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Bitcoin Realized Cap Hits ATH of $656B as Price Follows 2016 Halving Year Direction

Sam Wisdom Raphael
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Bitcoin Realized Cap Hits ATH of $656B as Price Follows 2016 Halving Year Direction

Bitcoin has entered an exciting phase, especially with its realized cap reaching a record-breaking level as price follows the direction of the 2016 halving year.

The Realized Cap leverages Bitcoin’s purchase prices to measure its value, accurately gauging its current market strength. Amid the latest rally on the back of Donald Trump’s election victory, this metric has reached a massively bullish level, confirming the strength of the uptrend.

Bitcoin Realized Cap Claims ATH

On Nov. 5, Bitcoin’s rally gained momentum, building off U.S. election results. This rally pushed Bitcoin’s price to a new peak of $76,990, indicating a solid trend of upward movement. 

Although BTC briefly corrected, it swiftly resumed its bullish trajectory, looking to mark its fourth consecutive day of gains today. This upward trend has propelled major indicators, with Bitcoin’s realized cap reaching its all-time high (ATH) of $656 billion.

According to Glassnode, the realized cap, which now reflects a 3.8% growth over the past month, shows a notable $2.5 billion in net inflows. Glassnode’s recent data confirms the importance of this figure, as this level of inflow is one of the highest since January 2023. 

Bitcoin Realized Cap Glassnode
Bitcoin Realized Cap | Glassnode

It bears mentioning that when realized cap grows at such a rate, it typically indicates intense buying interest and confidence in Bitcoin’s future. Essentially, investors are moving funds into Bitcoin, raising its realized cap and strengthening the overall market.

One factor contributing to this rise in realized cap is the consistent capital inflow into spot Bitcoin ETFs in the U.S. The market saw an impressive $1.37 billion inflow into these ETFs yesterday, marking the highest in history. These products now hold over 1 million BTC.

Current Bitcoin Halving Year Similar to 2016 Trend

Meanwhile, amid the recent price action, data from CryptoQuant confirms that Bitcoin’s cumulative return index in 2024 follows a pattern remarkably similar to the 2016 halving cycle. 

This year’s movements, notably post-election, mirror the 2016 cycle when Bitcoin also experienced a steady climb after a temporary dip. In that halving year, Bitcoin saw a drop on the 210th day and entered a two-month consolidation phase, only to rise steadily in the third quarter.

Bitcoin Cumulative Return Index on Halving Years CryptoQuant
Bitcoin Cumulative Return Index on Halving Years | CryptoQuant

In the 2024 cycle, Bitcoin has followed a comparable path, experiencing a slump around day 210, exactly July 29. On this day, BTC declined from $70,000 and continued to drop until it fell below $50,000 on Aug. 5 amid a crash in the U.S. stock market. 

However, the recent rally on the U.S. election results has driven Bitcoin back to new heights, aligning with the 2016 cycle trajectory. The consistency between these two cycles suggests that Bitcoin could be on track to reach even greater heights before the end of the year.

Bitcoin currently trades at $76,244, representing a 7.12% gain over the past week. Peter Brandt had previously noted that Bitcoin would confirm a decisive breakout if it could close Sunday above $76,000. With two days left, the asset needs to hold above the $76K level.

Ben Armstrong aka BitBoy Explains XRP to Trump’s Son Don Jr.

Abdulkarim Abdulwahab
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Ben Armstrong aka BitBoy Explains XRP to Trump’s Son Don Jr.

Ben Armstrong, aka BitBoy, an influential voice in the XRP community, brought awareness of XRP to the incoming Donald Trump administration by explaining it to Trump’s son, Don Jr.

Armstrong made a notable appearance on the “Triggered with Don Jr.” show, where he and Donald Trump Jr. discussed various issues affecting Americans, including cryptocurrencies. During the conversation, BitBoy took the opportunity to promote XRP to Don Jr.

It’s worth noting that the Trump political camp is already familiar with the cryptocurrency market, including Bitcoin, and is advocating for regulations that could support the industry’s growth.

