Weekly Analysis of Binance Ecosystem (Oct. 7- 13): Hard Fork, BNB Burn, Price Action

BNB Chain Key Data Highlights

Here are some key metrics of the performance of BNB Chain between Oct. 7-13:

• Weekly Active Users: Between Oct. 7-13, Weekly Active Users (WAU) on BNB Chain totaled 4.70 million. This WAU index represented a 56% growth from the 3.01 million logged in the previous week. BNB Chain saw an influx of users a week after the BSC Token Hub exploit was swiftly addressed, and an upgrade was implemented on the network. This showed a renewed sense of network security in BNB Chain users.
• Weekly Transactions: In the period under review, 22.7 million transactions were completed on the chain. As WAU grew, the count for weekly transactions on BNB Chain also rose by 16% from the week before.
• Average Daily Transactions: Between Oct. 7-13, BNB Chain recorded 3.25 million average daily transactions. Breaking a four-week-long decline, the count for average daily transactions on BNB Chain rallied by 17% last week.
• Average Gas Fee: Transactions on BNB Chain between Oct. 7-13 cost an average gas fee of 0.00073 BNB. This has remained the same for the last three weeks.

BNB Chain and Binance Ecosystem Update

Like every week, the Binance and BNB Chain ecosystem registered a series of significant developments in the week under consideration. These included the launch of the Binance Gift Card Merchant Incentive Program, the BNB Chain Moran hard fork, the 21st Quarterly BNB Burn, the Options Market Maker program launch, and more.

The Binance Gift Card Merchant Incentive Program

On Oct. 11, Binance announced the launch of its Gift Card Merchant Incentive Program. Scheduled to run till the end of the year, the incentive program is an exclusive program for Binance’s merchant partners. Through the program, merchants deemed eligible stand the chance to receive up to 5,000 BUSD in gift cards monthly when they sell Binance Gift Cards as crypto assets in a peer-to-peer format on any supporting exchange or platform.

BNB Chain Moran hard fork

Following the exploit of the BSC Token Hub bridge, a hard fork upgrade was implemented on BNB Chain on Oct. 12. According to a release on GitHub, the hard fork upgrade was “a temporary urgent patch to mitigate the cross-chain infrastructure between Beacon Chain and Smart Chain so that the cross-chain can be re-enabled back.”

21st Quarterly BNB Burn

As a part of its BNB Auto-Burn procedure, Binance, on Oct. 13, completed its 21st quarterly BNB token burn, which saw the destruction of 2,065,152.42 BNB tokens. It was also made up of 4,833.25 BNB that was burned via the Pioneer Burn Program.

Binance Options Market Maker program

On Oct. 13, Binance launched and commenced the Options Market Maker program. The blog post said the program was launched “to further enhance the liquidity on Binance Options and provide a better trading experience for all users.” Under the program, eligible Options market makers may receive higher maker fee rebates and lower taker fees across all Options symbols listed on Binance Options.

BNB Coin Price Performance

According to CoinMarketCap, $BNB exchanged hands at $274.89 as of writing. In the past week, BNB coin logged a 0.27% price decline.