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BNB Chain’s Road to Recovery After the Bear Market

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. 

The study, authored by Messari’s research analyst James Trautman, showcases the Binance Chain’s NFT sector as having a standout year in 2022, with secondary NFT sales rising 857.9% YoY.

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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