Despite 'market headwinds' in Q4, BNB Chain continued to show steady on-chain activity growth in the quarter, bucking a wider market downtrend, according to research from Messari.
have remained steady at around 3 million since mid-August. However, daily BEP-20 token transfers have seen an uptick in activity this year with a 66% increase to just over 5 million on Feb. 5.
Messari attributed the growth to the adoption of several ecosystem protocols such as Web3 onboarding protocol Hooked, a surge of DeFi activity on Venus Protocol, and increased NFT activity on the OpenSea marketplace. Network revenue declined 10% for the quarter but Messari stated that the fundamentals were still positive, concluding that:
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