PancakeSwap

DeFi

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The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024.&nbsp; 
As highlighted in a recent <a href="https://messari.io/report/state-of-bnb-chain-q1-2024" target="_blank" rel="noopener nofollow">report </a>by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume.&nbsp; 
<h2 id="bnb-outperforms-bitcoin-in-q1-2024">BNB Outperforms Bitcoin In Q1 2024</h2> 
During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of $92.5 billion, securing the<a href="https://www.newsbtc.com/analysis/bnb/bnb-price-reclaims-600/" target="_blank" rel="noopener "> third position</a> among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap.&nbsp; 
Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period. 
<img loading="lazy" decoding="async" class="size-large wp-image-605144" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=860&amp;resize=860%2C419" alt="BNB" width="860" height="419" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=874 874w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=860&amp;resize=860%2C419 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_109.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected $66.8 million in revenue, marking a 70% QoQ increase.&nbsp; 
According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s <a href="https://www.newsbtc.com/analysis/bnb/bnb-resilience-holding-firm-at-560-whats-next/" target="_blank" rel="noopener ">revenue </a>exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total. 
Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity.&nbsp; 
Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-bullish-streak-572/" target="_blank" rel="noopener ">Tether’s USDT</a> and decentralized exchange (DEX) PancakeSwap leading the way. 
<h2 id="dex-trading-volume-explodes">DEX Trading Volume Explodes</h2> 
BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching $7.2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-regains-strength-650/" target="_blank" rel="noopener ">DeFi TVL, </a>denominated in USD.&nbsp; 
However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows. 
<img loading="lazy" decoding="async" class="size-large wp-image-605145" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=860&amp;resize=860%2C417" alt="BNB" width="860" height="417" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=870 870w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=860&amp;resize=860%2C417 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Screenshot_108.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached $1.1 billion, with PancakeSwap emerging as the dominant DEX on the platform.&nbsp; 
PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-rally-in-jeopardy-590/" target="_blank" rel="noopener ">DEX </a>on the BNB Smart Chain. 
Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/qV85fnbj/" alt="BNB" width="1815" height="858"> 
The exchange’s native token, Binance Coin, is currently trading at $607, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days.&nbsp; 
These positive price movements bring the token closer to its all-time high of $686, reached in May 2021. 
Featured image from Shutterstock, chart from TradingView.com

BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics

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