Moreover, DappRadar revealed a 29.78% drop in unique active wallets, an 18% decrease in the number of transactions, and a substantial 28.7% decline in volume over the last 30 days.
These dwindling dApp metrics could potentially impact the overall protocol, raising concerns about user engagement and activity. It’s vital for Binance to address these issues and work on strategies to reinvigorate its dApp ecosystem. On the same note, the Total Value Locked on BSC also witnessed a material decline in recent weeks. Concurrently, decentralized exchange volumes have experienced significant reductions.These negative trends in TVL and DEX volumes could further affect the protocol’s overall health and usage. Binance may need to explore new incentives or improvements to regain TVL and DEX activity.The price of BNB itself has faced a decline in recent weeks, with the token trading at $212 at press time.
Nevertheless, despite these challenges, the weighted sentiment for BNB remained relatively high at press time. This suggested that despite the price fluctuations and declining metrics, the community and market sentiment around BNB remained positive.Source: SantimentLooking forward, it’s essential to consider external factors that may influence the BNB protocol and its token.
These external pressures may contribute to the overall uncertainty surrounding the BNBchain, and Binance should continue its efforts to address these concerns transparently.