- BNB Chain has the second largest TVL after Ethereum.
- 12% of the tokens on BNB Chain are scam tokens.
- A hardfork upgrade is expected in 2023, which will integrate the staking economy onto Beacon Chain.
With a total value locked (TVL) of $4.05 billion, BNB Chain has been ranked as the second-largest layer 1 ecosystem after Ethereum, The Block Research found in a new report.
While its share of the overall decentralized finance (DeFi), has seen a steady increase since May, BNB Chain’s TVL has dropped by 63% since January, per data from DefiLlama. Of the $38.93 billion locked up as TVL across the DeFi ecosystem, BNB Chain’s TVL represented 10.4% of the total market share.
Source: DefiLlama
BNB Chain is highly regarded for its high throughput, low fees, and rapid transaction processing, making it a cost-effective alternative to Ethereum.
Housing 484 DeFi projects, BNB Chain’s TVL is a far cry from Ethereum’s TVL of $23.01 billion, which represents 59% of the total overall DeFi TVL market share.
Read Binance Coin’s [BNB] Price Prediction 2023-24
House to scam tokens?
Due to BNB Chain’s nature, it has the highest number of GameFi projects than any other blockchain. In a recently released report by Binance Research, 37% of projects in the gaming vertical of the web3 ecosystem are built on BNB Chain.
Source: Binance Research
However, many have turned out to be rug pulls due to the play-to-earn and get-rich-quick models adopted by many of these games. In the recently published rug pull report by Solidus Labs, 12% of all BNB Chain tokens are scams, which is the highest of any blockchain.
Source: Solidus Labs
Comparing this to Ethereum, Solidus Labs reported that “8% of all Ethereum tokens are programmed to execute rug pulls.”
How many BNB’s can you get for $1?
Network upgrade in the coming year
BNB Chain, on 27 December, announced the proposed implementation of a hardfork upgrade to its BNB Beacon Chain testnet at block…
