stargate, the BNB Chain Bridge enhances liquidity, connectivity, and user experience on BNB Smart Chain. It simplifies cross-chain transfers, allowing users to easily navigate between popular tokens and bridges. Additionally, liquidity pools support faster and more competitive asset transfers.

Summary

In the third quarter, BNB Smart Chain demonstrated robust progress, with significant developments in DeFi, staking, and cross-chain initiatives. Although the market capitalization of BNB slightly declined (down 4% month-over-month), network activity remained strong, with daily transactions reaching 3.4 million, albeit slightly down from the second quarter. BNB Chain's DeFi TVL increased by 2% month-over-month to $4.85 billion, solidifying its position as the fourth-largest chain by TVL. Venus Finance led with a 13% increase in TVL, while newly added projects like Avalon Finance also achieved significant growth after joining the BNB Incubation Alliance. The launch of liquid staking solutions and the opBNB rollup contributed to increased participation and bridged TVB, enhancing the liquidity and user experience of BNB Chain.

The growth of the ecosystem is also reflected in a wide range of development initiatives, including the ongoing Most Valuable Builder (MVB) Accelerator and hackathon. A series of community initiatives further promoted user engagement, including the Gas-Free Carnival, Telegram mini-games, and the cross-chain BNB Chain Bridge.

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