rewrite this title BNB Chain Unveils Annual Report, Highlighting Network Consolidation And 58.2% TVL Growth Among Major Achievements

by
Alisa Davidson

Published: December 23, 2024 at 11:00 am Updated: December 23, 2024 at 10:33 am

by Ana

Edited and fact-checked:
December 23, 2024 at 11:00 am

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Blockchain platform for Web3 decentralized applications (dApps), BNB Chain released its 2024 annual report, highlighting milestones achieved throughout the year. These include the network’s consolidation under the “One BNB” multichain strategy, advancements in scalability and storage through opBNB and Greenfield, positioning BNB Chain as an AI-first blockchain, and launching impactful initiatives like the Gas-Free Carnival and stablecoin incentive programs. 

One of the most notable milestones of the year was the consolidation of the network under a unified structure. This transition, referred to as the BNB Chain Fusion involved migrating the functionalities of the BNB Beacon Chain to the BNB Smart Chain (BSC) and retiring the Beacon Chain. This strategic move streamlined operations, improved efficiency, reduced security risks, and aligned the network’s infrastructure with contemporary technological needs and future scalability objectives.

The scalability and performance enhancements of opBNB represented another major breakthrough. The platform now supports a high gas limit of 100 million per second and achieves 4,600 transactions per second (TPS), surpassing similar technologies such as Ethereum’s Optimism. By mapping dependencies and executing non-conflicting transactions in parallel, opBNB significantly boosts transaction efficiency, delivering a 30% improvement in performance across the BNB Chain network.

In the realm of blockchain storage, Greenfield saw advancements with three forks—Hulunbeier, Ural, and Pawnee—that improved functionality and user experience. Additionally, the alpha version of Greendrive was launched, supporting over 30 public datasets and introducing a modernized user interface. The BNB Attestation Service (BAS) also demonstrated its reliability by completing 173,499 attestations with 1,418 unique attestors.

Ecosystem growth throughout 2024 was equally impressive, with Total Value Locked (TVL) increasing by 58.2%, unique addresses rising by 17.7%, and opBNB achieving 4.7 million daily active users. 

BNB Chain Notes Security Milestones And Key Initiatives 

In 2024, BNB Chain made notable progress in enhancing security, reducing financial losses from breaches by 67%—from $162 million in 2023 to $53 million. The number of security incidents also declined by 66%. This improvement highlights BNB Chain’s commitment to creating a safer blockchain environment. Initiatives like the Most Valuable Builder (MVB) Program and the BNB Incubation Alliance (BIA) further solidify its position as a leader in the Web3 ecosystem, fostering innovation and growth.

Stablecoin integration emerged as another focus area, with initiatives designed to incentivize their use within the ecosystem. Programs such as the Gas-Free Carnival and the TVL Incentive Program were implemented to drive adoption and cost-effectiveness. As a result, stablecoins now account for 8.8% of all transactions on the BNB Chain, with a temporary increase to 9.9% during the Stablecoin Retention Initiative. Within the initiative’s first week, BNB Chain’s stablecoin market share grew by 2.1%, highlighting the success of these campaigns in promoting stablecoin usage.

In 2024, BNB Chain also prioritized creating a reliable platform for AI-driven applications. It combined the high throughput and low transaction costs of BSC with opBNB’s rapid processing capabilities and BNB Greenfield’s secure, decentralized data storage. Additionally, BNB Chain launched the Meme Innovation Battle, aimed at fostering creativity and sustainable growth within the meme culture ecosystem. With $1 million pledged for this initiative, the funds were distributed across two streams: the Meme Innovation Competition and the Trade for Airdrop Rewards Competition. 

The year also marked the successful execution of Seasons 7 and 8 of the MVB Program and the establishment of the BIA in collaboration with Binance Labs. These programs were designed to accelerate the growth of early-stage Web3 projects, reinforcing BNB Chain’s role in driving innovation and supporting developers across the ecosystem.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles