BNB Network Remains Strong, but Some Aspects Require Caution

  • BNB, the native token of Binance, has been significantly impacted by the SEC lawsuit against the exchange. Despite all the volatility and uncertainty, the activity on the BNB network has remained high.
  • According to the latest data, there were 4.02 million active users on the BNB network, conducting a total of 3.67 million transactions in the past week.
  • Despite the positive momentum on the BNB Chain network, risky dApps may hinder the progress of the protocol. This week, DappBay’s Red Alarm identified over 35 risky dApps on the BNB network.

Despite regulatory uncertainties and market fluctuations, the BNB network has maintained its strong position, with over 4 million active users.

BNB Network Holds Firm Amid Fluctuations

bnb

Binance’s native token, BNB, has been significantly impacted by the SEC lawsuit against the exchange. However, despite all the volatility and uncertainty, the activity on the BNB network has remained high.

According to the latest data, there were 4.02 million active users on the BNB network, conducting a total of 3.67 million transactions in the past week. One of the factors contributing to the continued usage of BNB’s protocol was the low transaction fees, which amounted to 0.00037 BNB.

bnb-chain-fees

However, despite the positive momentum on the BNB Chain network, risky dApps may hinder the progress of the protocol. This week, DappBay’s Red Alarm identified over 35 risky dApps on the BNB network. Unsafe dApps such as Staker Cafe, Okxo, Pepe Girl, Shiba Reward, and Maker Lending were among those detected, posing potential risks for users.

The identification of over 35 risky dApps on the BNB network by DappBay’s Red Alarm may affect BNB in several ways. Firstly, the presence of unsafe dApps may undermine users’ trust and confidence in the BNB ecosystem. This could lead users to exercise more caution while using dApps and potentially impact overall adoption rates.

Additionally, negative news about risky dApps may affect investor sentiment and cause fluctuations in the value of the BNB token. Moreover, increased attention on these dApps may attract regulatory scrutiny and influence BNB’s market position.

Despite the rise in risky dApps on the BNB network, the protocol has experienced some positive developments in the last quarter. According to BNB’s data, there has been a significant increase in market share, rising from 38% at the beginning of the second quarter to 45% by the end of the quarter. This performance underscores the dominance of the BNB Chain network and highlights developers’ and users’ confidence in its infrastructure.

What is the Latest Situation in BNB?

As for the current status of BNB, its token price has seen some recovery. The price and volume of BNB have increased, with the token currently trading at $243.82. The volume of the token is in a better position compared to previous days, and the price has increased by 0.50% in the last 24 hours.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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