The crypto community faced a sudden shutdown of the BNB Chain network on October 6. There is irregular activity on the blockchain of the largest crypto exchange. The network had to be temporarily shut down to resolve the issue. What happens to the BNB chain after the incident?
The BNB chain is working properly again
As of October 7th, the Binance blockchain is working properly again. The team of the BNB chain I did statement on Twitter to reassure the community. Blockchain has made a strong comeback by announcing its participation in an annual crypto event. Indeed, BNB Chain decided to building the future of Web3 by sponsoring HackTX 2022, an annual hackathon for colleges. The event will be held October 15-16 at the University of Texas at Austin. Students over 18 can participate. Several challenges and prizes will provide the opening ceremony.
In addition, BNB Chain published a recent report that evaluates the state of DeFi in its ecosystem. The paper was made by Jie Xuan Chua based on research by Binance Research and Binance Labs. The report reveals that “since the beginning of the year, more than 1.2 billion crypto transactions have taken place on the BNB chain ». It appears that during the same period, only 301 million transactions were made on Ethereum.
“Also, at $0.32, the average transaction fee on BNB Chain is significantly lower than the required average fee. for an Ethereum transaction“, the report says. But the trading volume of DEXs built on BNB Chain fell by 67% between January and August. Furthermore, “monthly crypto trading volume for the 8-month period reached $769.3 billionThe report also revealed that betting has grown in popularity on the blockchain.
The erratic activity seen on the BNB Chain recently has caused the network to lose around $100 million. Fortunately, the developers were able to quickly resolve the issue to get the blockchain working again. In addition, the recent report on the state of DeFi on the BNB chain revealed that the crypto activity on the network is changing more or less well.
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Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 only increased my enthusiasm. So I decided to research and understand the blockchain and its many applications and to impart with my pen information related to this ecosystem.