- Users of the chain would have to move to a new single-chain structure.
- While core development stalled, active users and TVL increased.
Decentralized smart contracts network BNB Chain has announced its plans to phase out the Beacon Chain and introduce the BEP333.
In a blog post published on January 8, the BEP333, also known as the BNB Chain Fusion, would strengthen security and increase the efficiency of the assets used in the chain.
For context, the BNB Beacon Chain is part of the ecosystem responsible for staking and governance. The purpose of the BEP333 is to smoothly support the transition of the BNB Beacon Chain from a dual chain structure to a single chain structure.
As a result, BNB Chain has established some guidelines for traders on how to actively use the chain. According to his statement, they are holders of Bitcoin [BTC] and BNB do not have to worry about moving their assets.
However, it was not the same for other cryptocurrency holders. Before the final dismantling, BNB Chain noted:
“Users who own assets that currently do not have cross-chain transfer capabilities are advised to contact the respective token owner or issuer immediately”
After the revelation, AMBCrypto assessed what happened in the chain. Using token terminals facts, we found that sales increased by 6.4% in the last 24 hours.
This increase implied that activity on the network increased during the said period.
Another metric we also looked at was the number of core developers. At the time of writing, the number of core developers had been reduced to 51.
Source: Token terminal
The decline comes because core developers concluded that the chain was not releasing new features. Meanwhile, the chain also mentioned some things about crypto holders who might fail to transfer assets before the transition.
According to the statement, users who are late to the party can use the BEP299 Token Migration. The BEP299 Token Migration provides a secure and reliable solution for users to restore their assets to the BSC once the Beacon Chain stops running.
It said that:
“For users who have not transferred assets to the BSC network after Beacon Chain sunset, BNB Chain will provide a backup after Beacon Chain Fusion.”
In another development, BNB shared some of its fourth quarter achievements with AMBCrypto. According to the report, in addition to opBNB, the chain has set new records in both Daily Active Users (DAU) and Total Value Locked (TVL).
opBNB is an optimistic combination of the BNB chain that enables higher transaction speed and lower costs for users.
In terms of DAUs, the metric rose just 22%, reaching almost 1.2 million. Around the same period, opBNB’s daily DAU tripled, reaching nearly 260,000 users in December.
As a result, opBNB and Solana [SOL] emerged as the three fastest growing chains in the fourth quarter.
This increase indicated a strong trend in user adoption, which also shifted to Total Value Locked (TVL). At the time of writing, we confirmed that OpBNB’s TVL had done so increased to 19.44 million, according to DeFiLlama data.
How much are 1,10,100 BNBs worth today?
The jump represented a 19x increase from October 2023, when the price hit $1 million for the first time.
Source: DeFiLlama
An in-depth look at TVL showed that KiloEx’s growth from $3 million to almost $10 million, and Thena and APX collectively contributed to opBNB’s TVL growth.
