The crypto community faced an abrupt shutdown of the BNB Chain network on October 6. Irregular activity had been observed on the blockchain of the largest crypto exchange. The network had to be temporarily shut down to resolve the problem. What Happens to BNB Chain Following the Incident?
BNB Chain is working properly again
Since October 7, the Binance blockchain is working properly again. The BNB Chain team did a statement on Twitter to reassure the community. The blockchain has come back strong by announcing its participation in an annual crypto event. Indeed, BNB Chain has decided to building the future of Web3 by sponsoring HackTX 2022, an annual college hackathon. The event will take place October 15-16 at the University of Texas at Austin. Students over the age of 18 can participate. Several challenges and prizes will furnish the opening ceremony.
In addition, BNB Chain published a recent report who evaluates the state of DeFi in its ecosystem. The document was made by Jie Xuan Chua based on a study by Binance Research and Binance Labs. The report reveals that “since the beginning of the year, more than 1.2 billion crypto transactions have been carried out on BNB Chain ». It appears that during the same period, only 301 million transactions were made on Ethereum.
“Also, at $0.32, the average transaction fee on BNB Chain is significantly lower than the average fee needed. to transact on Ethereum“, said the report. But, trading volume on DEXs built on BNB Chain fell 67% between January and August. Furthermore, “monthly crypto trading volume over the 8-month period reached $769.3 billion“. The report also revealed that staking has grown in popularity on the blockchain.
The erratic activity seen on BNB Chain lately has caused the network to lose around $100 million. Fortunately, the developers managed to quickly resolve the problem to make the blockchain work again. Furthermore, the recent report regarding the state of DeFi on BNB Chain revealed that the crypto activity on the network is changing more or less well.
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