The Depository Trust & Clearing Corporation (DTCC) has announced the successful completion of its Smart NAV pilot, leveraging Chainlink’s technology to enhance its Mutual Fund Profile Service I (MFPS I). The initiative aims to bring trusted data to blockchain ecosystems, facilitating more efficient data dissemination and consumption. Chainlink Boosts DTCC’s Smart NAV Pilot DTCC’s Smart […]
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BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics
The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024.
As highlighted in a recent report by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume.
BNB Outperforms Bitcoin In Q1 2024
During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of .5 billion, securing the third position among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap.
Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period.
Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected .8 million in revenue, marking a 70% QoQ increase.
According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s revenue exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total.
Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity.
Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with Tether’s USDT and decentralized exchange (DEX) PancakeSwap leading the way.
DEX Trading Volume Explodes
BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching .2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding DeFi TVL, denominated in USD.
However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows.
Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached .1 billion, with PancakeSwap emerging as the dominant DEX on the platform.
PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred DEX on the BNB Smart Chain.
Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform.
The exchange’s native token, Binance Coin, is currently trading at 7, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days.
These positive price movements bring the token closer to its all-time high of 6, reached in May 2021.
Featured image from Shutterstock, chart from TradingView.com
OP_CAT Proposal Assigned BIP-347, Aims to Enhance Bitcoin With Ethereum-Style Smart Contracts
OP_CAT, a proposal aimed at introducing Ethereum-like smart contract functionality to Bitcoin, has been assigned the Bitcoin Improvement Proposal (BIP) number 347, marking the first step towards potentially implementing this long-discussed software upgrade. Co-authors Ethan Heilman and Armin Sabouri have emphasized that receiving a BIP number mainly facilitates discussion around the proposal by providing a […]
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More Than 250 Zambian Students Attend Hackathon; Over 100 Earn Smart Contract Development Certification
More than 250 Zambian university students recently participated in an online boot camp and hackathon which saw over 100 earning certification in smart contract development. The students who complete their minimum viable products (MVPs) can apply for grants ranging from ,000 to ,000. Students Trained in Decentralized Application Development More than 250 students from St. […]
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Circle Unveils Smart Contract Service for Blackrock BUIDL Holders to Convert to USDC
On Thursday, the financial technology firm and stablecoin provider Circle introduced smart contract capabilities aimed at enabling holders of the Blackrock USD Institutional Digital Liquidity Fund (BUIDL) to exchange their shares for USDC through Circle. Circle Provides BUIDL Off-Ramp This week, Circle announced it is providing a redemption pathway for BUIDL holders through USDC. BUIDL, […]
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BNB Price Soars As Binance Smart Chain Implements “BEP 336” Upgrade, Inspired By Ethereum’s Dencun
Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain.
The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of 6, reached in May 2021.
BNB Smart Chain Cost-Effective Data Solution
According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled.
These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block.
The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain.
BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction.
While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds.
BEP 336 Integration With Phased Roadmap
BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues.
The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network.
According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable.
The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology.
The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of 8, just 15% below its all-time high of 6.
In case of further price gains, the next resistance walls for the BNB price are placed at the 0 level and the 8 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH.
Featured image from Shutterstock, chart from TradingView.com
Stellar Debuts Smart Contracts With Protocol 20 Update
Stellar has announced the introduction of smart contracts as part of its Protocol 20 update, passed by a validator vote on Feb. 20. The upgrade introduces Soroban, the new smart contracts system, to mainnet, and initiates a phased rollout for validators to monitor the performance of these transactions before scaling them at a subsequent phase. […]
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Binance Smart Chain (BSC) Market Cap Hits New Milestone, Registering 48% QoQ Surge
Binance Smart Chain (BSC) has demonstrated notable growth in key metrics during the fourth quarter (Q4) of 2023, as highlighted in a comprehensive report by Messari.
As the third-largest Layer-1 protocol by market capitalization, BSC experienced positive progress across its financial indicators, signaling a productive quarter for the blockchain ecosystem.
Binance Smart Chain Record-Breaking Transactions
The report reveals that BSC’s market capitalization witnessed a 48% quarter-over-quarter (QoQ) surge. This surge reflects renewed interest in BNB (Binance Coin), the native asset of BSC, following two consecutive quarters of decline.
Moreover, BSC’s revenue measured in USD experienced a significant QoQ growth of 27%. This revenue surge, amounting to over million in Q4, indicates increased activity on the protocol and the implementation of various initiatives throughout the year.
Gas fees burned in BNB, a metric reflecting network activity, also saw a notable QoQ increase of 21%. The rising number of transactions and smart contract interactions contributed to increased gas fees burned, further reinforcing the Binance Smart Chain ecosystem.
In addition to financial metrics, BSC showcased impressive improvements in other areas. The number of active validators increased by 25% QoQ, highlighting growing trust and participation in securing the network. BSC’s commitment to decentralization was evident as the protocol experienced a 54% YoY increase in active validators.
According to Messari, throughout 2023, BSC demonstrated its ability to handle heightened activity while simultaneously reducing costs for users. Daily transactions on the network witnessed a 35% year-over-year (YoY) increase and a 30% QoQ surge, averaging around 4.6 million transactions per day in Q4.
These spikes in transaction volume were attributed to inscription-related activity, with BSC processing a record-breaking 32 million transactions on December 7, 2023.
BSC’s DeFi Ecosystem Reaches .6 Billion TVL
Despite a decline in daily average active addresses and new unique addresses, primarily due to users exploring alternative chains like opBNB, BSC’s on-chain activity remained robust.
The protocol’s ecosystem of stablecoins, dominated by Tether’s USDT, reached a total value locked (TVL) of .6 billion in Q4, showcasing a 33% QoQ increase in Decentralized Finance (DeFi) TVL.
While Non-Fungible Token (NFT)- related metrics declined in Q4, Binance Smart Chain and Ethereum (ETH) witnessed a resurgence in activity toward the end of the quarter, indicating a potential upward trend in the next market cycle.
In addition to BSC’s growth, BNB also experienced notable price movements. After a sharp drop, BNB surged from 8 to reach the 8 level. However, it later retraced to 7 following a correction.
In the past 24 hours, BNB has recorded a growth of 3.7%, pushing its current trading price above 2.
Featured image from Shutterstock, chart from TradingView.com
Cardano Defies Bear Market As Smart Contracts Count Sees 10,000 Explosion
The Cardano network continues to defy expectations and prove its doubters wrong. This time, the network has hit a new milestone, which suggests that users are indeed taking advantage of its smart contract functionality.
Cardano Sees Significant Increase In Smart Contract Usage
Data from Cardano Blockchain Insights has revealed an increase in the usage of Cardano’s Plutus V1 and V2 scripts. As of January 22, 24,050 smart contracts had been executed using these Plutus scripts. This is impressive, considering that this figure stood at 14,379 at the beginning of this year.
This recent increase can be traced back to January 9, when smart contract usage on the network really began to pick up. Specifically, the number of smart contracts executed on Cardano using the Plutus V2 scripts rose from 8,270 to 12,890 on that day. Since then, that figure has skyrocketed to 17,718.
As expected, the Plutus v2 script is more widely used than its V1 counterpart, considering that the former is a newer generation of Cardano’s smart contract scripting language. Cardano introduced Plutus V2 to reduce user costs and enhance script throughput effectively. Meanwhile, this development no doubt further proves naysayers wrong.
A recent report by crypto research firm K33 boldly asserted that there was no “proof of Cardano being used for anything.” K33 further suggested that a “group of bagholders” were the ones simply fabricating a majority of transactions on the network, and nothing meaningful was going on Cardano.
Cardano’s Utility Good For ADA’s Price
Dan Gambardello, the founder of Crypto Capital Venture, once highlighted how the Cardano network had improved since the last bull run. The network’s smart contract functionality was among the features he alluded to as undergoing a significant upgrade since then. Notably, these improvements form part of why he believes that ADA could rise to in the next bull run.
These improvements have indeed contributed to the ecosystem’s resurgence. Last year, the network saw a significant rise in its DeFi activity, and although there has been a decline recently, things are expected to pick back up soon enough. The network’s development activity also looks to be paying off, as Gambardello recently revealed that there is now Social Finance (SocialFI) on Cardano.
Members of the Cardano community will hope that a fiat-backed stablecoin can finally be introduced on the network. The introduction of a stablecoin is believed to be another factor that could help increase Cardano’s utility. This could also cause an inflow of new money into the ecosystem, something which could positively impact ADA’s price.
LABEL Foundation’s Tracks Launches Web3 Music dApp on LG Smart TVs
PRESS RELEASE. Tracks, the innovative Web3 music streaming dApp created by LABEL Foundation and built on the BNB Chain, is now available on LG Smart TVs running webOS 22 and webOs 23, globally. This pioneering launch introduces the first-ever Web3 music app on an LG smart TV platform, transforming how users engage with music streaming.
The app delivers an engaging experience by offering high-quality music coupled with stylish artworks, strongly resonating with millennials and seamlessly integrating into their daily lives. Since its debut in July, the mobile dApp TRACKS, running on the BNB Chain, has rapidly gained momentum, acquiring over 150,000 users and 10,000 daily active users, predominantly among millennials. This surge in popularity followed investments from top-tier funds in 2022.
Tracks’ success stems from its user-centric approach, distinguishing it from conventional content provider-focused music services. Along with a sustainable revenue model, Tracks aligns with the growing trend of Free Ad-Supported TV, aiming to further amplify its revenue strategy in this area.
Through its collaboration with LG, Tracks extends its reach into the lives of users across various devices, aiming to surpass the limitations of paid streaming and globalize music access. Tracks is well on its way to becoming a premier platform in both Web3 and Web2 music services.
The app is now accessible on the latest LG Smart TV models at no cost, offering an immersive and accessible music experience.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.