Meanwhile, Armstrong explained to Don Jr. that specific cryptocurrencies like XRP are working to improve the current banking system. He pointed out how XRP aims to simplify international money transfers, allowing the instant and efficient settlement of cross-border payments.

XRP: A Network of Value, Like Bitcoin 

BitBoy further emphasized the unique position of XRP alongside Bitcoin, explaining that the market considers both networks of value. He compared them to the SWIFT system, which currently handles international bank transfers.

Notably, Armstrong explained that SWIFT is a network of information where payments involve intermediaries, and the process can take several days to complete.

In contrast, with XRP, the same transfer would require as little as 30 seconds since XRP operates as a network of value.

BitBoy Delighted to Represent the XRP Army

As Armstrong’s message gained traction in the XRP community, he expressed his excitement about representing the XRP Army and educating Donald Trump Jr. about XRP.

Off-camera, Armstrong claimed to have shared his belief that if the Trump campaign fully embraced Bitcoin, it could have a major impact on the election, swaying voters. Interestingly, this ultimately happened as Trump won the polls on Tuesday with a support base from crypto enthusiasts.

Meanwhile, community members have expressed their appreciation for BitBoy’s efforts. For instance, XRP market analyst Cryptoinsightuk remarked that he hadn’t realized Armstrong had advocated for XRP to this extent. Accordingly, he mentioned that he had seen clear signs that President-elect Trump and his son are aware of XRP.

“Take from that what you will…” he added, suggesting that XRP may be in a favorable position, and something significant could be on the horizon.

Detroit to Become Largest US City to Accept Bitcoin as Means of Payment

Elendu Benedict
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Detroit to Become Largest US City to Accept Bitcoin as Means of Payment

The City of Detroit will become the largest US city to accept Bitcoin as a means of payment.

In a press release on Thursday, the 26th-largest city stated that Detroiters will soon be able to make payments for city-related utilities through Bitcoin. Detroit noted that it will accept tax payments and city fees using cryptocurrencies.

The payment options would become available to Detroiters in mid-2025. The Thursday report revealed that Detroit partnered with financial technology giant PayPal to create a platform that would facilitate the payment option.

Detroit to Become the Largest US City Accepting Bitcoin

The debut of payment options will make Detroit the most populous US city to accept cryptocurrencies as a means of paying taxes and city fees. Notably, states like Utah, Colorado, and Louisiana have already adopted this payment option.

However, Detroit will become the largest US city to have adopted cryptocurrencies in that capacity. The Michigan Midwest-based city has a population of 633,218 as of 2023 and was once the fourth-largest, with almost 2 million residents in mid-1950.

Meanwhile, two other cities have teased accepting cryptocurrencies as a means of payment in the US, but it remains under deliberation. Miami and New York showed interest in adopting crypto settlements, with the former even creating a native token, Miami Coin.

Detroit Open to Blockchain Innovations

In an addendum to the crypto payment option, Detroit has called on entrepreneurs and innovators in blockchain technology to discuss ideas that would enhance the city’s transparency and data security.

According to the report, any individual or group with smart concepts on how the city could leverage blockchain’s endless potential should pitch to Detroit’s director of entrepreneurship and economic opportunity.

Detroit’s Mayor Mike Duggan expressed his excitement over the latest milestone, noting that the city is “one of the first major US cities to explore blockchain technology.” Treasurer Nikhil Patel further stated that the crypto payment option will curb the impediments faced by unbanked residences and promote flexibility for those intending to settle city-level utilities using cryptocurrencies.

Cryptocurrencies Near Mainstream US Adoption

Meanwhile, the growing adoption of cryptocurrencies underscores a rapidly evolving societal disposition towards the emerging sector. More states and government parastals are warming up to cryptocurrencies as the industry nears mainstream adoption.

State-level pension funds in Wisconsin and Michigan have invested a portion of their fiat stash in Bitcoin. Furthermore, other states, such as Florida and Arizona, are considering adopting the pioneering cryptocurrency as a strategic reserve asset.

