BNB Chain’s Road to Recovery After the Bear Market
According to a study by Messari, a well-known crypto analytics firm, Binance's BNB Chain is predicted to maintain its competitiveness in 2023 despite facing difficulties in the previous year.
However, the study indicates that this growth was not steady, with sales volume experiencing a steep decline in the latter half of the year due to the broader crypto market’s instability. NFT sales on the secondary market decreased as much as 67.4%.
Despite these challenges, the Binance Chain outperformed other layer-1 protocols in terms of daily transactions, averaging about 3.4 million daily transactions, as per the analysis.
The study further mentions that the Binance Chain has a plan for 2023 that centers on growth strategies and technological advancements, such as scaling solutions and improved performance.
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The team intends to expand the network through layer-2-like solutions, such as zero-knowledge rollups and sidechains, and promote decentralization by making the validator set open-source. The Binance Chain is also planning to implement parallel Ethereum Virtual Machine execution and draft a new validator reward model in the coming year.