Weekly Analysis of Binance Ecosystem (Aug. 19 - 25)

Here are some key metrics of BNB Chain’s performance between Aug. 19 and 25:

• Weekly Active Users: Within the period under review, Weekly Active Users (WAU) on BNB Chain totaled 2.60 million. This was a double-digit decline (11%) from the 2.92 million recorded in WAU in the previous week.
• Weekly Transactions: In the period between Aug. 19 and 25, 19 million transactions were completed on BNB Chain. This was a 9% drop from the 20.8 million logged in transactions in the week before.
• Average Daily Transactions: Between Aug. 19 and 25, 2.17 million transactions were completed on BNB Chain daily on average. This was a 37% decline in Average Daily Transactions on the network and the third consecutive week of decline in daily transactions on BNB Chain.
• Average Gas Fee: This was unchanged from the previous week, for all transactions executed on BNB Chain between Aug. 19 and 25, the average gas fee was pegged at 0.00080 BNB.

BNB Chain and Binance Ecosystem Update

The BNB Chain and the Binance ecosystem saw many significant developments between Aug. 19 and 25. These include adding the South African Rand (ZAR) fiat gateway, launching the ETH/BUSD Zero-Fee trading, introducing the zero maker fees for the Lebanese Pound (LBP) market, releasing BNB Smart Chain v1.1.12, and more.

South African Rand (ZAR) Fiat Gateway

As part of its mission to increase the adoption and mainstream of cryptocurrencies, Binance on Aug. 22 announced support for the deposits and withdrawals of the South African Rand (ZAR) to and from users’ Binance wallets via Instant EFT. The fiat gateway launch was two-phased, as users could only deposit and trade ZAR into their Binance wallets to purchase BTC, BUSD, ETH, USDT and BNB with their ZAR balance. Withdrawal in ZAR was enabled for all users on Aug. 25.

ETH/BUSD Zero-Fee trading

On Aug. 23, Binance announced zero-fee trading for the ETH/BUSD spot trading pair to be implemented from Aug. 26. Scheduled to run for a 30-day period, all Binance users will enjoy zero maker and taker fees for the ETH/BUSD spot trading pair. While this runs, the pair will not enjoy BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions.

Zero Maker Fees for Lebanese Pound (LBP) Market

On Aug. 25, Binance P2P announced the revision of the maker fees for advertisements traded in the Lebanese Pound (LBP) fiat currency. According to the announcement, all makers who post new advertisements traded with fiat currency LBP are entitled to zero maker fees for every successful trade on these pairs.

BNB Smart Chain v1.1.12 Performance Release

On Aug. 25, BNB Chain conducted a performance release of BNB Smart Chain v1.1.12. The latest performance release featured a Fast Node, a new flag to prune ancient undesired block data at runtime, and an upgrade of the code base of Go-Ethereum from v1.10.3 to v1.10.15.

Price Performance

According to CoinMarketCap, $BNB traded at$290.47 as of this writing. In the last week, the price per BNB coin declined by 3%. Seeing low trading activity within the period under review, the third largest cryptocurrency logged a 32% decline in its trading volume.