BNB Chain looking to grow, remain competitive in 2023: Messari

Quick Take

  • After a chaotic year for crypto, BNB Chain is looking to remain competitive in 2023, Messari said.
  • The blockchain network plans to upgrade functionality, further decentralization and implement growth strategies this year.

BNB Chain is aiming to be competitive in 2023, following a tumultuous year for crypto markets, Messari said. 

The blockchain network will focus on growth strategies and new tech developments, including scaling solutions and boosting throughput, along with implementing Ethereum Virtual Machine execution, according to a Messari report.

“The team plans to expand the network with L2-like solutions, such as ZK-rollups and sidechains, and to increase decentralization by open-sourcing the validator set,” the report said. “Despite several challenges along the way, BNB Chain successfully executed its 2022 roadmap ... After a dramatic year with many challenges, BNB Chain looks to remain competitive heading into 2023."

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Daily active addresses on the blockchain network rose in 2022, while average daily transactions remained steady at approximately 3.4 million per day. Staking and decentralization on the network also improved.

BNB Chain did face challenges in the fourth quarter, though, including an October exploit. A hacker minted and took 2 million BNB, worth nearly $570 million at the time. Although no users were affected by the hack, roughly $100 million was moved off-chain and was not recovered. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Stephanie is a senior reporter covering policy and regulation. She is focused on legislation, regulatory agencies, lobbying and money in politics. Stephanie is based in Washington, D.C.


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