ccording to the developer, this makes BNB Chain "the largest layer 1 blockchain in the world," but blockchain data shows that the Bitcoin network remains larger than both BNB Chain and Ethereum.

Ethereum reportedly has over 217 million unique addresses, according to Etherscan and BNB Chain has over 233 million unique addresses. As measured by this metric, BNB Chain is larger than Ethereum.

The Bitcoin network, on the other hand, has over 1 billion unique addresses, making it larger than each of these networks merged.

The announcement was made as part of BNB Chain's "Year in Review," which also highlighted other significant milestones reached by the network over the past year. 

The network reached 2.2 million daily active users in October after peaking at 9.8 million transactions per day in May. DAUs are defined as the number of unique addresses that socialize with a smart contract per day.

The developers attribute the network's success in 2022 to a number of initiatives launched this year. The BNB Sidechain protocol enabled decentralized application (Dapp) developers to run their Dapps on different network shards, reducing congestion and transaction costs.

Second, the team funded a builder grant and a $10 million incentive program for Dapp developers, resulting in more Dapps being created for the BNB Chain and, as a result, more users.

Furthermore, soulbound tokens were introduced, allowing users to register wallet addresses for Know Your Customer (KYC) purposes by storing non-transferable tokens in their wallets. According to the developers, this improved BNB Chain's reputation in the nonfungible token and Web3 gaming communities.

The team attributed its success to the release of Avenger DAO, an API that alerts BNB Chain users whenever they interact with contracts flagged as malicious. According to the team, this made users feel more secure while browsing the BNB network, resulting in higher user retention.

Despite these achievements, many in the blockchain community criticize BNB Chain for being overly centralized. The post does acknowledge that the network has added 23 validators this year and plans to add 60 more in the coming months, which might help to decentralize the network. Ethereum, by contrast, has over 400,000 validators.

What do you think about BNB Chain surpassing Ethereum? Drop your comments by sharing this article on social media.

Dec 23, 2022
Crypto News

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