Alisa Davidson
Printed: December 23, 2024 at 11:00 am Up to date: December 23, 2024 at 10:33 am
Edited and fact-checked:
December 23, 2024 at 11:00 am
In Transient
BNB Chain has launched its 2024 annual report, highlighting the community’s consolidation beneath the “One BNB” technique, its positioning as an AI-first blockchain, and the launch of initiatives such because the Fuel-Free Carnival and stablecoin incentive applications.
Blockchain platform for Web3 decentralized functions (dApps), BNB Chain launched its 2024 annual report, highlighting milestones achieved all year long. These embrace the community’s consolidation beneath the “One BNB” multichain technique, developments in scalability and storage by way of opBNB and Greenfield, positioning BNB Chain as an AI-first blockchain, and launching impactful initiatives just like the Fuel-Free Carnival and stablecoin incentive applications.
One of the notable milestones of the yr was the consolidation of the community beneath a unified construction. This transition, known as the BNB Chain Fusion concerned migrating the functionalities of the BNB Beacon Chain to the BNB Sensible Chain (BSC) and retiring the Beacon Chain. This strategic transfer streamlined operations, improved effectivity, lowered safety dangers, and aligned the community’s infrastructure with modern technological wants and future scalability targets.
The scalability and efficiency enhancements of opBNB represented one other main breakthrough. The platform now helps a excessive gasoline restrict of 100 million per second and achieves 4,600 transactions per second (TPS), surpassing related applied sciences akin to Ethereum’s Optimism. By mapping dependencies and executing non-conflicting transactions in parallel, opBNB considerably boosts transaction effectivity, delivering a 30% enchancment in efficiency throughout the BNB Chain community.
Within the realm of blockchain storage, Greenfield noticed developments with three forks—Hulunbeier, Ural, and Pawnee—that improved performance and consumer expertise. Moreover, the alpha model of Greendrive was launched, supporting over 30 public datasets and introducing a modernized consumer interface. The BNB Attestation Service (BAS) additionally demonstrated its reliability by finishing 173,499 attestations with 1,418 distinctive attestors.
Ecosystem progress all through 2024 was equally spectacular, with Whole Worth Locked (TVL) rising by 58.2%, distinctive addresses rising by 17.7%, and opBNB reaching 4.7 million each day lively customers.
BNB Chain Notes Safety Milestones And Key Initiatives
In 2024, BNB Chain made notable progress in enhancing safety, decreasing monetary losses from breaches by 67%—from $162 million in 2023 to $53 million. The variety of safety incidents additionally declined by 66%. This enchancment highlights BNB Chain’s dedication to making a safer blockchain surroundings. Initiatives just like the Most Useful Builder (MVB) Program and the BNB Incubation Alliance (BIA) additional solidify its place as a frontrunner within the Web3 ecosystem, fostering innovation and progress.
Stablecoin integration emerged as one other focus space, with initiatives designed to incentivize their use inside the ecosystem. Packages such because the Fuel-Free Carnival and the TVL Incentive Program had been applied to drive adoption and cost-effectiveness. Consequently, stablecoins now account for 8.8% of all transactions on the BNB Chain, with a short lived improve to 9.9% through the Stablecoin Retention Initiative. Inside the initiative’s first week, BNB Chain’s stablecoin market share grew by 2.1%, highlighting the success of those campaigns in selling stablecoin utilization.
In 2024, BNB Chain additionally prioritized making a dependable platform for AI-driven functions. It mixed the excessive throughput and low transaction prices of BSC with opBNB’s fast processing capabilities and BNB Greenfield’s safe, decentralized knowledge storage. Moreover, BNB Chain launched the Meme Innovation Battle, geared toward fostering creativity and sustainable progress inside the meme tradition ecosystem. With $1 million pledged for this initiative, the funds had been distributed throughout two streams: the Meme Innovation Competitors and the Commerce for Airdrop Rewards Competitors.
The yr additionally marked the profitable execution of Seasons 7 and eight of the MVB Program and the institution of the BIA in collaboration with Binance Labs. These applications had been designed to speed up the expansion of early-stage Web3 tasks, reinforcing BNB Chain’s function in driving innovation and supporting builders throughout the ecosystem.
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About The Writer
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising tendencies and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
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Alisa Davidson
Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising tendencies and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
Extra articles
