• BNB’s GameFi active users registered a decline, while overall users increased.
• Binance Coin’s price action continued to support the sellers and indicators were bearish.
• Despite its recent listing, PlayZap was one of the top 10 dApps on the BNB Chain, however, GameFi and NFT ecosystems showed signs of decline.
BNB’s GameFi Active Users Register Decline
BNB’s GameFi active users registered a decline, while overall users increased. BSC Daily noted potential projects for 2023 and beyond with its innovative combination of Games & DeFi that allows for unique opportunities for users to earn, invest & participate in a thriving virtual economy. However, data from Dune suggested that the reality might be different as both GameFi and NFT ecosystems declined over time despite an increase in BNB’s overall user base.
PlayZap Becomes Top 10 dApp
DappRadar showed that PlayZap was one of the top 10 dApps on the BNB Chain despite being recently listed. Token Terminal’s data also indicated a continuous increment in BNB Chain’s revenue along with an increase in total transactions on the network which is encouraging for the coin’s growth.
On-Chain Performance Not Ideal
However, looking at BNB’s on-chain performance revealed that it wasn’t ideal as its development activity declined while velocity spiked mid February only to fall down soon enough. Additionally, demand from the derivatives market didn’t seem to pick up either as its funding rate remained negative throughout this period.
Social Volume Increases
Despite all this, social volume around Binance Coin has been increasing lately which is a positive sign for its popularity among investors as well as traders alike.
Overall, there are some concerning metrics such as active user numbers and NFT trade counts registering decreases but other metrics such as revenue generation and number of transactions have been on an upward trend which shows promise for the future of this cryptocurrency project.