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Darius Baruo Sep 04, 2024 06:01
BNB Chain marks its fourth anniversary with a focus on expanding its ecosystem and onboarding the next billion Web3 users through innovative strategies and continuous support for developers.
BNB Chain, a leading blockchain ecosystem, recently celebrated its fourth anniversary on September 1, 2024. The event, known as “BNB Day,” highlighted the platform's commitment to supporting startups and developers while aiming to onboard the next billion Web3 users through a cost-effective, scalable, and secure infrastructure.
One BNB Strategy
One of the significant initiatives announced was the “One BNB” strategy, a unified multichain ecosystem integrating BNB Smart Chain (BSC), opBNB, and Greenfield. This strategy aims to drive fully on-chain decentralized applications (Dapps) across various sectors, including AI, gaming, and DeFi.
Developer and Startup Support
BNB Chain has expanded its support for developers and startups through initiatives like the MVB Program, BNB Incubation Alliance (BIA), grants, and Launch-as-a-Service (LaaS) packages. Between Q3 2023 and Q2 2024, BNB Chain allocated $7 million to nurture its ecosystem. Notably, MVB Season 7 attracted over 700 applications, with 13 standout teams receiving significant support and investment from Binance Labs.
Community and Ecosystem Growth
The BNB Chain ecosystem has seen substantial growth, now boasting nearly 800 live Dapps and reaching 1.2 million daily active users (DAUs) on BSC and 2.7 million DAUs on opBNB. This growth is reflected in the total value locked (TVL) on BSC, which increased by 40.4% to $4.82 billion.
Performance and Scalability Enhancements
BNB Chain achieved significant performance milestones, including 10,000 transactions per second (TPS) on opBNB and the introduction of Blob-carrying transactions. These advancements aim to improve user experience and reduce costs. Additionally, BNB Chain has strengthened its security measures, resulting in an 87% reduction in total loss year on year.
Bringing Web3 to the Next Billion Users
The One BNB strategy focuses on integrating BNB Smart Chain, opBNB, and Greenfield into a cohesive ecosystem, facilitating the transition of applications to fully on-chain frameworks. This approach addresses the scalability needs of large-scale Dapps, ensuring smooth interaction between decentralized computing and storage solutions.
Continued Support and Incentives
BNB Chain continues to implement targeted actions to support early-stage projects through the MVB Program, hackathons, and the BNB Incubation Alliance. In 2024, the BIA Program evaluated 38 project pitches, awarding five promising projects. Additionally, BNB Chain's grants and Kickstart Program provide crucial funding and services for projects in their deployment phases.
Impact Across Sectors
In 2024, BNB Chain allocated over $7 million across several key initiatives, including global online hackathons, TVL and DAU incentive programs, and the Gas Grant Program. These initiatives have significantly contributed to the growth and innovation within the BNB Chain ecosystem.
Achievements in 2024
BNB Chain has seen remarkable achievements, including an 8.5% increase in daily active users on BSC and a substantial growth in transaction metrics. The average gas price on BSC decreased by 42%, while opBNB maintained a low average gas price, enhancing cost efficiency for users.
Expanding Capabilities
BNB Chain has made significant advancements in governance and consensus mechanisms through BC Fusion, which unified the governance of BNB Beacon Chain and BSC. Additionally, the implementation of Proposer-Builder Separation (PBS) has established a transparent and fair MEV market on BNB Chain.
Focused on User Experience and Ecosystem Growth
BNB Chain's efforts to enhance performance and user experience reflect its dedication to providing a seamless, secure, and efficient infrastructure. Emerging projects in SocialFi, DeFi, Web3 gaming, and more continue to contribute to the vibrant ecosystem.
Looking Ahead
As BNB Chain looks to the future, it remains committed to supporting developers and users in building the next generation of decentralized applications. Upcoming initiatives include completing the BNB Chain Fusion process, introducing new Rust-based node clients, and enhancing real-world use cases with high throughput and low latency.
For more details, visit the BNB Chain Blog.
Image source: Shutterstock
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