BNB chain’s dApps grew over the past weekend amidst the bear market. A tweet shared by BNB Chain’s official account on 5 December, revealed that dApps like The Velvet Capital and The Harvest have surged in terms of growth, contract development, and award recognition.
The Harvest for one was among the GAM3 Awards’ Game of the Year nominees; winners would be announced on 15 Dec 2022. Cross-chain AUM protocol Velvet Capital has registered a weekly growth of 15% in unique users.
Binance Smart Chain or BNB is the umbrella network of Binance’s layer-1 blockchain, created in September 2020 as a hard fork of the Go Ethereum [Geth] protocol.
Since BSC is an offshoot of Ethereum, this makes the chain compatible with the Ethereum Virtual Machine [EVM] and able to execute smart contracts and run decentralized applications.
Being EVM compatible also makes it easier for developers to move dApps from other blockchains, like Ethereum, Polygon, Solana, and Avalanche, to BSC.
When it comes to anything DeFi, the Ethereum blockchain is the gold standard notably for smart contracts and Dapps like P2E gaming, trading, and staking platforms, etc.
Here’s Why BNB Chain Is Gaining Prominence
Despite starting considerably later than Ethereum, BNB Smart Chain’s network activity has increased to a level that is comparable to Ethereum’s. Just two years after its start, BNB Chain has more than 218 million unique addresses and a TVL of around $5.2 billion.
Apart from that, the chain now hosts 1445 dApps including well-known projects such as PancakeSwap, BakerySwap, Alpaca Finance, and Venus Protocol.
These figures demonstrate that the user, business, and development communities on BNB Chain are thriving.
BNB Smart Chain also offers support in the form of financial grants, coaching, advice, and other forms of assistance providing incentives for developers and companies to build on the network.
But recently, one of its DeFi projects Ankr, fell victim to an exploit where anon hackers took advantage of an unlimited minting bug, TronWeekly reported.
Later, BNB Chain confirmed the hack and said it had blacklisted the exploiter. Binance founder and CEO Changpeng Zhao tweeted that the bad actor gained illegal access to a developer’s private key and used it to update the smart contract. The exchange has frozen about $3 million of funds moved to its platform.