As the crypto market gradually indicates signs of improvement, the BNB Chain Defi System rebounds nearly one-third in three months. BNB Chain’s third-quarter report revealed a significant recovery in crypto trading volumes and decentralized finance (DeFi). However, the report also revealed a fall in NFT trading volume.
In the Q3 report, BNB Chain DeFi stood out as the most popular protocol with respect to average daily unique active wallet activity (UAW) and has left WAX Protocol behind. With a Total Value locked (TVL) of $7.6 billion, BNB Chain continues to be the second biggest DeFi blockchain after Ethereum.
It is imperative to note that even though the BNB Chain saw a 93% drop from Q3 of 2021, it has since indicated signs of a steady rebound. Thus, the TVL of $7.6 billion shows a 28.67% increase from what was seen in BNB Chain’s Q2 report. Moreover, BNB Chain also depicts a 36.6% of the market share for GameFi ecosystems.
From over 300 DApps that are hosted over BNB Chain, PancakeSwap, Venus and Alpaca Finance ranked as the largest DApp in the pool.
The report suggests, “BNB chain owes this relative success to the performance of PancakeSwap,” as PancakeSwap represents 68.2% or $4.1 billion in TVL. Venus’s TVL represented 16.3% ($995 million) and Alpaca Finance’s TVL at 8.7% ($530 million).
On the other hand, NFT trading volumes continue to decrease. In fact, BNB Chain saw a drop of almost 33% in 2022 i.e., from $276,000 in Q1 to $185,000 in Q3. The report suggests that the unique trader’s count went down by 45% in a matter of three months.