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The year 2024 has been a transformative year for the BNB Chain ecosystem, marked by scalability, security, and developer support advancements. The year saw the ecosystem achieving milestones, from the network’s consolidation under the ‘One BNB’ multichain strategy that enables BNB Chain to be an AI-first chain, to impactful initiatives like the Gas-Free Carnival and stablecoin incentives. Additionally, BNB Chain’s continuous prioritization of security led to a 67% reduction in financial losses from breaches and a 66% decrease in incidents compared to 2023. These improvements highlight its dedication to creating a safer blockchain ecosystem for users and developers. This blog provides a comprehensive summary of BNB Chain’s achievements, metrics, and initiatives throughout the year. You can read the full report here.
State of the BNB Chain
The ‘One BNB’ multichain strategy emerged as a cornerstone of BNB Chain’s efforts to streamline operations and enhance cohesion within the network. opBNB has continued to improve scalability in the ecosystem, achieving 4,600 transactions per second (TPS) with a gas limit of 100 million per second. Technological advancements such as the introduction of Parallel EVM have significantly boosted transaction throughput, while PBSS (Pruned Blockchain State Synchronization) has enhanced storage efficiency.
The roadmap for opBNB remains ambitious, with a target of achieving 10,000 TPS and a tenfold cost reduction, underscoring its trajectory of continual optimization. On the other hand, Greenfield, the blockchain storage innovation within the BNB Chain ecosystem, saw three significant forks—Hulunbeier, Ural, and Pawnee—each introducing impactful features.
Ecosystem Growth Metrics
The ecosystem’s growth metrics have been equally impressive. Daily active users (DAU) on opBNB averaged 4.7 million, while BSC reached an impressive 1.12 million DAU by the end of 2024. BSC saw a 17.7% growth in unique addresses, culminating in over 486 million unique addresses. Total Value Locked (TVL) on BSC grew by 58.2%, reaching $5.5 billion by year-end, while opBNB’s TVL increased by 27.6%, totaling $19.2 million. These metrics reflect the robust and expanding activity within the BNB Chain ecosystem.
Transaction volumes also exhibited strong performance. BSC maintained an average of 4 million daily transactions, representing a 2.5% increase from 2023, while opBNB processed an impressive average of 7.1 million transactions per day. Transaction fees remained competitive, with BSC maintaining an average fee of $0.03 per transaction and opBNB offering an average fee of $0.001, further emphasizing the accessibility and cost-efficiency of the network.
Security Improvements
Security was a critical focus area for BNB Chain in 2024, with significant enhancements leading to a marked reduction in financial losses and security incidents. The total financial losses from security breaches dropped by 67%, decreasing from $162 million in 2023 to $53 million in 2024. The number of incidents also decreased by 66%, reflecting the effectiveness of the improved security measures. These achievements underline BNB Chain’s commitment to fostering a safer blockchain ecosystem for users and developers alike.
Key Initiatives and Programs
BNB Chain’s focus on stablecoin adoption was exemplified by the Gas-Free Carnival, launched in September 2024. This initiative eliminated gas fees for stablecoin transfers and withdrawals, supported by platforms such as Binance and wallets like SafePal. Complementing this effort, the TVL Incentive Program encouraged DeFi projects to grow their TVL, offering up to $300,000 in rewards. These programs have significantly boosted user engagement and adoption within the ecosystem.
In 2024, BNB Chain made strides in supporting AI-driven applications by offering a platform that combines high throughput, low costs, real-time responsiveness, and secure decentralized data storage. This ecosystem aims to empower developers to create innovative AI tools while providing users with accessible and reliable applications. We’ve been fortunate to witness the growth of promising AI projects like MyShell, Holoworld AI, and ChainGPT, reflecting the potential of the AI ecosystem on BNB Chain.
The Meme Innovation Battle showcased BNB Chain’s ability to tap into the cultural zeitgeist of Web3. With $1 million distributed across competitions, this initiative fueled creativity within the meme culture ecosystem. The increased trading volumes for memecoins like COCO Coin and SimonCat further demonstrated the vibrant and engaged community that BNB Chain supports.
Hackathons hosted by BNB Chain throughout 2024 further underscored its commitment to nurturing Web3 talent. With over $2 million in prizes awarded, these events attracted innovative developers and provided winners with direct interviews for the Most Valuable Builder (MVB) Program, enhancing their visibility and growth prospects.
The MVB Program continued to be a cornerstone of BNB Chain’s developer support initiatives. Season 7 saw 13 projects selected from over 700 applicants, with five projects receiving investments from Binance Labs. Season 8 introduced a groundbreaking Launch-as-a-Service (LaaS) initiative, offering $250,000 in tools and services to selected projects. The BNB Incubation Alliance (BIA) also played a pivotal role, organizing five global events and awarding over 12 winners with access to LaaS and the Kickstart program.
Conclusion
2024 was a year of consolidation and growth for BNB Chain. Advancements in scalability, security, and ecosystem activity reflect the network’s maturing infrastructure and growing influence in the blockchain space. Initiatives like the Gas-Free Carnival and MVB Program underscore BNB Chain’s commitment to fostering innovation and driving Web3 adoption.
Looking ahead, BNB Chain remains dedicated to empowering startups, enhancing user experiences, and leading the charge in blockchain adoption. With its robust and developer-friendly ecosystem, BNB Chain is well-positioned to shape the future of Web3.
