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Binance Chain Building Parallel Execution as BNB Holds Gains

2 mins
1 February 2023, 04:45 GMT+0000
Updated by Ali M.
15 February 2023, 10:12 GMT+0000
In Brief
  • BNB Chain is becoming more cost efficient.
  • Parallel execution is being implemented in phases.
  • Network on-chain metrics have increased this year.
  • promo

The building never stops at the Binance BNB Chain. The latest implementation being worked on is parallel EVM execution.

In essence, parallel EVM (Ethereum Virtual Machine) is a way to improve the performance of block processes by executing concurrent transactions.

Parallel execution is not a new concept since BNB Chain developers have been working on its implementation since late 2021. However, it is an evolving technology with several phases of deployment.

On Jan. 31, developer ‘NodeReal’ stated that the latest code for parallel EVM had been released to Github.

Binance Ecosystem Keeps Growing

The first phase, which involves foundations, architecture, and workflow setup, was implemented in May 2022. Phase 2, which is the performance-enhanced version, was implemented in November. Furthermore, phases 3 and 4 are currently in development.

The developer stated that the total block process (execution, validation, commit) cost has been reduced by around 20% to 50% on BNB Chain.

On-chain metrics for the network have remained steady during the bear market. According to BscScan, the daily transaction count is around 3.28 million, three times more than Ethereum layer-1.

Furthermore, there has been a 45% uptick in daily transactions since the beginning of the year. The BEP-20 daily token transfer figure has also topped 6 million on Jan. 31. Additionally, it has doubled since the beginning of the year but has been in a downtrend since November 2021.

Binance BNB Daily Transactions
Source: BSCScan

BNB Smart Chain unique addresses have reached an all-time high of 247 million, according to BscScan. Daily active addresses for the network are currently 974,187, the same level they were at in mid-2022.

Furthermore, there are currently 756 daily verified smart contracts on the network. This is on par with Ethereum which had 741 per day as of Jan. 31.

BNB Price Outlook

The Binance native coin BNB has held on to most of its recent gains, bucking the market pullback this week. BNB is trading flat on the day at $312 but has ticked up 4% over the past week.

Additionally, there have recently been some large whale movements of the exchange coin.

BNB remains 54.4% down from its May 2021 all-time high of $686. It has outperformed both BTC and ETH for this metric as they’re both down by a greater margin.

BNBUSD Chart by TradingView
BNBUSD Chart by TradingView


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.