Weekly Analysis of Binance Ecosystem (Aug. 12 - 18)

BNB Chain Key Data Highlights

Here are some key metrics of BNB Chain’s performance between Aug. 12 and 18:

• Weekly Active Users: Between Aug. 12 and 18, Weekly Active Users (WAU) on BNB Chain totaled 2.92 million. This WAU index represented a 2% growth from the 2.86 million logged in the previous week.
• Weekly Transactions: In the period under review, 20.8 million transactions were completed on BNB Chain. Despite the uptick seen in the WAU on the network, total transactions fell by 8%.
• Average Daily Transactions: Between Aug. 12 and 18, BNB Chain recorded 2.98 million average daily transactions. Average daily transactions on the network dropped by 7% from the 3.23 million registered the week before, culminating in a decline in average daily transactions on the network for two consecutive weeks.
• Average Gas Fee: For all transactions executed on BNB Chain between Aug. 12 and 18, the average gas fee was pegged at 0.00080 BNB, growing by 1.25%.

BNB Chain and Binance Ecosystem Update

Between Aug. 12 and 18, BNB Chain and the Binance ecosystem saw many significant developments. These include a partnership with COS.TV, obtaining an in-principle approval to operate a Digital Asset Trading Facility and Provider of Custody in Kazakhstan, applying the T+1 withdrawal limit to Hong Kong Dollar Markets, partnership with Latin America-based education platform Platzi, and more.

Partnership With COS.TV

On August 12, Binance Connect announced a partnership with COS.TV, a video creation platform housed within Contentos’ global decentralized content ecosystem. The partnership's objective is to allow verified Binance users to buy $COS with Binance Connect by using their credit/debit cards on COS.TV.

Approval to Operate in Kazakhstan

With the objective of extending operations globally, Binance on Aug. 15 obtained in-principle approval from the Astana Financial Services Authority to carry on its business as a Digital Asset Trading Facility and Provider of Custody in Kazakhstan. To become fully operational, however, Binance must complete the application process.

T+1 Withdrawal Limit to Hong Kong Dollar Markets

Binance P2P, on Aug. 15, announced the implementation of the “T+1” cryptocurrency withdrawal limit when users buy cryptocurrency on Binance P2P using the Hong Kong Dollar (HKD). According to the blog post, while the limit subsists, users who trade using HKD will have to wait 24 hours before cryptocurrency withdrawal is processed to external wallet addresses.

Partnership With Platzi

On Aug. 17, BNB Chain announced its partnership with Platzi, a Latin America-based education platform. The partnership is for developing and launching a Web3.0 development course for 30,000 students in the region by the end of this year.

Price Performance

According to CoinMarketCap, $BNB traded at $296.96 as of this writing. Sharing a statistically significant positive correlation with Bitcoin, it has also been impacted by the general downturn of the crypto market since the beginning of the month. After rallying to a high of $334.43 on August 10, the BNB coin price has decreased by 11%. In addition, trading volume has declined by 5% since the month started.