Binance Coin (BNB) Defies Broader Market Correction With 6% Gain, Here’s Why

While the broader cryptocurrency market faces strong selling pressure, Binance’s native BNB coin has given a 6% surge in the last 24 hours with trading volumes jumping by a staggering 80% to more than $2.54 billion. At press time, Binance Coin (BNB) is trading at $375 with a market cap of $56.11 billion.

BNB Chain Crosses 1 Million Active Users

On Wednesday, February 21, the BNB Chain blog published a report – “BNB Chain & the Web3 Blueprint” – stating that the blockchain network has surpassed 1.2 million active users. This comes despite Binance’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over the last few months. In the last four years, the total number of active users on the BNB chain has jumped by six times.

Throughout 2023, BNB Chain made significant strides, particularly amid heightened activity and a positive shift in the market cycle. Binance Smart Chain, the layer of the BNB ecosystem where smart contracts are executed, along with opBNB, BNB Chain’s Layer-2 solution, showcased their scalability by managing peak throughputs of 2,000 and 4,500 transactions per second, respectively.

The report underscores another milestone wherein BSC managed to process a whopping 32 million transactions within a single day, while opBNB achieved a record-breaking 71 million transactions. Moreover, there was an 85% decrease in losses due to hacking and scams, according to AvengerDAO.

Binance’s BNB Chain has significantly broadened its infrastructure, incorporating the opBNB Layer-2 solution and the Greenfield storage chain. This move establishes a multi-chain framework catering to the computational and storage requirements of decentralized applications. The overarching goal of the “One BNB” strategy is to foster smooth interactions within the decentralized ecosystem.

Binance on Interoperability and Scalability

Introduced in September 2023, the opBNB mainnet grows towards enhancing user experiences in decentralized finance (DeFi) and gaming, boasting high throughput and minimal fees. Its ongoing development endeavors to achieve a remarkable 10,000 transactions per second, positioning it as a frontrunner in the Layer-2 solution sphere.

In addition, the Binance BNB Chain has rolled out opBNB Connect to bolster large-scale decentralized applications, providing decentralized sequencers, custom gas tokens, and unrestricted bridges to bolster connectivity among Layer 2 solutions.

Despite the legal battle, Binance has continued with its zest for supporting new projects. It was quick to announce the integration of Starknet (STRK) amid the recent airdrop.