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Will BNB dApps be enough to drive ecosystem growth

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BNB’s DeSoc dApps performed relatively well on the network.
BNB’s price fell, however selling pressure remained high.

The BNB chain has retained its dominance as the network with the highest number of daily active addresses for quite some time. One of the main reasons for BNB’s popularity would be the success of its dApps and ecosystem.

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Binance: Getting more social

Throughout the first quarter of the year, BNB Chain pursued a proactive approach to allocating financial and human resources within its ecosystem. The BNB Chain maintained its presence in the areas of decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming finance (GameFi).

Nonetheless, the most notable increase in network activity quarter-over-quarter stemmed from its diverse range of applications, particularly within the realm of SocialFi, also known as DeSoc dApps.

For context, DeSoc dApps, short for Decentralized Social dApps, refers to decentralized applications built on blockchain platforms that aim to provide social networking or social media functionalities. These dApps utilize the principles of decentralization to enable users to connect, interact, and share content without relying on centralized intermediaries or platforms.

During the first quarter of 2023, dApps like CyberConnectHQ achieved an average of 30,000 Unique Active Wallets.

Source: Messari

Due to the surge in interest in DeSoc dApps, overall daily active addresses rose. In terms of transactions and activity, BNB continued to maintain its dominance over other protocols.

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Author: Himalay Patel

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