After a promising 24% rally, is BNB gearing up for more?
To understand whether the recent 6% downturn is a warning of a deeper correction, traders should look at the network’s use in terms of deposits and users.Generally, analysts tend to give too much weight to the total value locked metric. Although this might hold relevance for the decentralized finance industry, it is seldom required for crypto games, nonfungible token marketplaces, and gambling and social applications.
Still, the monthly 5% TVL contraction was lower than its smart contract network competitors. For instance, the Ethereum network’s TVL fell by 13% in ETH terms in the same period. Solana’s network TVL went down by 22% in SOL terms, and Polygon’s network TVL declined by 19% in MATIC terms.To confirm whether the TVL drop on BNB Chain is troublesome, one should analyze other DApp usage metrics.Nov.
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