BNB Chain Releases Annual Report Highlighting Network Integration and 58.2% TVL Growth Among Key Achievements

by
Alyssa Davidson

Posted: December 23, 2024 11:00 AM Updated: December 23, 2024 10:33 AM

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Correction and fact check date: December 23, 2024, 11:00 AM

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BNB Chain, a blockchain platform for Web3 decentralized applications (dApps), has released its 2024 annual report, highlighting the milestones achieved during the year. This includes network integration under the “One BNB” multichain strategy, improved scalability and storage through opBNB and Greenfield, positioning the BNB Chain as an AI-first blockchain, and impactful initiatives such as the Gas-Free Carnival and stablecoin incentive programs. Includes launch.

One of the most notable milestones this year was the integration of the network into a unified structure. This transition, called BNB Chain Convergence, involved migrating the functionality of the BNB Beacon Chain to the BNB Smart Chain (BSC) and decommissioning the Beacon Chain. This strategic move streamlined operations, improved efficiency, reduced security risks, and aligned the network infrastructure with modern technology requirements and future scalability goals.

opBNB’s scalability and performance improvements were another 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. opBNB significantly improves transaction efficiency by mapping dependencies and executing non-conflicting transactions in parallel, resulting in a 30% performance increase across the BNB chain network.

In the blockchain storage space, Greenfield has seen three forks: Hulunbeier, Ural, and Pawnee, making advancements in improving functionality and user experience. Additionally, an alpha version of Greendrive has been released, supporting over 30 public datasets and introducing a modernized user interface. BNB Attestation Service (BAS) has also proven its reliability by completing 173,499 attestations with 1,418 unique provers.

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

BNB Chainnote Security Milestones and Key Initiatives

In 2024, BNB Chain made notable progress in strengthening security, reducing financial losses from breaches by 67% from $162 million in 2023 to $53 million. The number of security incidents also decreased by 66%. These improvements highlight BNB Chain’s efforts to create a more secure blockchain environment. Initiatives such as the Most Valuable Builder (MVB) program and the BNB Incubation Alliance (BIA) foster innovation and growth, further solidifying our position as a leader in the Web3 ecosystem.

Stablecoin integration has emerged as another area of ​​focus, with initiatives designed to encourage usage within the ecosystem. Programs such as the Gas-Free Carnival and TVL incentive programs have been implemented to drive adoption and cost-effectiveness. As a result, stablecoins now account for 8.8% of all transactions on the BNB chain, temporarily increasing to 9.9% during the Stablecoin Retention Initiative. During the first week of this initiative, BNB Chain’s stablecoin market share increased by 2.1%, highlighting the success of these campaigns in promoting stablecoin usage.

In 2024, BNB Chain will prioritize creating a stable platform for AI-based applications. It combines the high throughput and low transaction costs of BSC with the fast processing capabilities of opBNB and the secure, decentralized data storage of BNB Greenfield. Additionally, BNB Chain launched the Meme Innovation Battle, which aims to foster creativity and sustainable growth within the meme culture ecosystem. $1 million has been pledged to the initiative, with the funds distributed across two streams: the Meme Innovation Competition and the Airdrop Reward Trading Competition.

This year also saw the successful implementation of seasons 7 and 8 of the MVB program and the establishment of BIA in collaboration with Binance Labs. These programs are designed to accelerate the growth of early-stage Web3 projects and strengthen BNB Chain’s role in driving innovation and supporting developers across the ecosystem.