Binance Chain sees revenue jump 70%: Will it push BNB higher?

• BNB network’s metrics showed maturation implicit the past quarter.
• Bearish sentiment astir BNB grew arsenic abbreviated positions increased.

Binance Smart Chain [BNB] was 1 web that faced a fig of ups and downs implicit the past fewer months owed to the problems faced by Binance successful presumption of regulatory scrutiny.

BNB does well

However, contempt facing these issues, the BNB web continued to amusement growth. In the archetypal 4th of 2024, the web saw a monolithic summation successful revenue, totaling $66.8 million, marking a important 70% emergence from the erstwhile quarter’s gross of $39.2 million.

Q1 of 2024 outperformed immoderate 4th successful 2023 successful presumption of gross generation. However, this surge successful gross was mostly driven by the appreciation successful the worth of BNB.

Gas fees from DeFi transactions remained the superior root of revenue, contributing 76,200 BNB, a 1.7% summation from the erstwhile quarter.

DeFi transactions accounted for 46% of full revenue. Notably, stablecoins experienced the largest QoQ gross growth, climbing from 19,500 to 25,100 BNB, a 29% increase.

Conversely, the Gaming and Infrastructure categories saw important declines successful revenue.

In presumption of wide activity, a 9% alteration successful mean regular transactions from Q4 was seen. Average regular progressive addresses besides witnessed a important 26% summation from 1.0 cardinal to 1.3 million.

Additionally, respective protocols connected the BNB Smart Chain experienced upticks successful mean regular transactions. USDT emerged arsenic 1 of the stablecoins with 619,300 regular transactions, up 22% from the erstwhile quarter.

It astir doubled the transactions of the second-ranking protocol, PancakeSwap, which averaged 345,200 regular transactions and was up by 4%.

USDT and PancakeSwap accounted for 74% of protocol transactions, a 10% summation from the erstwhile quarter. Overall, regular mean transactions involving protocols accrued by 5% from 1.2 cardinal to 1.3 million.

Appetite for abbreviated positions grows

At property time, BNB was trading astatine $607.05 and its terms had declined by 1.41% successful the past 24 hours. Additionally, the measurement astatine which BNB was trading astatine had besides fallen by 9% during this period.

Realistic oregon not, here’s BNB’s marketplace headdress successful SOL’s terms

Despite the affirmative show showed by the BNB network, the trader sentiment astir the BNB token remained cynical. Over the past fewer days, an overwhelming bulk of traders decided to abbreviated the BNB token.

The percent of abbreviated positions astir BNB had grown to 52%. It remains to beryllium seen whether the bears crook retired to beryllium close astir BNB’s future.