The BNB chain closes 2022 as the second best blockchain for DeFi projects

  • BNB chain has the second largest TVL after Ethereum.
  • 12% of the tokens in the BNB Chain are fraudulent.
  • Hardfork is expected to be updated in 2023, which will be integrated Betting on the Beacon Series.

With a total value locked (TVL) of $4.05 billion, BNB Chain is ranked as the second largest tier 1 ecosystem after Ethereum, Find the cluster It can be found in a new report.

While its share of overall decentralized finance (DeFi) has seen a steady increase since May, BNB Chain’s TVL has fallen by 63% since January, according to data from devilama. Of the $38.93 billion unlocked as TVL in the DeFi ecosystem, BNB Chain’s TVL accounted for 10.4% of the total market share.

Source: Defillama

BNB Chain is highly regarded for its high throughput, low fees, and fast transaction processing, making it a cost-effective alternative to Ethereum.

With 484 DeFi projects, BNB Chain’s TVL is far behind Ethereum’s $23.01 billion TVL, accounting for 59% of the overall DeFi TVL market share.

Read Binance Coins [BNB] Price forecast 2023-24

House of cheat codes?

Due to the nature of the BNB chain, it has the highest number of GameFi projects of any other blockchain. In a recent report by Binance Research, 37% of the projects in the gaming space in the web3 ecosystem are built on the BNB chain.

Source: Binance Research

However, many of them have turned out to be scams due to the get-rich-quick gaming models used by many of these games. In a recently published story report from Solidus Labs, 12% of all BNB chain tokens are scams, the highest percentage of any blockchain.

Source: Solidus Labs

Compared to Ethereum, Solidus Labs states that “8% of all Ethereum tokens are programmed to perform carpet movements.

How many BNB can you get for 1 dollar?

Network upgrade next year

BNB Chain, on Dec 27, more dangerous Proposed hard upgrade implementation of its BNB Beacon Chain testnet at block heights 34,587,202 and 34,963,303. Given the current block generation rate, the hard drive is expected to take place on January 2, 2023.

According to the blog post, the hard-working upgrade, called BEP159, will introduce a “validation permissionless voting mechanism” and bring “economics of stake to the Beacon Chain.”

With this update, stake economy will be integrated into the beacon chain, allowing verification pool selection based on the rating of the tokens collected on validator filters.

Validators are responsible for producing new blocks and will receive rewards for their efforts, which they can then share with the delegates. BNB holders participating in staking have the right to vote on proposals and contribute to the decision-making process for the future of the network.

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