We’ve compiled a list of the most important BNB updates from the previous week for our readers.
In this week’s review of BNB Updates from BNB Chain, we bring results from the last BNB Chain’s Q2-2022 report. Also, we bring other news from the BNB ecosystem.
1. BNB Chain’s Q2 Report
During Q1-2022, the BNB Chain continued to grow in some areas while seeing decreases in others. But, when Messari released the state of BNB Chain Q2-2022 report, investors’ curiosity was raised.
The BNB Chain continued to deploy key architectural solutions and strategies for growing its ecosystem despite the weak market. Various signs showed that the flagship network had made some improvements.
The DAA, daily active addresses, remained constant at 1 million daily average in June throughout the second quarter. The address activity was nearly twice as high as it was the year before. Additionally, 24hr unique addresses continued to be the best indications for Q2.
Also, the average daily addresses joining the platform increased by 6.6% throughout the quarter. Surprisingly, a jump in activity between May 11th and May 14th (around the introduction of Binance Bridge 2.0) coincided with the overall quarterly surge.
Terra was the second-largest DeFi blockchain before its collapse. Even while Ethereum continues to dominate DeFi by a wide margin, BNB is currently proudly in second place with a TVL of around $6 billion. BNB reported a smaller loss than most of its sector counterparts, claiming a drop of only 54% in TVL from the previous quarter.
With 246 thousand average daily UAWs users, PancakeSwap continues to be the most popular DeFi dapp on the BNB network, contributing significantly to BNB’s success.
Compared to Q1-2022, the trade volume has dropped by 22%, but the sales count has only reduced by 4%. As the average decrease was 33%, these statistics appear to be highly positive when compared to other chains.
2. Binance Teams Up With Mastercard
Argentina now has a prepaid rewards card from Binance and Mastercard that makes it easier for users to use cryptocurrencies for regular purchases in a nation where the local currency has among the greatest rates of inflation globally. Argentina will be the first country in South America to get the product, which will be widely available in the following weeks.
One of the most notable benefits of the new Binance card is that it offers:
- +8% cashback in BNB on selected transactions.
- Qualifying refunds from Binance: It will be credited to the funded wallet instantly.
- This card does not charge fees for ATM withdrawals: Users can withdraw up to 45,000 pesos ($339 at the official currency rate) every day and a maximum of 180,000 pesos ($1357) per month.
- Cashback: The cashback alone makes Binance’s card a strong competitor against traditional banks, which often give relatively low cashback percentages (or their equivalent in points) and pay large fees for ATM withdrawals.
Note: Users must have an active Binance account to apply for the card.
3. Decentralized Society on BNB Chain
Binance’s pilot project offers the world’s first Soulbound Token (SBT), which is built on the BNB Smart Chain. In terms of the “decentralized society,” the token-Binance Account Bound (BAB) will confirm the user’s verified status (KYC) on Binance.
The applications for BAB are endless. To begin with, the BAB token will indicate that users have successfully completed Binance’s KYC procedure. Also, it may be used as a form of identification.
Because users must KYC in order to receive the BAB token, projects can require the usage of the BAB token in the future to eliminate bots from their projects. Apart from preventing bots from receiving airdrops, BAB tokens can also assist with solving governance concerns.
Also, the present DAO (Decentralized Autonomous Organization) architecture is problematic in that the governance distribution may be easily manipulated and transferred away by buying power.
Note: The non-transferable mechanism linked to the BAB token helps in ensuring a fair distribution of governance authority.
4. The Extention of the Incubation Program Until to August 15th
The Binance Labs Incubation Initiative is a chain-independent program designed to empower creative applications to affect the future of the Web3. Binance Labs, Binance’s venture capital and incubation arm, has tailored the program’s entire design to fit founder demands, employing significant resources throughout the entire BNB ecosystem and crypto industry.
Those who want to be a part of the ecosystem should apply by August 15th, 2022. Applications are reviewed and interviews are scheduled on a rolling basis, and qualified projects will be contacted via email. After all selected projects are officially onboarded, the 8-week course will begin in Q4-2022.
We hope you’ve learned from the latest BNB Updates.
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