2024 BNB Chain Annual Report: 58% TVL Growth and Security Improvements

2024 Annual Report on BNB Chain: A Year of Transformation

The

2024 Annual Report on BNB Chain

highlights a transformative year marked by growth, security enhancements, and innovation. The ecosystem accomplished significant milestones including the successful consolidation of its network under the One BNB Multichain Strategy, advancements in scalability through opBNB and Greenfield, as well as initiatives aimed at boosting stablecoin adoption and accelerating the growth of DeFi.

Key Achievements in 2024

1. Network Upgrades and Scalability

Network Consolidation: The functionalities of the BNB Beacon Chain were integrated into the BNB Smart Chain (BSC), streamlining operations and reducing security risks, which significantly enhanced scalability.
opBNB Scalability: The network achieved an impressive 4,600 transactions per second (TPS) with future plans to scale up to 10,000 TPS by 2025. Its innovative TxDAG feature allows for parallel transaction execution, enhancing performance by an additional 30%. Meanwhile, transaction costs remained competitively low at just $0.001.
Greenfield Enhancements: The alpha version of Greendrive was launched alongside the introduction of the BNB Archive Layer, enabling decentralized storage for historical data. Major forks like Hulunbeier, Ural, and Pawnee further improved functionality.

2. Ecosystem Activity and Metrics

Daily Active Users (DAU): opBNB reported an average of 4.7 million DAU, while BSC achieved 1.12 million DAU by the end of the year.
Total Value Locked (TVL): The TVL for BSC surged by 58.2%, increasing from $3.5 billion to $5.5 billion. opBNB's TVL grew by 27.6%, reaching $19.2 million.
Transactions: BSC processed an average of 4 million daily transactions, marking a 2.5% year-over-year increase, while opBNB averaged 7.1 million daily transactions.
Unique Addresses: The number of unique addresses on BSC grew by 17.7%, totaling 486 million.

3. Security Improvements

Security measures proved effective in 2024, resulting in a significant drop in total financial losses by 67%, decreasing from $162 million in 2023 to $53 million. Additionally, the number of security incidents decreased by 66%, affirming the enhanced security protocols in place.

4. Key Initiatives

Stablecoin Integration: The Gas-Free Carnival initiative eliminated transfer fees for stablecoins, resulting in an immediate boost of 2.1% in usage within just a week. Stablecoins accounted for 8.8% of all BNB Chain transactions.
AI-First Blockchain: BNB Chain positioned itself as a central hub for AI-driven applications, integrating features such as high throughput, low costs, and secure data storage. Successful AI projects to date include MyShell, Holoworld AI, and ChainGPT.
Meme Innovation Battle: A total of $1 million was distributed to support creative memecoin projects, contributing to enhanced trading stability and liquidity.
Most Valuable Builder (MVB) Program: Seasons 7 and 8 saw over 1,200 applicants, with investments directed towards standout projects via the Launch-as-a-Service (LaaS) model.
BNB Chain Incubation Alliance (BIA): Hosted 5 global events, awarding 12 winners and promoting Web3 project development.

5. Vision for the Future

As the BNB Chain ecosystem looks forward, it is poised to lead the next wave of Web3 adoption by focusing on:

Scalability and Performance: Continuous improvements to opBNB and Greenfield.
Developer and Community Support: Enhanced programs like MVB and BIA.
Innovation and Engagement: A sustained emphasis on stablecoins, DeFi, and AI applications.

With the significant advancements witnessed in 2024, BNB Chain has solidified its position as a leading platform for blockchain innovation and adoption. The ecosystem's continuous commitment to growth, security, and developer support lays a strong foundation for an impactful future in the Web3 space.