Binance-backed blockchain network BNB Chain is outperforming other alternative smart contract platforms, according to Messari’s latest report.
According to the reportBNB appeared to have benefited from the crypto market decline recorded during the quarter, describing it as a “breakout quarter” for the blockchain network.
Despite the volatile nature of the bear market, BNB Chain saw stabilized network usage and financial performance, especially in NFTs.
BNB Chain’s NFT market volume reached new levels in the second quarter.
The number of Unique NFT buyers increased by 716%, while secondary sales volume increased by 634% in the second quarter.
This aligns NFT activity on the network with rival networks such as Solana and Flow.
The GameFi sector on BNB Chain continued to grow as developers introduced more GameFi applications such as X World Games and Era7: Game of Truth.
In the second quarter, the top three GameFi platforms on BNB Chain saw a 35% quarterly increase in daily users to 60,000 and generated $14 million in revenue.
Meanwhile, DeFi lagged in the second quarter. The total value of the assets locked in the chain fell 55% from $14 million to $6 million.
Notably, the main DeFi platform on the network, Pancakeswap, which owns about 50% of its TVL, fell at the same rate as the entire industry.
In addition, the total number of smart contracts deployed grew by 31.7% in the second quarter, but the number of unique contract executors decreased by 23.9%.
But this was not enough to dampen the overall positive performance within the period. “Ultimately, DeFi, NFTs, GameFi, and to some extent the collapse of Terra together brought more unique users to the BNB Chain ecosystem,” the report said.
Overall, BNB Chain outperformed others in the top 5 EVM-compatible chains on key metrics, including Ethereum, Avalanche, Fantom, and Polygon.
It had the lowest market cap decline, lower quarter-to-quarter revenue decline, increased daily trade volume at 4 million compared to Ethereum at 1.17 million, and an increase in secondary NFT sales, although Ethereum NFTs dominate the industry .
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