The BNB chain ecosystem is constantly growing and moving forward. To help you not miss any news & movements of the ecosystem in the last 7 days, here is your BNB Chain Weekly Recap.
Key Takeaways
- Binance Exchange has faced a huge bank run.
- Binance Stablecoin BUSD has dropped slightly from its peg.
- BNB Chain announces The Monthly Stars for December 2022.
- BNB Chain partners with OpenSea to celebrate a 12-day NFTs festival.
Ecosystem Updates
It has been a challenging week for the Binance exchange with a lot of FUDs related to the reserve ratio, which has had a huge impact on the entire BNB Chain ecosystem as a whole. Let’s review these events via our article below.
BNB Chain Market Data
Binance Exchange has faced a huge bank run
A sleepless day for the entire crypto market, the world’s largest exchange, Binance, suffered a withdrawal of nearly $2 billion. Total trading volume is nearly 24 billion USD after only 7 days. This causes the amount of reserves of Binance exchange to decrease significantly. Currently at $60 billion, down 5 billion from last week.
However, assuming a 1:1 ratio between user assets and reserves on Binance, the above net withdrawal represents only 1% of all current Binance reserves. A not so dangerous number!
Binance Stablecoin BUSD has dropped slightly from its peg
BUSD is currently the 3rd largest stablecoin in terms of trading volume and market cap. Dropping from peg causes a lot of confusion for users. Especially investors on the Binance exchange. In the past 24 hours, Binance has seen a large amount of BUSD convert to the remaining stablecoins. This causes temporary peg loss. However, now BUSD has returned to the $1 mark.
BNB Chain Highlights Events
BNB Chain announces The Monthly Stars for December 2022
The BNB chain monthly star is the event held every month, which aims to find outstanding projects on the ecosystem. With the future of Web3, BNB Chain will help users access the most perfect pieces. A quick look about some the winners:
- Tap Fantasy: the metaverse gaming.
- Lifeform: the NFTs digital identity.
- Hooked: the on-ramp Web3 layer.
- NFTsScan: the NFTs analytics.
BNB Chain partners with OpenSea to celebrate The 12-day of NFTs festival
For a Christmas campaign chock full of prizes, 12 Days of NFTs brings together some of the best projects and NFT collections on BNB Chain. Building on the thrilling news of OpenSea’s partners with the BNB Chain, they’ll be celebrating the Christmas season with an advent calendar-style activity.
Additional Notable Events
- Binance Labs Leads Private Round II for GoPlus Security
- Watch CZ’s Class on Cryptocurrency and Blockchain on MasterClass
- Technology Update of BNB Chain in Nov 2022
- TrustWallet Provides Seamless Crypto Transfer with Binance Pay and Coinbase Pay
- PancakeSwap StableSwap is NOW LIVE – APR will drop as liquidity increase
Follow us to stay updated on everything in the BNB Chain ecosystem!
Related: BNB Chain Weekly Recap Week 15 (10/04 – 16/04)
