BNB Chain’s Q3 report confirms growth in crypto and DeFi trade <br><br><br>

BNB Chain’s Q3 report confirms growth in crypto and DeFi trade

BNB Chain’s Q3 report confirms growth in crypto and DeFi trade


In the third quarter of 2022, parts of the crypto ecosystem have started to redeem after a year-long wrestle to keep off the market bears. Build and Build Chain’s third quarterly report validates the much-awaited growth in crypto trading volumes as well as in decentralized finance (DeFi), however, there is a significant drop in the trading of the non-fungible token (NFT).

After Ethereum, BNB Chain reserved its position as the second biggest DeFi blockchain with a total value locked (TVL) of $7.6 billion, according to DappRadar BNB Chain Report Q3.

BNB has shown signs of recovery even after it suffered a 93% decrease from Q3 of 2021 on the DeFi side of things. The TVL of $7.6 billion shows a 28.67% increase from BNB Chain’s Q2 performance. The blockchain also constitutes 36.6% of the market share for GameFi ecosystems, followed by Ethereum at 20.2% and Polygon at 11.8%.

In the pool of over 300 DeFi decentralized apps (DApps) hosted over the BNB Chain, PancakeSwap, Venus, and Alpaca Finance are a few largest ones to be named.

The report reads, “BNB chain owes this relative success to the performance of PancakeSwap.” the ecosystem represents 68.2% or $4.1 billion in TVL, followed by Venus at 16.3% ($995 million) and Alpaca Finance at 8.7% ($530 million).

Trading volumes of NFT continue to drop, with BNB Chain recording an almost 33% drop this year — from $276,000 in Q1 to $185,000 in Q3. According to the report, the unique trader’s count decreased by 45% in just three months.

The metrics presented in the report represent only an overall positive movement for the quarter, however, it also predicts the requirement for crypto projects to achieve sustainable growth.