At the national level, US President-elect Donald Trump and Senator Cynthia Lummis have already teased the concept of creating a national Bitcoin stockpile. Senator Lummis proposed a bill allowing the United States to acquire 200,000 BTC annually for five years, aggregating to 1 million bitcoins.

Cardano Path to $8: Analyst Forecasts Initial 531% Rise to $2.80 Before Massive 1,700% Surge to $7.77+

Albert Brown
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Cardano Path to $8: Analyst Forecasts Initial 531% Rise to $2.80 Before Massive 1,700% Surge to $7.77+

An analyst forecasts that Cardano (ADA) could see an initial breakout rally of 531% to $2.77 before a full-scale 1,700% pump to over $7.77.

Cardano has re-entered the global crypto top 10, propelled by a market capitalization of $15 billion. This development follows a sharp 15% price surge in the last 24 hours, alongside a notable 24.56% gain over the past week.

Currently trading at $0.4281, ADA recently touched $0.44, its highest level since July. Analysts suggest this recovery marks the onset of a potentially bullish phase, positioning Cardano for further gains.

Bullish Momentum Signals Potential Highs

Crypto analyst Javon Marks predicts that Cardano could be entering one of its most bullish phases. He identifies $2.7709 as an initial breakout target, marking a 531% rise from current levels. However, historical patterns suggest that the rally could extend further, with ADA potentially surging to $7.77, a 1,700% rise.

In his previous October analysis, Marks noted several bullish signals that suggest a continuation of the upward trend. He compared the current market conditions to previous cycles when Cardano surpassed multiple price targets. According to Marks, a similar trajectory could lead to even greater gains, potentially pushing ADA to $7.82, a rise of over 2,030%.

Further backing this bullish outlook, Zayk Charts, a popular analytical account, highlighted a recent falling wedge breakout in Cardano’s price action. This pattern is considered a bullish reversal, indicating the end of a bearish phase and the beginning of a potential rally.

Zayk Charts anticipates a 60-70% increase in ADA’s price from current levels, which could push the token above $0.60 if the rally gains momentum.

Increased Cardano Development Activity 

Cardano’s growth is not only reflected in its price but also in its development activity. Recent data from Santiment, a blockchain analytics platform, ranks Cardano as the fourth most active blockchain in terms of development, trailing only Internet Computer, Chainlink, and Hedera.

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Santiment also noted the potential for retail FOMO (Fear of Missing Out) to fuel further price increases. With Cardano up more than 25% in the past three days, retail traders may soon enter the market, further driving up demand.

Historically, such periods of heightened interest often lead to increased price volatility as more participants join the market.

Additionally, Santiment observed a spike in whale activity on the Cardano network. On a single day, 697 transactions exceeding $100K were recorded, the highest level of whale activity since September 4.

Daily active addresses (DAA) on the network also surged to 37,892, adding further evidence of growing interest in Cardano.

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Image by Santiment

Neiro Fires Up the Grill With New ATH, Bulls Target $0.0030

Albert Brown
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Neiro Fires Up the Grill With New ATH, Bulls Target $0.0030

The First Neiro on Ethereum has reached a new all-time high (ATH) of $0.0025 following a rapid trend reversal. Will this meme coin continue its bullish trend this month?

With a 54% surge in the last 7 days, NEIRO is inching closer to a billion-dollar market cap. On the daily chart, the recovery rally has resulted in four consecutive bullish candles, driving the price to nearly a 100% increase.

As the bullish momentum behind the First Neiro on Ethereum builds, the broader market expects the uptrend to persist. With the token now trading near its all-time high, the likelihood of reaching the $0.0030 mark increases. Will this bull run continue? Let’s explore.

NEIRO Price Analysis

In the 4-hour chart, the double bottom reversal in the NEIRO token has surpassed the overhead resistance line of a falling-channel pattern. The bullish recovery with the breakout rally accounts for an 85% surge from $0.001266 (the double bottom’s baseline) to the current market price. 

