Journalist
Posted:
- OpBNB’s growth in daily transactions can be attributed to Inscriptions.
- BNB is up more than 3% in the past 24 hours.
BNB chain [BNB] opBNB recently achieved a notable milestone by surpassing its parent chain. This achievement indicated a huge increase in its use and adoption.
opBNB reaches new all-time high
For the uninitiated, opBNB is an open-source codebase based on Optimism Stack.
From BinanceopBNB adopts the Optimistic rollup architecture, abstracting the execution layer into its own layer, while the remaining blockchain functions are handled by the L1 – in this case the BNB Smart Chain.
Looking ahead, BNB Chain recently posted a tweet highlighting opBNB’s latest achievement. opBNB reached an ATH for daily transactions as it recorded 23 million transactions in a single day on December 17.
With this massive increase, the company outperformed its parent chain, BNB Chain, in terms of daily transactions.
On December 17, opBNB reached an ATH for daily transactions. The network recorded 23 million transactions in one day!
BSC saw over 14 million transactions on the same day.
Despite some congestion, both networks were able to handle the large volumes well, demonstrating excellent scalability 💪 pic.twitter.com/JB6LOFctIz
— BNB Chain (@BNBCHAIN) December 18, 2023
The tweet also talked about opBNB’s real-time transactions per second (TPS), which reached 610 on December 17. Notably, BNB Chain witnessed a similar increase in network activity.
AMBCrypto’s look at Artemis’ data revealed that both the chain’s daily active addresses and daily transactions spiked in the recent past.
Source: Artemis
The most notable reason behind this wave was inscriptions. BNB mentioned in the tweet that these increases were largely due to increased registrations, many of which were seen on SocialFi.
AMBCrypto reported rather how the inscriptions have grown in recent days. Various chains, including Avalanche [AVAX] and Arbitrum [ARB]witnessed a growth in the number of inscriptions, especially on December 17.
However, these statistics decreased in the following days.
Source: Dune
BNB’s answer is apt
As Inscriptions gained traction on the chain, BNB’s stock gained bullish momentum. According to CoinMarketCapBNB has risen by more than 3% in the past 24 hours.
At the time of writing, it was trading at $245.16 with a market cap of over $37 billion. As a result, the altcoin’s trading volume has increased over the past day, alongside positive sentiment.
Source: Santiment
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AMBCrypto then looked at BNB Chain’s daily chart to see if the coin could continue this rally. BNB‘s Bollinger Bands revealed that the price was in a high volatility zone.
The Money Flow Index (MFI) also registered a rise from the neutral level, raising the possibility of a further uptrend. Nevertheless, the MACD was concerning as it showed a possible bearish crossover.
Source: TradingView