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HomeNewsBNB Chain Kicks Off 2024 with a Bang: Revenue Soars Despite Market...

BNB Chain Kicks Off 2024 with a Bang: Revenue Soars Despite Market Challenges!

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  • Despite regulatory obstacles, BNB network experienced notable revenue growth in the first quarter of 2024.
  • Although the bulk of traders are bearish despite the positive performance, some analysts anticipate a possible bullish surge.

The Binance Smart Chain (BNB) network has shown impressive financial performance in the first quarter of 2024, despite regulatory obstacles. With revenues of $66.8 million, up a startling 70% from $39.2 million in the prior quarter, BNB is solidifying its place as a key participant in the blockchain ecosystem.

Growth Driven by DeFi and Stablecoin Trends 

The substantial gain in the value of the BNB coin, which is presently trading at $593.42 despite a 2.48% decline in the last day, is primarily responsible for the rise in revenue, according to CoinMarketCap. In contrast to the previous week’s 6.01% growth, this current decline highlights the network’s solid position in a tumultuous market.

Gas fees from DeFi transactions remained a primary revenue stream, totaling 76,200 BNB and marking a modest 1.7% increase from the previous quarter.

46% of total revenue came from DeFi transactions, with stablecoins—especially USDT—exhibiting the most quarter-over-quarter revenue growth (29%), in line with what ETHNews previously disclosed.

Source: Messari

Not all market sectors performed well, though; there were noticeable drops in the gaming and infrastructure sectors. The network’s usefulness in stablecoin transactions is especially impressive in spite of these difficulties.

With a 22% growth from the previous quarter to 619,300 daily transactions, USDT is currently leading the field and surpassing rival protocols such as PancakeSwap, which had a 4% increase to 345,200 daily transactions.

BNB Future Outlook and Market Sentiments 

Overall, the network’s effort has produced a range of outcomes. The average daily active addresses increased by 26% to 1.3 million, despite a 9% decline in average daily transactions from the previous quarter. This indicates that more users are interacting with the platform.

Despite this rise, 52% of traders have chosen to short BNB, reflecting the market’s cautiously negative emotions towards the coin.

bnb chain
Source: Coinglass

However, popular crypto analyst Captain Faibik shares his bullish projection, predicting a short-term bullish jump of 40–45% for BNB should it break out of its symmetrical triangle pattern.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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