NEIRO 4-hour Price Chart
NEIRO 4-hour Price Chart

The breakout has exceeded the previous ATH at $0.0021 and is now challenging the 1.272 Fibonacci extension level. At press time, NEIRO is trading at $0.002336, with a 24-hour surge of 12.31%. Additionally, the token has registered a new all-time high of $0.0025 during the last 24 hours.

The surge in buying pressure has triggered bullish crossovers in the exponential moving averages (EMAs). Following the golden crossover and the recent 50-100-day bullish crossover, all key moving averages are aligned bullishly.

However, the lack of momentum to exceed the $1.272 Fibonacci level at $0.00249 warns of a bearish crossover in the MACD indicator.

Will the First Neiro on Ethereum Cross $0.0025?

Given the Fibonacci levels, the lack of momentum could result in a temporary sideways trend on the 4-hour chart, potentially retesting the $0.002160 level or the 100% Fibonacci level. Following a retest and subsequent reversal, the bull run is likely to continue, especially if the broader crypto market remains bullish.

The next price targets for the First Neiro on Ethereum are $0.00249 and the $0.0030 psychological mark. Additionally, on a longer-term horizon, the 1.618 Fibonacci level at $0.0051 is a potential target.

Cardano Price Surges 33%, Eyes $0.50 Breakout for Bull Run to $0.548

Albert Brown
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Cardano Price Surges 33%, Eyes $0.50 Breakout for Bull Run to $0.548

Cardano’s bullish recovery has pushed its price above $0.40, reaching the highest level in three months. Will this bull run continue, driving the price above $0.50?

With the trend reversal rally, Cardano is heading toward the $0.50 psychological mark. Currently, it trades at $0.426, with a 24-hour surge of nearly 15%. 

With a market cap of $14.94 billion, it now ranks as the ninth biggest crypto in the world, surpassing Tron. Will the rising number of Cardano lead to a price jump above the $0.50 psychological mark this November? 

Cardano Price Analysis

In the 4-hour chart, the uptrend breaks above the 100% Fibonacci level at $0.41 and challenges the 1.272 Fibonacci level at $0.437. At current prices, it has breached above the 3-month high price level. 

Cardano 4-hour Price Chart
Cardano 4-hour Price Chart

With a change of character, the simple moving averages in the 4-hour chart gave a golden crossover. Hence, with a complete trend reversal, the altcoin shows short-term potential to reach the $0.474 mark or the 1.618 Fibonacci level. 

In the daily chart, the reversal rally shows more promising price targets. As it surpasses the 23.60% level at $0.387, it faces higher price rejection from the $0.442 mark. 

Cardano Daily Price Chart
Cardano Daily Price Chart

In the last 24 hours, it has recorded a high of $0.444 and teases a bullish extension. Furthermore, with four consecutive bullish candles, it has increased by 33.44% from its 7-day low at $0.32. 

Will Cardano contine the Bull Run?

As Cardano exceeds the 200-day exponential moving average, the uptick in the 50-day EMA teases a bullish crossover with the 100-day EMA. Furthermore, the MACD indicator in the daily chart shows a positive crossover with two massive bullish histograms. Hence, the technical indicators support further uptrend chances in Cardano. 

In the daily chart, a bull run above the 38.20% level at $0.442 could reach the 61.80% level at $0.548. Hence, the breakout rally is expected to surpass the $0.50 psychological mark. Conversely, the support levels are present at $0.41 and $0.39. 

Chinese Media Spotlights Donald Trump’s Ploy to Create a US Bitcoin Reserve

Elendu Benedict
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Chinese Media Spotlights Donald Trump’s Ploy to Create a US Bitcoin Reserve

China Central TV, one of the country’s most prominent media outlets, has US President-elect Donald Trump’s plans to adopt Bitcoin as a strategic reserve.

