NFTs and GameFi were bright spots for BNB Chain.
Rough 3 Months for BNB Chain
In a newly published report, well-known blockchain analytics firm Messari found a significant decrease in Decentralized Finance (DeFi) activity on BNB Chain in the last quarter, but growth in the areas of Non-Fungible Token (NFTs) and GameFi.
Here are some highlights from the report:
Network Usage, Financial Performance
Thanks to the collapse of Terra, BNB Chain registered growth in the new unique addresses that used the network in the last quarter. Messari found that the average daily creation of new addresses in the 3-month period increased by 6.6%.
Interestingly, despite the growth of new addresses on the network, BNB Chain suffered drawdowns in its usage and financial performance in the last quarter:
- Average transactions dropped 17.3%.
- Average fees paid for transactions dropped 23.5%.
- Total revenue declined by 35.8%.
DeFi, NFTs, GameFi
In the second quarter, the Total Value Locked (TVL) by DeFi protocols on BNB Chain declined by 55%, both in terms of U.S. dollars and $BNB.
Messari noted PancakeSwap’s dominant position in terms of TVL share – approaching half of total activity – as a potential weakness for BNB Chain, in terms of ramifications for the network if the Decentralized Exchange (DEX) ever suffered an exploit or technical breakdown.
BNB Chain’s NFT and GameFi markets provided some relief as they grew significantly in the last quarter.
According to Messari:
“With massive increases in NFT secondary sales volume (634%) and unique NFT buyers (716%), BNB Chain NFT activity quickly grew to levels seen on popular chains like Solana and Flow.”
Additionally, in the period under review, daily active users on the top three GameFi applications on BNB Chain by the number of users and transactions grew by 35%.
Sunnier July
BNB Chain showed some positive signs in July, the first month of Q3.
According to DefiLlama, the network’s TVL increased by 14% during the month, standing at $6.84 billion as of July 31. That is 7.8% of the entire market’s TVL.
In terms of TVL, BNB Chain is second only to Ethereum, which has $56.84 billion in TVL as of July 31. Third is Tron, with $5.83 billion in TVL.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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