On the 18th of December 2022, Token Terminal on Twitter shared a chart that showed the BNB chain as the busiest compared to Ethereum or polygon. Having a daily active user range of 1.1 million.
Daily active users in web3 👥⤵️
🥇 BNB Chain ~1.1m
🥈 Polygon ~394.5k
🥉 Ethereum ~344.6k
4⃣ Solana ~120.3k
5⃣ Fantom ~58.2k
6⃣ Arbitrum ~58k
7⃣ OpenSea ~54.4k
8⃣ Optimism ~49.3k
9⃣ Uniswap ~44.5k
🔟 Avalanche ~30k
How do these figures convert into fees paid by users? 🧵⤵️ pic.twitter.com/O6G2osoB55
— Token Terminal (@tokenterminal) December 18, 2022
Binance, the largest centralized crypto exchange in the world, has been subject to Fear, Uncertainty, and Doubt since the FTX crash. And this has contributed to the recent BNB price crash, going as low as $222 on Saturday, the 17th of December. Despite this, however, the BNB chain has been extremely busy. This might be attributed to it’s easy onboarding and liquidity features.
The activities of the BNB chain stood out among others and may lay the basics for the BNB chain’s recovery. The question on the minds of so many BNB users is, thus, can the BNB token price recover because of increased activities on the BNB chain?
Taking the Token Terminal statistics into account, the number of users utilizing the BNB chain every day is continuously increasing. According to the figures, the company routinely attracted over a million customers daily. Since BNB tokens are utilized in all chain transactions, their value will always be backed by the underlying value of its blockchain.
As a result, the token may now serve purposes other than being a repository of wealth.
Another data that might be acquired was the fees these users had paid. Even if the fees looked to have fallen owing to the changes in the token’s value, it showed inherent usefulness. This meant that the token would always be valuable since the chain would continue to exist. This was true for the token as well as its holders.
The charts showing the fees paid per user were shared in an attempt to show how accurately the charts represent actual users. The fee data also shows a remarkable difference between BNB and Ethereum. This shows the accuracy of CZ’s words. Binance is not afraid of the FUD, so they would ignore it and continue building.
Daily charts on BNB’s spot price also show that the token has begun to recover from its nose-dive trend. The token is selling at $248, a major improvement from $222 on Saturday. But BNB is still volatile at this time, and the improvement on the spot price is still bearish.
Some users still believe that Binance would go the way of FTX. While others are completely bullish for BNB.