The bullish news aired live on the Chinese media. Notably, China Central TV (CCTV) reported the news on Thursday, a day after Trump’s election victory.

CCTV noted that Bitcoin surged to unprecedented heights following Trump’s win. Although the news reported that Bitcoin grew to a new ATH around $75,000, the crypto firstborn surged to a greater high of $76,946 late Thursday.

The leading Chinese media outlet reported that the price surge followed Trump’s earlier promise to make the US the world’s Bitcoin and cryptocurrency capital. It also noted that the US president-elect pledged to create a US Bitcoin stockpile, strategically storing the premier asset to bolster the country’s economy.

Crypto Community Reacts

Following the news, some investors asserted that China could announce a similar plan to strategically store Bitcoin, driving the asset’s price higher. However, this remains highly speculative, given the country’s strignent rules around Bitcoin.

Another faction praised Trump for placing Bitcoin on a global scale through his ploy, with a user describing Trump as the “ultimate crypto hype man.”

Meanwhile, Trump noted during the Bitcoin conference in Nashville that the US must embrace crypto or China will dominate the industry. He stated that the Asian country is “making too much progress” with the nascent technology compared to America and could take over the sector if she didn’t step up.

China’s Crypto Stance

In the meantime, China has banned crypto mining and trading in the country. The second-most populous nation in the world has had a hostile relationship with the nascent sector since 2013.

China banned its financial institutions from carrying out crypto transactions in 2013. Four years later, it prohibited crypto projects from conducting initial coin offerings (ICOs), further bruising the sector’s presence in the country.

Notably, China ramped up its clampdown on the sector in 2019 when it went after crypto miners, terming the activity as highly polluting. The Asian nation finally stamped its utter intolerance for cryptocurrencies when it banned all mining and trading activities in 2021, preventing off-shore offerings and forcing firms to either relocate or shut down.

However, despite the sector’s ban in the state, China still reportedly controls 55% of the global mining pool, with the US holding 40%. This means mainland China has found a way to keep crypto activities thriving regardless of the government’s stance.

Meanwhile, China is considering relieving its ban on the sector following pressure from institutions to revisit its 2021 declaration. Report shows it is set to review its anti-money laundering law next year.

Shiba Inu Lead and Ethereum’s Vitalik Buterin: Is a 10-Minute Conversation Coming

Lele Jima
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Shiba Inu Lead and Ethereum’s Vitalik Buterin: Is a 10-Minute Conversation Coming

Shiba Inu lead developer Shytoshi Kusama is not relenting on his quest to pitch SHIB’s potential to Ethereum co-founder Vitalik Buterin as he makes a fresh request for a discussion. 

Kusama has again requested a 10-minute discussion with Buterin, during which he plans to showcase SHIB’s potential to the Ethereum co-founder. His latest request comes days after he initially requested a 10-minute pitch on SHIB. 

Kusama Seeks to Explain ‘Why SHIB’ to Buterin 

For context, Buterin suggested in a recent interview that Dogecoin (DOGE) deserves to rank as the second or third-biggest crypto by market cap. As Buterin’s comments gained popularity, Kusama requested a 10-minute discussion, dubbed ‘Why SHIB.’

Kusama hopes to utilize the opportunity to explain Shiba Inu’s potential, highlighting its technology, decentralized governance, and robust community, which could ultimately benefit Ethereum. He asked community members to call the Ethereum co-founder’s attention to the post. 

However, Buterin has yet to respond to the request. While the reason behind the delay is unknown, Buterin’s X activity shows that he has not been very active on the platform since November 1, when Kusama made the request. 

Shiba Inu Lead Asks Again 

Notably, he posted a tweet yesterday, calling the attention of his followers to his proposal on Ethereum’s plans. Interestingly, the Shiba Inu leader took to the comment section to inquire about when Buterin would hold a 10-minute discussion with him. 

“Wen 10-minute discussion?” the Shiba Inu leader quizzed.

Again, Buterin has not responded to whether he would grant the request. Given Kusama’s determination, it is speculated that the Shiba Inu leader would not mind accepting any condition, including discussing it in person. However, this remains unconfirmed at press time.

