November 2, 2022 by Saeed Ul Hassan
After an exhaustive battle to keep the bearish market at bay, BNB Chain showed signs of optimism in the third quarter of 2022. As per DappRadar’s BNB Chain report for Q3, it remained in 2nd place after Ethereum in DeFi blockchain rankings with a total value locked (TVL) of $7.6 billion.Source: Dappradar.com
The performance dropped by 93% in Q3 2022, according to BNB Chain’s Q3 Report for 2021. However, there has been an improvement this quarter (Q3, resulting in a 28.67% gain over the previous quarter (Q2 2022).
It indicates that operations are getting back on track, and BNB Chain is going through the recovery process successfully. The report claimed that:
BNB chain owes this relative success to the performance of PancakeSwap.
Per the report, among 300 DApps (Decentralized Applications), Pancake Swap has been ranked as the most popular, which makes up 68.2% or $4.1 billion in TVL. While the ecosystem represented Venus at 16.3% or $995 million, Alpaca Finance at 8.7% or $530 million, and BiSwap and Tranchess at 5.4% ($328M) and 1.5% ($89M), respectively.Source: Dappradar.com
Compared to DeFi trade volumes, which are steadily increasing, reports suggest a decline in Non-fungible token (NFT) volume. Since the beginning of the year, NFT trading volumes on BNB Chain have decreased by about 33%, and as compared to the previous quarter, they fell by 84%.Source: Dappradar.com
BNB Chain’s Most Active WalletsAccording to DappRadar’s BNB Chain report:
With an average of 427,134 UAW, or 20.26% of all UAWs, BNB Chain is among the most active blockchain.
Source: Dappradar.comThe chain has surpassed WAX and currently maintains the largest number of Unique Active Wallets (UAWs). Compared to last quarter, its 437,000 UAW total represents an 8% decline. However, over the last year, it experienced an average annualized decrease in performance by 34%.
Moreover, the report outlines that DeFi remains the most popular vertical for BNB Chain in Q3, with 215,405 average daily operations, while games with 116,210 UAWs and NFTs with only 6,732 UAWs.
The DeFi and NFT categories have both experienced a decrease of 28% and 38%, respectively, from the previous quarter, with only the game-related UAWs seeing an increase of 2%.
Era7 Games of Truth has seen an almost 200% growth this quarter from last year’s Q2. Coming in second place is X World Games, with 21,327 average daily UAWs in Q3 2022, or a 62% increase from Q2.
After that, Tiny World saw an 814% rise – which happens to be its best quarter – producing 11,364 daily UAWs during the third quarter of 2022.
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