The Binance Smart Chain (BSC) had an impressive growth spurt in the final quarter of 2023, according to a detailed analysis by Messari.
Ranked as the world's third-largest Layer-1 protocol by market value, BSC showed significant improvements in its financial performance, marking a successful quarter for the blockchain network. Messari's report highlights a remarkable 48% increase in BSC's market capitalization compared to the previous quarter. This surge signals renewed investor interest in BNB (Binance Coin), BSC's native currency, following declines in the preceding two quarters.
Furthermore, BSC's revenue in US dollars rose by 27% from the previous quarter, surpassing $39 million in the fourth quarter. This uptick indicates increased protocol activity and the successful implementation of various initiatives throughout the year. An interesting side note is the US Government's plan to sell $130 million worth of Bitcoin, which could have significant repercussions.
Gas fees burned in BNB, an indicator of network usage, also increased by 21% quarter-over-quarter. This rise, fueled by a higher volume of transactions and smart contract usage, highlights the robustness of the Binance Smart Chain ecosystem.
In addition to financial metrics, BSC achieved substantial progress in other areas. The count of active validators on the network increased by 25% from the previous quarter, showcasing growing trust and participation in network security. Notably, there was a year-over-year growth of 54% in active validators, underlining BSC's commitment to decentralization.
Messari's report further emphasizes that in 2023, BSC effectively managed increased activity while reducing costs for its users. Daily transactions on the network rose by 35% year-over-year and 30% from the previous quarter, averaging around 4.6 million daily transactions in the fourth quarter.