Nontheless, it is important to note that Kusama had previously held an in-person interview with Arabian Business magazine.

Why Shiba Inu Enthusiasts Think Buterin Should Grant Kusama Request 

Meanwhile, most Shiba Inu enthusiasts are still calling on Buterin to have a 10-minute discussion with their ecosystem lead. Some reasons fueling their demands include Shiba Inu’s launch on Ethereum and the token’s massive growth rate. 

Shiba Inu is a major crypto project on the Ethereum blockchain. All Shiba Inu-related projects, including its blockchain and tokens, were deployed on Ethereum, attracting more users to the network. 

According to top developer Kaal Dhairya, Shiba Inu is the only top 10 ERC-20 token that has remained loyal to the network since its launch. The developer argued that other top 10 tokens like USDT and USDC are not part of this consideration due to their presence on multiple blockchains. 

Also, some users pointed to Shiba Inu’s lifetime growth rate as one major reason that Buterin should talk to Kusama. On October 30, the Shiba Inu leader claimed that Shiba Inu had registered a lifetime gain of 33,774,726%, making it the best-performing asset globally. 

Investment Research Firm Says Shiba Inu Has Very Interesting Chart, Expects SHIB to Outpace Dogecoin in 2025

Sam Wisdom Raphael
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Investment Research Firm Says Shiba Inu Has Very Interesting Chart, Expects SHIB to Outpace Dogecoin in 2025

Sistine Research, an investment research firm, recently called Shiba Inu price action interesting while comparing it against the dollar and Dogecoin.

The firm believes that Shiba Inu is gearing up to record substantial gains over the next year, potentially outpacing Dogecoin. This comes on the back of a sustained disappointing collapse from SHIB against Dogecoin since mid-October. 

SHIB/USD Support and Resistance Levels

The SHIB/DOGE chart, which displays Shiba Inu’s performance against DOGE, reveals an important support and resistance structure.

Data from the chart confirms that from mid-2021 to the present, SHIB/DOGE has traded within two important price ranges. The lower range, which sits between 0.00008 and 0.000105 DOGE, has served as a support zone. SHIB has repeatedly bounced off this level, showing strong buying interest around this area.

Shiba Inu Daily Charts Sistine Research
Shiba Inu Daily Charts | Sistine Research

For instance, Shiba Inu witnessed a price collapse from 0.0002024 DOGE to 0.0000841 DOGE by November 2022. However, the support at this level held firmly, allowing the bulls to hedge against any steeper declines. SHIB eventually recovered to 0.0001369 in February 2023.

Since then, Shiba Inu has repeatedly retested this support range. This occurred mostly in 2023, particularly in mid-June, early July, and early December. It also occurred in late February this year. Each time, the bulls defended the support and stationed a rally.

Meanwhile, above this support range lies a resistance zone between 0.00019 and 0.00023 DOGE. This level has acted as a ceiling for SHIB’s upward movements. 

Each time SHIB approached this upper band, selling pressure forced it back down, creating a substantial resistance barrier. The most recent instance saw SHIB drop massively after it soared to 0.0002349 DOGE in March.

Shiba Inu Poised to Outpace Dogecoin 

At press time, Sistine Research’s chart shows that Shiba Inu has continued to retrace against Dogecoin following the March peak. It trades within the lower support range for the second time this year, especially with DOGE witnessing a massive uptick in the past few days.

However, the investment research firm believes the support at this level could again trigger a massive Shiba Inu recovery. They expect this rally to push SHIB toward the upper resistance area, with a projected uptrend to 0.00019 DOGE. 

This target suggests a roughly 95% increase from the current trading range. It bears mentioning that when this pattern played out from late February to early March, the 0.0002349 DOGE top represented an impressive 110% rise within a week.

Shiba Inu Potential to Hit $0.000043

The second chart, which measures SHIB’s performance in USD, presents a similarly optimistic outlook. Unlike the SHIB/DOGE chart, this SHIB/USD chart has a long-standing support level around $0.000007.

