Key Takeaways
- BNB Chain’s market cap rose by 22% QoQ in Q4 2024, hitting $101.09 billion.
- Revenue for BNB saw a 28% QoQ increase in Q4, reaching $44.6 million.
- The DeFi sector’s share of BNB Chain’s revenue declined by 21% QoQ in Q4.
The latest quarterly report of Messari shows considerable expansion for Q4 2024 for BNB Chain. On December 7, its price touched an all-time high of $750, supported by a bullish cryto market fueled by U.S. President-elect Donald Trump’s election.
By the end of the quarter, BNB’s value in the marketplace reached $101.09 billion, a 22% QoQ improvement. XRP’s significant Q4 gain, however, experienced a small drop in rank for BNB in all non-stablecoin coins. Year over year, BNB’s value in the marketplace increased 114% to $47.31 billion in 2023.
Revenue Growth and DeFi Performance
BNB’s revenue grew particularly strong in Q4, with the network’s overall revenue at $44.6 million, a 28% rise over Q3, and $234 million for the year. That placed one of the largest Layer 1 blockchains in terms of revenue.
Despite this, DeFi experienced a small dip in both proportionate contribution to overall revenue and in gas fee, at 8,900 BNB in fee, down 12% QoQ. What this reveals is that DeFi is a strong presence in the BNB network, but industries such as infrastructure and tokens have seen an expansion, with infrastructure growing 19% QoQ in terms of its contribution to overall revenue.
BNB Chain Stablecoins and DEX Activity Surge
BNB Smart Chain experienced a significant Q4 on-chain activity, with 18% QoQ growth in daily transactions to 4 million. Stablecoins represented almost half of such transactions, with daily stablecoin transactions growing 32% QoQ.
Furthermore, PancakeSwap, a largest in-network DEX, saw a 126% rise in average daily trading, an indication of increased demand for trading in a decentralized manner in the network. Meanwhile, despite a drop in NFT activity, integration in mid-December of MagicEden facilitated a future opportunity for NFT trading in 2025 in BNB.
BNB Chain’s Q4 performance is a reflection of its success in leveraging best case scenario trends in the marketplace and shifting user demand, and becoming a behemoth in its role in blockchain technology. With both a strong increase in both in-chain activity and in market cap, BNB continues to set the pace in its competitive field in Layer 1 blockchains.
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