BNBChain closes 2022 as the 2nd most preferred blockchain for DeFi projects
12% of the tokens on BNB Chain are scam tokens.With a total value locked of $4.05 billion, BNB Chain has been ranked as the second-largest layer 1 ecosystem after Ethereum,While its share of the overall decentralized finance , has seen a steady increase since May, BNB Chain’s TVL has dropped by 63% since January, per data from
. Of the $38.93 billion locked up as TVL across the DeFi ecosystem, BNB Chain’s TVL represented 10.4% of the total market share.BNB Chain is highly regarded for its high throughput, low fees, and rapid transaction processing, making it a cost-effective alternative to Ethereum. Housing 484 DeFi projects, BNB Chain’s TVL is a far cry from Ethereum’s TVL of $23.01 billion, which represents 59% of the total overall DeFi TVL market share.Due to BNB Chain’s nature, it has the highest number of GameFi projects than any other blockchain. In a recently released report bySource: Binance Research
However, many have turned out to be rug pulls due to the play-to-earn and get-rich-quick models adopted by many of these games. In the recently published rug pull report bySource: Solidus Labsprogrammed to execute rug pulls.
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