After hitting its $0.00008845 peak in late 2021, SHIB experienced a steep decline and then stabilized near its established support. Since early 2023, the price has remained within this range, showing low volatility.

SHIB spiked to $0.000045 in March, coinciding with its upsurge against Dogecoin. However, it has since collapsed from this yearly peak.

Sistine Research projects a dramatic move upwards. The firm expects SHIB to reach as high as $0.000043, a target that would mark a significant increase from current levels. Shiba Inu currently trades for $0.00001914, requiring a 124% gain to claim the $0.000043 mark.

While BNB Chain Revenue Drops 28% in Q3, NFT Trading Surges 283% as TVL Increases: Report

Albert Brown
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While BNB Chain Revenue Drops 28% in Q3, NFT Trading Surges 283% as TVL Increases: Report

BNB Chain TVL rises 2%, NFT trading volume surges 283%, but on-chain activity and network revenue decline.

Recent data shows that the BNB Chain experienced notable changes across various metrics in Q3 2024 despite facing market challenges. The chain saw a modest rise in Total Value Locked (TVL) and a significant increase in NFT trading activity.

However, network revenue and overall on-chain activity declined compared to the previous quarter. 

BNB DeFi and Staking See Modest Gains

BNB Smart Chain’s DeFi TVL, measured in USD, increased by 2% QoQ, rising from $4.74 billion in Q2 to $4.85 billion in Q3. Despite this growth, BNB Smart Chain slipped to fourth place in the TVL rankings, overtaken by Solana.

Meanwhile, TVL denominated in BNB remained stable at 8.3 million BNB, indicating consistent capital inflows. Venus Finance retained its position as the leading protocol by TVL, with a 13% QoQ increase to $1.79 billion. However, borrowing on Venus dropped significantly by 36%, falling to $454 million.

BNB DeFi TVL
BNB DeFi TVL

Staking activity also grew, with total BNB staked rising 7% to 32.4 million BNB. ListaDAO’s liquid staking solution, slisBNB, continued to dominate, though staked volumes fell 2% QoQ to 406,200 slisBNB.

In a key development, the YieldNest protocol introduced a re-staking feature, allowing users to convert slisBNB into ynBNB for further staking. This move aims to boost ecosystem liquidity.

BNB Chain Revenue Declines

BNB Chain’s revenue, which reflects the total fees collected by the network, declined in Q3. Revenue for the quarter totaled $34.9 million, a 28% decrease from $48.4 million in Q2.

Revenue denominated in BNB also decreased, falling by 22% QoQ. In Q3, revenue amounted to 63,500 BNB, down from 81,300 BNB in the previous quarter.

NFT Activity Surges

On the NFT front, BNB Chain saw a significant rebound after a quiet Q2, with average daily trading volume soaring by 283% to $600,400 in Q3. Average daily sales also increased by 47%, reaching 8,900.

BNB NFT Volumes
BNB NFT Volumes

However, the number of unique daily buyers fell by 53% to 2,300, suggesting that recent NFT activity was driven by larger transactions from a smaller pool of high-value traders. 

On-Chain Activity & Gas-Free Initiative

Despite positive momentum in some areas, BNB Smart Chain’s on-chain activity slowed. Average daily transactions decreased 8% QoQ to 3.4 million, while active daily addresses dropped 19% to 868,300.

Stablecoin transactions remained a strong point, with USDT leading in active addresses, averaging 294,000 daily—a growth of 8% QoQ. PancakeSwap remained the second most active protocol, with 94,600 daily addresses.

Amid these trends, BNB Chain launched its “Gas-Free Carnival” to enhance stablecoin usage. This initiative offers gas-free transfers for USDT, USDC, and FDUSD, supported by Bitget Wallet and SafePal. Additionally, fee-free withdrawals and free bridging options via Celer cBridge aim to improve user experience and boost adoption.

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