State of BNB Chain Q2 2024

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Key Insights

Financial Overview

Market Cap and Revenue

Similarly to the rest of the market, the price of BNB was largely stagnant over Q2’24. At the end of the quarter, BNB’s market cap was $85.8 billion, down 5% QoQ. BNB’s market cap amongst all tokens (excluding stablecoins) remained

Gas fees paid on DeFi-related transactions have historically been the largest individual contributor to revenue. Q2 continued this trend, as the DeFi category contributed 13,600 BNB in gas fees. Although this was a 46% QoQ decrease, DeFi’s share of gas fees paid increased 12% QoQ to 17%. No individual category had a QoQ increase in revenue. However, the categories with the biggest increases in revenue market share were CeFi (up 58% QoQ to 2%) and Stablecoins (up 50% QoQ to 8%). Market share losers included Infrastructure (down 22% QoQ to 2%) and Other (down 9% QoQ to 60%).

Usage

Average daily transactions trended lower in Q2, down 10% QoQ from 4.2 million to 3.7 million. Average daily active addresses also experienced a downward trend in Q2, decreasing 18% QoQ from 1.3 million to 1.1 million. These decreases in network activity were not isolated to BNB Chain, as onchain activity decreased across most smart contract platforms in Q2 after an active

Tether’s USDT

Daily active addresses interacting with protocols also experienced a downward trend in Q2. As with daily average transactions, USDT and PancakeSwap represented the bulk of active addresses that interacted with a protocol on BNB Smart Chain. USDT ended the quarter with an average of 271,800 daily active addresses (down 1% QoQ from 273,300), and PancakeSwap had an average of 51,800 daily active addresses (down 53% QoQ from 110,500). Combined, Tether and PancakeSwap accounted for 61% of active addresses that interacted with a protocol in Q2. Additionally, there was a noticeable shift in user preferences regarding DEXs in Q2. Uniswap saw a QoQ increase of 850%, going from 4,900 daily active addresses in Q1 to 46,600 in Q2. While PancakeSwap lost 58,700 daily active addresses, Uniswap gained 41,700 daily active addresses.

With BNB Chain’s Feynman Upgrade

BNB Smart Chain’s Builder API Specification went live

DeFi

BNB Smart Chain DeFi TVL denominated in USD decreased from $7.2 billion in Q1 to $5.5 billion, a 24% QoQ decrease. This ranked

The top two protocols by TVL on BNB Smart Chain are Venus Finance

DEX volumes were down for most smart contract platforms in Q2 after peaking in March, and BNB Smart Chain was no exception. Average daily DEX volume decreased 23% QoQ from $962.0 million to $737.4 million. Despite this decrease, BNB Smart Chain still had the third most DEX volumes of any chain in Q2 ($66 billion). Only Ethereum ($180.4 billion) and Solana ($108.8 billion) had more DEX volume.

The stablecoin market cap on BNB Smart Chain was on a downtrend in 2023, primarily due to the decrease BUSD

opBNB is an EVM-compatible optimistic rollup that helps scale execution throughput for BNB Smart Chain. Since launching

DeFi TVL on opBNB has been consistently trending higher in 2024, in part due to a TVL Incentive Program

After an impressive Q1 performance for NFTs on BNB Smart Chain, both volumes and sales experienced a downtrend in Q2. The average daily NFT trading volume decreased 80% QoQ from $778,700 to $156,900. Average daily sales also had a large decrease, down 53% QoQ from 12,900 to 6,000. However, average daily buyers actually bucked the downtrend and saw a QoQ increase of 9%, from 4,500 to 4,900. This combination of volume and buyers suggests that NFT activity in Q2 was driven by small users, rather than whales.

In Q2, three projects building primarily on BNB Smart Chain announced funding rounds, totaling $6 million raised. This was a 50% QoQ decrease compared to Q1 when six different projects raised $37.6 million in total.

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