The Binance-native blockchain BNB Chain has continued to show steady activity growth in the fourth quarter of 2022 despite the broader crypto bear market according to recent research.<\/p>\n
In a \u201cState of BNB Chain Q4 2022\u201d\u00a0report<\/a> published on Feb. 5, Messari researcher James Trautman revealed that the Binance network had continued with an \u201caggressive strategy to deploy financial and human capital across its ecosystem.\u201d<\/p>\n Due to these ongoing updates and developments, average daily active addresses and transactions \u201cbucked a downward trend and grew by 30% and 0.2%, respectively,\u201d the researcher noted.<\/p>\n Bear markets are usually quiet periods in terms of on-chain activity, however, teams use this time to continue building and developing their products. <\/p>\n \u201c2022 was a tumultuous year for the crypto industry […] Despite the market volatility, BNB Chain lived up to its Build N\u2019 Build name with network upgrades and ecosystem expansion that showed considerable strength through Q4,\u201d explained Trautman. <\/p>\n BscScan reports<\/a> that daily transactions on BNB Chain<\/a> have remained steady at around 3 million since mid-August. However, daily BEP-20 token transfers have seen an uptick in activity this year with a 66% increase to just over 5 million on Feb. 5.<\/p>\n BNB Smart Chain unique addresses are currently at an all-time high of 250 million, according to BscScan. Average daily new unique addresses grew by 41.3% year-on-year.<\/p>\n Messari attributed the growth to the adoption of several ecosystem protocols such as Web3 onboarding protocol Hooked, a surge of DeFi activity on Venus Protocol, and increased NFT activity on the OpenSea marketplace.<\/p>\n Meanwhile, BNB Chain DeFi total value locked has increased by 25% since the beginning of the year to reach $6.62 billion, according to DeFiLlama<\/a>.<\/p>\n \u201cBNB Chain executed a growth strategy that facilitated significant strides toward adoption. It made several upgrades to core functionality, integrated with strategic partners, and expanded into DeFi, NFTs, GameFi, and beyond,\u201d said Trautman.<\/p>\n Related:<\/em><\/strong> <\/em><\/strong>Binance delves into decentralized Web3 storage with BNB Greenfield<\/em><\/strong><\/a><\/p>\n However, despite the uptick in user activity, financial performance was down. Average transaction fees decreased, which contributed to less revenue generation, it noted.<\/p>\n Network revenue declined 10% for the quarter but Messari stated that the fundamentals were still positive, concluding that:<\/p>\n \u201cUltimately, it was a positive sign that the catalysts for user growth came on the heels of a foundational user base and a more favorable valuation for BNB Chain\u2019s network, especially after the FTX drama unfolded during Q4.\u201d<\/p><\/blockquote>\n Looking ahead, Trautman said he expects BNB Chain to be able to continue its growth, including adding scaling solutions and boosting throughput.<\/p>\n The Binance native token, BNB<\/a>, has dropped 1.2% over the past 24 hours in a fall to $326, according to Cointelegraph. The token has made 25% over the past month but remains down 52.5% from its May 2021 all-time high of $686.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/4a041d36-e3a2-481d-b429-c280ed9a4f4c.jpg\")