BNB Chain ecosystem shed $5 billion; Mask Network surged 31.8% despite downturn.
TL;DR:
- BNB Chain ecosystem shed $5 billion; Mask Network surged 31.8% despite downturn
- TVL fell 6.9%, but transactions grew while the BNB token showed relative strength
- SEC dropped Binance lawsuit; BOB token listed; MVB and WLFI news
Bitcoin (BTC) is again flirting with the $105K support, Ethereum (ETH) is showing unusual strength after renewed ETF inflows, and popular U.S. stock indices are approaching all-time highs (ATHs).
With that as a backdrop, let’s see how the BNB Chain ecosystem fared over the last week.
BNB Chain Market Recap
The BNB Chain ecosystem suffered a heavy blow this week, with the vast majority of popular assets giving back all of last week’s gains—and then some.
Source: BNB Chain Ecosystem Tokens Page
Following a decline of 3.1%, almost $5 billion was wiped off the market capitalization (mcap). But this figure is largely skewed by the relative strength of BNB Chain’s native gas asset, BNB (BNB), which lost just 2.8%.
Other tokens in the top 10 by mcap were hit hard, including:
- DeXe (DEXE): -21%
- FLOKI (FLOKI): -15.5%
- Beam (BEAM): -14.8%
- Chainlink (LINK): -10.8%
Source: BNB Chain Ecosystem Tokens Page
Zooming out to encompass the top 100, things look even worse. Sophon (SOPH), Huma Finance (HUMA) and NEXSPACE (NXPC) are down 25-35% apiece, despite counting among the most liquid BNB Chain assets.
A handful of tokens put on a show of strength, including:
- Mask Network (MASK): +31.8% (after Mask Network acquired the Web3 social app Orb)
- Sky (SKY): +8.9% (despite its falling TVL)
When it comes to fundamentals, BNB Chain is displaying exceptional resilience.
Source: Artemis
Despite a 6.9% decline in total value locked (TVL) this week, BNB held up better than most other L1s. Meanwhile, its daily transaction counts continue to grow while most L1s either stayed flat or declined over the last week.
BNB also counts among the best-performing gas assets, ranked fourth among the top 20 by mcap in terms of seven-day price change.
BNB Chain News Roundup
As one of the most expansive L1 ecosystems, there’s never a dull moment in the BNB Chain space.
We’ve summarized this week’s most important stories for you below:
SEC Drops Binance Lawsuit: On May 29, the U.S. SEC voluntarily dismissed its 2023 civil case against Binance and founder CZ, ending two-year litigation and removing a key regulatory overhang for BNB.
BOB Token Listed on Binance Alpha: The meme coin debuted on June 3 via Binance’s experimental “Alpha” launchpad on BNB Chain; spot trading and a 50x BOB/USDT perpetual contract go live this week.
MVB Season 10 Opens With Rolling Entry: BNB Chain shifted its Most Valuable Builder accelerator to rolling applications; final submissions for the first cohort close June 6, with selected startups receiving mentorship and funding.
WLFI Airdrops 47 USD1 to Presale Wallets: On June 4, Trump-linked World Liberty Financial sent 47 USD-pegged USD1 tokens (~$47) to every WLFI presale wallet, distributing about 4 million tokens via a governance-approved bulk transfer.
>> That’s all we’ve got for this week’s update. Check in next week for another dose of BNB chain news and updates ✌️
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