Binance’s BNB Chain (BNB) outperformed other Ethereum (ETH) rivals in the second quarter of 2022, according to crypto insights firm Messari.
in a new analyzeMessari noted that the BNB chain had experienced a “breakout year” in its non-fungible token (NFT) space, with the chain witnessing exponential growth in its NFT secondary sales and the number of unique NFT buyers.
By the end of the second quarter, BNB Chain also managed to undercut the dominance of ethereum NFT sales, the cryptocurrency insights firm reported.
While most financial and network usage metrics for the BNB chain fell in the second quarter due to macroeconomic conditions and the collapse of Terra (LUNC), it outperformed its competitors.
For example, according to Messari, the daily transaction volume of the BNB chain is higher compared to top competitors.
Explain Insight Inc,
“Compared to its peers, the BNB chain performed well across multiple financial, network, ecosystem, and development metrics during the quarter…Mid-May saw a notable spike in transaction count and revenue per chain. However, This scale seems to be more important on the BNB chain. More transactions generate more fees on BNB, which improves several key metrics.”
Messari said the new use case for the BNB chain could secure its status as an Ethereum alternative.
“With its evolving architecture and deployment of zk-rollups and sidechains, BNB Chain is able to offer an additional value proposition to its large user base. If BNB Chain can successfully launch its plans, the network could be in the first layer race Maintain its position as one of the most valuable networks in the market.”
At the time of writing, the BNB chain’s native token, BNB, is trading at $301.43. The fifth-ranked cryptoasset by market capitalization is up more than 4% in the past 24 hours.
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