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The State of DeFi, NFTs, Stablecoin, and Gaming in BNB Chain – Q2 Report



The BNB Chain ecosystem saw significant developments in the second quarter of 2023, particularly in DeFi, NFTs, stablecoins, and gaming. A Q2 report highlights key metrics and figures that have shaped each of the sectors.

In the realm of DeFi, liquid staking played an important role in supporting the ecosystem. Binance’s introduction of staked ETH in Q2 resulted in a total value locked (TVL) of over $100 million. However, Ankr (LSD), the leading liquid staking derivative, experienced a decline from $70 million to $50 million quarter-over-quarter.

This decrease in TVL affected all major DeFi applications on the BNB Chain, despite impressive weekly DEX volumes. By the end of Q2, notable protocols on the Binance Chain with high TVL included PancakeSwap, Venus, Alpaca Finance, and PinkSale.

These metrics suggest a reduction in the concentration of TVL within a single application. While PancakeSwap initially held a larger share of the BNB Chain DeFi TVL in Q1, it experienced a decline in Q2, indicating an increased dominance of other protocols on the BNB Chain.

With over 20 protocols launched on the BNB Chain in Q2, the network is moving to expand its ecosystem beyond PancakeSwap.

Development strategies employed by the BNB Chain include making BNB available for use as collateral within Bidao’s DeFi ecosystem. Additionally, activities and integration on Maverick Protocol, Kinza Finance, DJED, and were key development strategies.

In the stablecoin landscape, BNB Chain holds the third-highest total stablecoin market cap of close to $5.7 billion. In this position, it falls behind Ethereum and TRON.

The Binance stablecoin BUSD held 52% of the stablecoin market cap on the BNB Chain in Q1 but declined after a regulatory compliance saga. The BUSD market cap on the BNB Chain decreased by 54% in Q1 and continued to decline in Q2, losing dominance to USDT. Despite the decrease in the BNB Chain’s stablecoin market cap, it was offset by developments such as Binance’s support for TUSD on the BNB Chain.

The secondary NFT sales volume on the BNB Chain approached 2 million in daily sales, marking a 233.2% increase quarter over quarter (QoQ). Additionally, the number of unique NFT buyers and sellers saw an increase of 298.3% and 1,466.3% QoQ, respectively.

This impressive increase indicates several developments across the NFT space, including the launch of the zkBNB NFT marketplace in early April, the Joepegs NFT Marketplace Full Send SZN2 campaign, and the NFPrompt (NFP) – NFP launch. NFP is the first AI NFT platform to support BNB Greenfield decentralized storage.

Additionally, the Crossmint integration with BNB Chain in Q2, Weave6, and Chamcha Ordinals launch on BNB Chain in Q2 were key drivers as well.

The top five games on BNB Chain with the highest daily average of unique active wallets are Era7: Game of Truth, X World Games, Tiny World, Meta Apes, and SecondLive. Amongst the five, SecondLive grew its total UAWs by 100% QoQ, while others experienced a decline.

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