, cryptocurrency research platform Messari assessed BNB Chain’s performance in Q3 2022. Titled “State of BNB Chain Q3 2022,” Messari found that the impact of the bearishness of the general cryptocurrency market on BNB. The bear market of 2022 resulted in a series of declines for BNB Chain.Within the three-month period under review, the count of average active daily addresses totaled 889,280. This represented a 15% decline from the 1,042,120 registered as average active daily addresses in Q2.
The fall in daily transactions and the drop in transaction fees on BNB Chain resulted in a decline in total revenue made by the network within the three-month period. As found by Messari, the total revenue made by BNB Chain in Q3 was $66,832,327. This was a 41% decline from the $113,792,960 made in Q2 and a 62% decline from the $177,142,768 made in Q1.
“This difference suggests that the USD price appreciation of BNB drove the increase in TVL and that assets besides BNB were used across DeFi. A significant component contributing to the USD increase in TVL was Wrapped BNB and several liquid staking solutions.”Lastly, as for NFTs on the chain, Messari found that total NFT secondary sales volume increased by 6% in Q3.