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BNB Outperforms Other Smart Contract Networks in Second Quarter 

2 mins
Updated by Ryan Boltman
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In Brief

  • BNB chain outperformed rival blockchains during the second quarter.
  • BNB chain NFTs, DeFi and GameFI space recorded significant number of new users during the period.
  • In the second quarter, the crypto industry recorded one of its worst crash in its history.
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Binance-backed blockchain network BNB Chain is outperforming other alternative smart contract platforms, according to the latest report from Messari.

According to the report, BNB appeared to have benefited from the crypto market decline recorded during the quarter, describing it as a “break out quarter” for the blockchain network.

NFT Growth

Despite the volatile nature of the bear market, BNB Chain saw a stabilized network usage and financial performance, especially in NFTs.

BNB Chain’s NFT market volume reached new levels in the second quarter. 

The number of Unique NFT buyers increased by 716% while secondary sales volume increased by 634% during the second quarter.

This places the NFT activity on the network on par with those of rival networks like Solana and Flow.

GameFi Bloomed

The GameFi sector on BNB Chain continued its growth as developers introduced more GameFi applications such as X World Games and Era7: Game of Truth. 

In Q2, the top three GameFi platforms on BNB Chain saw 35% quarterly increases in daily users to 60,000 and generated $14 million in revenue.

DeFi

Meanwhile, DeFi lagged in the second quarter. The total value of assets locked in the chain fell 55% from $14 million to $6 million.

Notably, the major DeFi platform on the network, Pancakeswap, which holds about 50% of its TVL declined at the same rate as the whole sector.

In addition, the total number of smart contracts deployed in the second quarter grew by 31.7%, but the number of unique contract deployers fell by 23.9%.

But this wasn’t enough to dampen the overall positive performance within the period. “Ultimately, DeFi, NFTs, GameFi, and to some extent the Terra collapse collectively brought more unique users to the BNB Chain ecosystem,” the report stated.

Overall, BNB Chain performed better on key metrics than others in the top 5 EVM compatible chains, including Ethereum, Avalanche, Fantom, and Polygon. 

It had the lowest decline in market cap, lower decline in revenue Quarter on Quarter, more volume of daily transactions at 4 million compared to Ethereum at 1.17 million, and a rise in secondary NFT sales even though Ethereum NFTs dominate the sector.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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