Binance Coin Defies Market Downturn, Rises 6%

Binance coin recent spike saw a 6% increase in its 24 hour trading volumes, reaching over $2.54 billion while trading at $375.

Binance’s native , Binance coin has delivered a 6% spike in the last 24 hours, with trade volumes soaring by a startling 80% to more than $2.54 billion.

This contrasts with the broader cryptocurrency market, which is seeing heavy selling pressure. Binance Coin (BNB) is currently trading at $375 and has a market value of $56.11 billion as of this publication.

According to a post released on the BNB Chain blog on Wednesday, February 21, the blockchain network has surpassed 1.2 million active users. The report was titled “BNB Chain and the Web3 Blueprint.”

Binance has been in a legal struggle with the United States Securities and Exchange Commission (SEC) for the past few months. The overall number of active users on the Binance coin network has increased by a factor of six during the three years that have passed.py

In 2023, Binance coin Chain made significant progress, particularly amid increased activity and a favorable shift in the market cycle.

Both Binance Smart Chain, the layer of the BNB ecosystem where smart contracts are executed and opBNB, the Layer-2 solution for BNB Chain, showcased their scalability by effectively handling peak throughputs of 2,000 and 4,500 transactions per second, respectively.

The report highlights yet another significant achievement, which is that BSC was able to handle an astounding 32 million transactions in a single day.

In comparison, opBNB was able to reach a record-breaking 71 million transactions. AvengerDAO reported an 85 percent reduction in money lost due to hacking and scams. Binance’s BNB Chain has greatly expanded its infrastructure by combining the opBNB Layer-2 solution and the Greenfield storage chain.

This includes the addition of both of these components. Implementing this step results in the establishment of a multi-chain framework that effectively meets the computing and storage needs of decentralized apps.

Within the context of the decentralized ecosystem, the overarching objective of the “One BNB” concept is to facilitate smooth interactions throughout the context of the decentralized ecosystem.

Since its launch in September 2023, the opBNB mainnet has been working toward the goal of improving user experiences in the areas of decentralized finance (DeFi) and gaming. Its high throughput and low fees distinguish it.

It is working toward the goal of achieving a stunning 10,000 transactions per second as part of its continued development, which will place it at the forefront of the Layer-2 solution industry.

In addition, the Binance BNB Chain has introduced opBNB Connect to strengthen large-scale decentralized applications. This feature offers decentralized sequencers, bespoke gas tokens, and unconstrained bridges to enhance connectivity between Layer 2 solutions.

Binance has reiterated that it is enthusiastic about sponsoring new initiatives, notwithstanding the legal struggle that has been going on. A rapid announcement was made about incorporating Starknet (STRK) amid the recent airdrop.