BNB Smart Chain Records Impressive Growth in 2024

BNB Smart Chain has experienced significant growth in 2024, with its market capitalization more than doubling to $101 billion and annual revenue reaching $234 million. This substantial increase solidifies its position as one of the top Layer-1 blockchains by earnings.

Market Capitalization and Revenue Growth

BNB’s market capitalization rose by 22% quarter-over-quarter to $101 billion in Q4 2024, more than doubling over the year. Although this growth is notable, BNB slightly underperformed compared to Bitcoin, which recorded a 122% annual increase. Network revenue also climbed, reaching $44.6 million in Q4, representing a 28% increase from the previous quarter.

When expressed in BNB terms, revenue increased by 10% to 69,500 BNB. For the full year, total revenue hit $234 million, reinforcing BNB’s position as a top Layer-1 blockchain by earnings.

On-Chain Activity and Stablecoins

On-chain activity rebounded in Q4, driven by a rallying market, with average daily transactions and daily active addresses increasing by 18% and 8%, respectively. However, both metrics remained lower year-over-year.

Stablecoins dominated network activity, accounting for nearly half of all transactions and seeing a 32% increase. They also led in daily active addresses, making up half of all active users and growing by 24% over the quarter.

DeFi Total Value Locked (TVL)

BNB Smart Chain’s DeFi total value locked (TVL) saw steady growth in Q4, surpassing $5 billion. However, it dropped to the fifth-largest chain after being overtaken by Bitcoin. Over the year, TVL in USD surged, but its value in BNB declined, reflecting the impact of BNB’s price appreciation.

Key factors contributing to BNB Smart Chain’s growth include its expanding ecosystem, increasing adoption, and improving network performance.

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