According to a new study, Binance’s native blockchain known as BNB Chain continues to demonstrate a steady increase in activity during the fourth quarter of 2018, despite the largest bear market in the cryptocurrency industry.

James Trautman, a researcher at Messari, stated on Feb. 5 that the Binance network has proceeded with an “aggressive plan to deploy financial and human resources across its ecosystem” in a document titled “State of the BNB Chain Q4 2022,” which was posted on february 5

The study said that due to these continuous improvements and innovations, the average number of daily active transactions and addresses “bucked a downward trend and increased by 30 percent and 0.2 percent, respectively.”

Bear markets are often characterized by low levels of on-chain activity; however, this is an ideal time for teams to continue working on building and developing their products.

Although 2022 was a turbulent year for the cryptocurrency sector, Trautman said that BNB Chain “lived true to its Build N’ Build moniker with network enhancements and ecosystem development showing remarkable strength during the fourth quarter.”

Since mid-August, BscScan says that the number of daily transactions on the BNB Chain has been relatively unchanged at around 3 million. On the other hand, this year has seen an increase in the volume of daily transfers of BEP-20 tokens, which reached just over 5 million on February 5 after a 66% increase over the previous year.

According to BscScan, the number of unique BNB Smart Chain addresses has just surpassed the previous record of 250 million. The number of average new unique addresses added each day increased by 41.3% year-over-year.

Messari believes that the adoption of a number of ecosystem protocols, such as the Web3 Hooked embed protocol, an increase in DeFi activity on the Venus Protocol, and increased NFT activity on the OpenSea marketplace, are responsible for the expansion.

According to DeFiLlama, the total value of BNB Chain DeFi has increased by 25% since the beginning of the year to reach $6.62 billion. This information is presented in the context of the previous sentence.

“BNB Chain was successful in implementing a growth plan, which paved the way for major strides towards acceptance. According to Trautman, it made a number of modifications to its core functionality, merged with key partners, and expanded into DeFi, NFT , GameFi, and other areas.

The drop in financial performance occurred despite the increase in the number of active users. It was noted that the average transaction fees decreased, which caused a drop in the amount of money generated.