In recent weeks, Binance has had its share of questionable issues locally, stemming from the Nigerian government's hunt for the golden egg called economic stability. Binance recently ended all Naira operations on their platform, a consequential fallout of this mess. While it is no longer possible to transact the Naira on their platform, other functions remain for normal use as always.

This article isn't about their troubles with governments; it's about its on-chain activity in February. On-chain analysis is fundamental in determining the growth, health and future outlook of a blockchain.

I have already curated a summary thread about

this report, which has been posted on X, click here to read it.

For the full analysis, Flipside Crypto was used and the dashboard is available through the link provided: BNB Feb Report

1. General Stats

There was an average of 4 million transactions a day, while the total number passed 100 million. Out of that total, over 95% were successful. 46,400 $BNB was the total amount of transaction fees paid out to cover all the transactions in February.

For block generation, the following stats apply:

> Total blocks generated: 833.37K

> Blocks generated per day: 28.74k

> Transactions per block: 132.76

In terms of active users, BNB chain had a total of 36.19 million users, with an average of 1.5 million visitors a day.

2. DeFi

The Total Value Locked on-chain experienced steady growth in February as more people turned to stake, lend and swap their funds in preparation for the bull run. Starting February with a $4.34 billion TVL, the chain ended the month surpassing the $6 billion mark. On average, the TVL sat at $4.92 billion a day.

The most popular DEXs by volume traded were PancakeSwap and Uniswap. impressively, they commanded 88% of all the DEX trading volume last month. This presents a problem for BNB chain as it is the only EVM to have 2 DEXs dominate its trading volume share overwhelmingly. The duopoly is worrying for long-term growth of the chain, especially when other EVM L1s and L2s are offering competitive DEXs and fees.

Ethereum was the top chain BNB chain users bridged funds to, bridging over $27 million. 9 of the top 10 are EVM compatible with Solana being the only chain among the top 10 that is not EVM compatible.

3. NFTs

BNB chain is not popular for trading nfts, but it still had a respectable NFT trading volume this past month. MetaX-Creations was the most traded collection, amassing more than $27k in trading volume. This caused it to have a 21.84% share of the NFT market.

Opensea dominated as the largest NFT marketplace by volume traded. Though only 3 marketplaces were used last month, Opensea was clearly the favourite for traders. ToFuNFT had a better February than PancakeSwap, which speaks a great deal about how poor PancakeSwap has been in trying to establish itself as BNB chain's go-to marketplace.

February brought growth to the BNB chain, a growth heavily fueled by Bitcoin's momentum as it seeks to break its all-time high. Nonetheless, BNB chain will continue to experience growth as market sentiment becomes more positive. we are all locked in for what could be the greatest run in the history of finance. Make sure to position yourself.

Till next time.