In the third quarter of 2024, NFT trading volumes on the BNB Chain surged, seeing a 283% increase to an average of $600,400 per day, according to Messari's analysis.
Daily sales rose by 47%, reaching an average of 8,900, though the number of daily buyers dropped by 53% compared to the previous quarter, indicating that larger investors, or “whales,” drove the activity.
Despite this growth, BNB Chain’s total NFT trading volume of $55.2 million in Q3 still lags behind Ethereum, Bitcoin, and other networks like Solana and Polygon, which have outpaced it in recent months. Other performance metrics showed mixed results.
BNB Chain’s revenue decreased by 27.9% to $34.9 million, largely due to a 27% drop in gas fees on DeFi transactions. Average daily active addresses also fell by 19%, alongside an 8.1% decline in daily transactions.
However, BNB Chain’s total value locked (TVL) increased by 2.2% to $4.8 billion, driven by a 13% rise in Venus Finance’s TVL. The chain also saw a deflation rate of 4.5%, as more tokens were burned than minted, leading to a 2.5% price increase.
Key activities on the BNB Chain include transactions using the Tether stablecoin and participation in the decentralized exchange PancakeSwap. Launched by Binance in 2020, BNB Chain ranks fourth in total value locked among layer-1 blockchains. Recently, the platform introduced a service to tokenize real-world assets, offering an accessible, no-code solution that aims to simplify the process and lower costs.
Digital banking platform SoFi Technologies is making a strong return to the cryptocurrency space, relaunching its crypto trading and blockchain services after stepping away from the sector in late 2023.
The XRP Ledger has seen a dramatic slowdown in usage, with fresh data revealing a steep drop in both transactions and new account activations—raising concerns about the token’s short-term outlook.
Coinbase has taken another step toward boosting DeFi participation by launching wrapped versions of Cardano and Litecoin on its Base Layer 2 network.
Digital assets are gaining ground in corporate finance strategies, as more publicly traded companies embrace cryptocurrencies for treasury diversification.