Ethereum

PancakeSwap

Uniswap

Venus

The BNB Smart Chain (BSC) experienced a mixed performance in the second quarter (Q2) of the year as the broader cryptocurrency market cooled off after a strong price surge in March. While BNB, the native token of the BSC, remained mostly flat, down 5% quarter-over-quarter (QoQ), the network’s <a href="https://www.newsbtc.com/analysis/bnb/bnb-eyes-605-after-breaking-key-resistance-can-the-bulls-maintain-momentum/" target="_blank" rel="noopener ">key metrics</a> showed both positive and negative trends. 
<h2 id="binance-smart-chain-revenue-plunges">Binance Smart Chain Revenue Plunges</h2> 
According to a recent <a href="https://messari.io/report/state-of-bnb-chain-q2-2024" target="_blank" rel="noopener nofollow">report </a>by market intelligence platform Messari, the chain’s revenue, which measures the total fees collected by the network, fell 28% QoQ to $48.1 million during Q2, although it was only down 8% year-over-year from $52.4 million in Q2 2023.&nbsp; 
According to the report, this decline was largely driven by the decrease in BNB’s price, as revenue in the network’s native token terms declined 51% sequentially from 165,100 BNB to 81,300 BNB. 
The report also highlighted a decline in network activity, with average <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-targeting-600/" target="_blank" rel="noopener ">daily transactions</a> decreasing 10% QoQ to 3.7 million and average daily active addresses dropping 18% QoQ to 1.1 million. This trend was not isolated to the BSC, as on-chain activity decreased across most smart contract platforms in Q2 following a strong Q1. 
Despite the overall decline, the report noted notable shifts in user preferences within the BSC ecosystem as decentralized exchange (DEX) Uniswap experienced a significant increase in daily transactions, up 630% QoQ, while the previously dominant PancakeSwap saw a 46% QoQ decrease.&nbsp; 
<h2 id="staking-surges-30-tvl-drops">Staking Surges 30%, TVL Drops&nbsp;</h2> 
Messari also highlighted that the total BNB staked increased 30% QoQ to 30.4 million BNB, with the total dollar value of staked funds increasing 24% to $17.7 billion.&nbsp;This ranks the <a href="https://www.newsbtc.com/binance/binance-secures-approval-to-invest-us-customer-fiat-funds-in-us-t-bills-bnb-price-surges/" target="_blank" rel="noopener ">Binance Smart Chain</a> as the third-highest Proof-of-Stake (PoS) network by staked value, though it still lags behind the Solana blockchain by a significant $38.4 billion. 
The BSC’s decentralized finance (DeFi) ecosystem, however, saw a decrease in total value locked (TVL), down 24% QoQ to $5.5 billion, primarily driven by a 41% QoQ drop in borrowing on the DeFi protocol, Venus Finance.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-632575" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_324.jpg?w=858&amp;resize=858%2C366" alt="BNB" width="858" height="366" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_324.jpg?w=858&amp;resize=858%2C366 858w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_324.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_324.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_324.jpg?w=750 750w" sizes="(max-width: 858px) 100vw, 858px" data-recalc-dims="1"> 
The company notes that this indicates that the overall decrease in <a href="https://www.newsbtc.com/analysis/bnb/bnb-price-rally-imminent-trendline-break-could-ignite-surge-to-635/" target="_blank" rel="noopener ">value locked</a> was partially due to the drop in value of the BNB token, which closed the quarter at a low of $567 after reaching an all-time high of $722 in March. 
Despite these fluctuations, Messari reported that the Binance Smart Chain maintained the third-highest decentralized exchange (DEX) trading volume during the second quarter of the year, with $66 billion in total volume, trailing only Ethereum (ETH) and Solana. BNB Price Analysis 
At the time of writing, the BNB token was trading at $586, up over 2% in the last 24 hours. However, trading volume in the last 24 hours was down 3% to $830 million, according to CoinGeko <a href="https://www.coingecko.com/en/coins/bnb" target="_blank" rel="noopener nofollow">data</a>.&nbsp; 
Since Friday, the token has been consolidating between $570 and the current trading price, following the lead of the largest cryptocurrencies on the market, after a failed attempt on Monday to break through its nearest<a href="https://www.newsbtc.com/analysis/bnb/bnb-price-eyes-600/" target="_blank" rel="noopener "> resistance wall</a> at $590, which is the last obstacle preventing a move upwards to the $600 milestone.&nbsp; 
Conversely, the key level to watch for BNB bulls is the 200-day exponential moving average (EMA) noted on the daily BNB/USDT chart below, with the yellow line just below the current price, which could act as a key support for the token, potentially preventing further declines.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/d9wYiAhx/" alt="BNB" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com

BNB Chain TVL Slumps 24% In Q2, Yet Vital Metrics Surge In Double Digits

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