The Build and Build ($BNB) Chain has seen its number of unique addresses on the blockchain grow to the point that the network now surpasses the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), by that metric.
In a message shared by the BNB Chain’s developers, they claim to be the “largest layer-1 blockchain in the world” because of the rise. Data from a BNB Chain block explorer shows it has over 230 million unique addresses, surpassing the 217 million unique addresses seen on the Ethereum blockchain.
BNB Chain has made significant strides in onboarding the next billion users into #Web3 in 2022. 🎉We want to thank our incredible community for coming along for the ride as we lay the groundwork for an even bigger year to come. 🚀Further details ⤵️https://t.co/9jNFdVeoZ3 pic.twitter.com/QjxL3ey759
— BNB Chain (@BNBCHAIN) December 22, 2022
As Cointelegraph first reported, the Bitcoin network is still the largest layer-1 blockchain in the world, with over 1 billion unique addresses on it. BNB Chain’s growth is nevertheless significant as it surpassed Ethereum, which has a much larger and more developed ecosystem.
BNB Chain’s developers highlighted a number of other figures for the network, including that it capped out at 9.8 million transactions per day in May, and that it managed to reach 2.2 million daily active users in October. Daily active users on the network were defined as unique addresses interacting with smart contracts per day.
The network’s growth was attributed to a number of factors including the introduction of sidechains to further support resource-intense applications among other upgrades to improve network performance. The project’s team also noted that it funded a builder grant and a $10 million incentive program for decentralized application developers, who attracted more users through their creations.
Moreover, the network launched the Avenger decentralized autonomous organization (DAO), an API that alerts BNB Chain users whenever they interact with contracts that were flagged as malicious.
BNB Chain’s native token, $BNB, is regularly burned by leading cryptocurrency exchange Binance. The token was initially sold in an initial coin offering (ICO) to fund Binance’s development, and as mentioned n its whitepaper, Binance will use its revenue to burn tokens until its circulating supply drops to 100 million.
In October, Binance announced that its latest quarterly $BNB token burn saw it destroy more than 2 million tokens, worth over $575 million at the time.
According to Binance’s announcement, a total of 2,065,152.42 $BNB tokens have been burned as part of the latest quarterly burn, with a total of 4,833.25 $BNB coming from the exchange’s Pioneer Burn Program, in which Binance counts as burned BNB tokens that users have lost after mistakenly sending them to unrecoverable addresses, and cover their losses with BNB that was set to be burned.
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