- The daily transaction count on the Binance Smart Chain has increased by 92% in one month
- Active daily addresses on the Binance Smart Chain have increased by 33% in the same time period
- Dapps on the Binance Smart Chain are growing with games and play-to-earn applications leading the rest in unique wallet interactions
- 4 of the top 5 games on the Binance Smart Chain have seen remarkable growth in unique active users
Daily transactions on the Binance Smart Chain have grown by 92% in the last month. The daily transaction count on the Binance Smart Chain currently stands at 6.043 million up from the June 26th lows of 3.150 million. The chart below, courtesy of BSCScan.com further demonstrates the resurgence in daily transaction activity on the Binance Smart Chain.
Daily Active Addresses on the Binance Smart Chain Increase by 33% in a Month
During the same time period, the number of daily active addresses on the Binance Smart Chain has also increased by 33%. At the time of writing, there are roughly 630k daily active addresses on the Binance Smart Chain compared to 474k on June 26th. The chart below, courtesy of BSCScan.com provides a visual cue of a resurgence in the daily address activity on the Binance Smart Chain.
Gaming and Play-to-Earn Dapps have Grown on the Binance Smart Chain
The growth in address activity on the Binance Smart Chain has also been observed by the team at DappRadar who pointed out that four of the top 5 games on the BSC have seen a remarkable increment in unique active wallets.
According to their analysis, games on the Binance Smart Chain are becoming particularly popular as explained in the following statement and accompanying screenshot of data highlighting the Dapps with the most user activity.
Games on Binance Smart Chain, often offering a play-to-earn or financial incentive, are becoming increasingly popular. CryptoBlades, My Defi Pet, Mobox and DungeonSwap have all seen their user base increase over the past 7 days.
Binance Smart Chain is Becoming a Big Development Ground
In their concluding remarks, the team at DappRadar stated that Binance Smart Chain is ‘actively becoming a big development ground’ as more usres and developers turn to blockchain-based games due to their play-to-earn mechanics. As a result, the current growth of games and play-to-earn Dapps on the BSC is a sign of bigger things to come.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.