According to analytics firm Messari, BNB Chain outperformed other Ethereum competitors on various metrics during Q2. Messari also says that the altcoin project’s new use cases could secure its place as an alternative to Ethereum.
BNB Chain’s significant improvement in some metrics
Binance’s BNB Chain (BNB) outperformed other Ethereum (ETH) competitors in the second quarter of 2022, according to crypto analytics firm Messari. In a new analysis, Messari says BNB Chain has witnessed exponential growth in NFT secondary sales volume and the number of unique NFT buyers. He also states that BNB Chain has had a “breakthrough year” in terms of Non-Fungible Tolens (NFTs).
Crypto analytics firm reports that BNB Chain managed to slightly reduce Ethereum’s NFT sales volume dominance by the end of Q2.
cryptocoin.comAs you follow, the first half of 2022 was marked by macroeconomic developments and the collapse of Terra (LUNC). Driven by these, BNB Chain fell in most financial and network usage metrics in the second quarter. However, it also managed to outperform its competitors. For example, according to Messari, BNB Chain has achieved higher daily transaction levels compared to its top competitors.
“It is possible that the altcoin project will retain its place in the Tier-1 race”
Crypto analytics firm Messari made the following statement on the subject:
Compared to the peer group, BNB Chain outperformed a variety of financial, network, ecosystem and development metrics during the quarter. In mid-May, there was a noticeable increase in the number of transactions and revenue per blockchain. However, size seems much more important on BNB Chain. More transactions create more fees in BNB, strengthening several key metrics.
Messari says that new use cases of BNB Chain could secure its place as an alternative to Ethereum. In this context, the crypto analytics firm makes the following assessment:
With its evolving architecture and deployment of zk-rollups and side chains, BNB Chain is positioned to provide additional value propositions to its broad user base. If the altcoin can successfully implement its plans, it is possible for the network to maintain its place in the Tier-1 race as one of the most valuable networks on the market.
BNB Chain’s native token, BNB, is trading at $309.10 at press time, according to data from CoinMarketCap. The altcoin project ranks 5th by market cap. The altcoin has gained more than 2% in the last 24 hours. However, BNB remains 55% off from its all-time high of $690.
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