TechFlow news, Messari has released the BNB Chain Q3 2023 State Report, which includes the following key insights:
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Growth in active validators: The number of active validators on BNB Chain increased by 10% quarter-over-quarter in Q3, rising from 29 to 31. This also marks a significant increase compared to the same period last year, when there were only 21 validators.
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Decline in circulating supply: Due to BNB’s token burn mechanism, the circulating supply of BNB decreased by 1.3% in Q3. During the quarter, 13,400 BNB tokens—worth approximately $3.1 million—were burned, representing a 23% decrease from the previous quarter. This translates into an annualized inflation rate of -5.8%, maintaining BNB’s deflationary status.
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DeFi TVL stagnation: The total value locked (TVL) in DeFi protocols denominated in BNB saw no significant change during Q3. However, due to a 23% drop in BNB’s price, USD-denominated TVL also declined by 23%. Lower BNB prices, daily transaction volumes, and daily BNB transaction fees led to a 41% quarter-over-quarter decline in protocol fee revenue measured in USD.
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New launches and development progress: BNB Chain launched opBNB in Q3 and made progress in developing BNB Greenfield (a storage network), with plans for its launch in Q4.
