BNB Chain Delivers Strong Q1 Performance Despite 15% Market Cap Decline: Messari

According to Messari’s latest report , the network’s revenue in Q1 surged by 58.1% from the previous quarter, reaching $70.8 million. This remarkable growth was primarily driven by a 122.6% spike in wallet-to-wallet transaction fees, which contributed 17.4% to total earnings, surpassing revenue from DeFi activities. While DeFi’s contribution remained smaller at 8.4%, it still experienced a solid 7.6% quarter-over-quarter growth. Stablecoin-related transactions also saw a notable increase, growing 23.4%, although their share of the total revenue slightly decreased to 5.2%.

Despite the strong revenue performance, BNB’s market cap slipped 14.8% in Q1, closing at $86.2 billion. However, the token maintained its position as the fourth-largest non-stablecoin cryptocurrency by market capitalization, showcasing its resilience in the market.

On-chain activity on BNB Smart Chain demonstrated significant growth in Q1, with average daily transactions rising 20.9% quarter-over-quarter to 4.9 million. Additionally, daily active addresses increased by 26.4%, reaching 1.2 million. Stablecoins continued to dominate, accounting for about 45% of all transactions, averaging 1.2 million per day. Wallet-to-wallet transfers surged by 50.9%, with 835,000 transactions taking place daily. Furthermore, the total value locked on the network grew 14.7% in BNB terms, highlighting the platform’s expanding ecosystem.

In line with this growth, decentralized exchange (DEX) volume on BNB Smart Chain saw a significant boost, jumping 79.3% quarter-over-quarter to an average of $2.3 billion in daily trading. PancakeSwap remained the dominant platform, responsible for over 90% of the total DEX activity on the chain.

Messari also pointed to the successful deployment of the Pascal hard fork, which introduced crucial technical upgrades, including EIP-7702 smart contract wallets, batch transaction support, and enhanced cryptography. 

To further accelerate the growth and visibility of its ecosystem projects, BNB Chain has entered a strategic partnership with global cryptocurrency exchange MEXC. This collaboration is expected to drive even more adoption and expansion for BNB Chain in the coming months.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter , LinkedIn , Facebook , Instagram , and CoinMarketCap Community .

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”