BNB (BNB) remains by far the largest asset in the sector, surging back toward the $900 price point after tacking on 4.8% this week.
TL;DR:
- Market cautiously turns risk-on as BTC reclaims $90K and fear eases.
- BNB Chain sector gains 4.1%, adding $8.3B as small caps surge.
- Builders focus on DeFi, RWAs & predictions: DWF fund, NBNB, Trust Wallet.
The last month has been a tumultuous period for the cryptocurrency market. Bitcoin (BTC) fell below and then recaptured the $90K price point, while most altcoin sectors witnessed a striking recovery following weeks of decline.
The CoinMarketCap Crypto Fear and Greed Index has now improved from Extreme Fear to Fear, suggesting market participants are still wary about the recent positive momentum.
Here’s how the BNB Chain sector has developed since our last update.
BNB Chain Market Recap
After three weeks of decline, the BNB Chain sector is now showing signs of recovery.
The sector added $8.3 billion to its market capitalization (mcap) following a 4.1% week-over-week (WoW) gain.
In line with this, most major BEP-20 tokens are in the green, with some putting on an impressive display.
Seven of the top 10 largest BNB Chain ecosystem tokens are positive WoW, with Chainlink (LINK) and MYX Finance (MYX) leading with gains of 12.4% and 26.7%, respectively.
BNB (BNB) remains by far the largest asset in the sector, surging back toward the $900 price point after tacking on 4.8% this week.
Source: BNB (BNB) Token Page
This week’s biggest winners were found among the small caps, suggesting speculators are beginning to rotate back into risk-on plays.
This week’s biggest gainers, and their catalysts (where known), include:
- c8ntinuum (CTM): +77.4% (Unclear catalyst)
- Bitlight (LIGHT): +63.5% (Sustained post-listing momentum on Binance Alpha/KuCoin and multi-exchange LIGHT airdrop campaigns)
- siren (SIREN): +39% (Unclear catalyst)
- Sky (SKY): +32.3% (Rallied on Sky Protocol’s latest 40.5M SKY buyback using 1.9M USDS)
- Brett (Based): +29.9% (Unclear catalyst)
A mix of DeFi platforms, meme coins, and AI tokens led the trending list.
Source: BNB Chain Ecosystem Tokens
The BNB Chain network is also seeing some improvement in its on-chain metrics. Its total value locked (TVL) improved by 1.6% to $9.08 billion, whereas its daily stablecoin transfer volume spiked 34.6% to $14.4 billion.
That said, BNB Chain and most other major L1s did see a steep decline in on-chain trading volume, with PancakeSwap trading volume falling 40% WoW.
BNB Chain News Roundup
An array of positive developments helped underpin this week’s recovery. Below is a recap of some of the most significant.
APRO (AT) Joins Binance via HODLer Airdrop: Binance launched APRO (AT) as its latest HODLer Airdrop project, allocating 20M AT (2% of supply) to BNB earn users and listing AT with multiple trading pairs, boosting a new data-oracle token on BNB Chain.
https://twitter.com/binance/status/1993964985039638618
DWF Labs Unveils $75M Multi-Chain DeFi Fund: DWF Labs announced a $75M DeFi-focused fund targeting builders of perp DEXs, money markets, and yield protocols across BNB Chain, Ethereum, Solana, and Base, signalling institutional interest in DeFi infrastructure on BNB Chain and beyond.
https://twitter.com/DWFLabs/status/1993730583826993319
Myriad Becomes First Wallet-Native Prediction Market via Trust Wallet: Prediction protocol Myriad surpassed $100M volume and 400K traders before integrating with Trust Wallet’s Predictions interface, becoming the first wallet-embedded prediction market for millions of self-custodial users.
https://twitter.com/MyriadMarkets/status/1995821997662613651
Nano Labs Launches ‘NBNB Program’ for RWAs on BNB Chain: Nasdaq-listed Nano Labs unveiled the Next Big BNB (NBNB) Program, a real-world-asset initiative to build tokenization, custody, and compliance infrastructure on BNB Chain, backed by a treasury strategy targeting up to $1B of BNB exposure.
https://twitter.com/NanoLabsLtd/status/1993636900650049838
>> That’s it for this update. Check in next week to keep tabs on everything happening in the BNB Chain ecosystem.
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