The growth in opBNB’s daily transactions could be attributed to Inscriptions. 
BNB was up by more than 3% in the last 24 hours.

BNB Chain’s [BNB] opBNB recently achieved a remarkable milestone, crossing its parent chain. This achievement indicated a massive rise in its usage and adoption. 

opBNB reaches new all-time high

For the uninitiated, opBNB is an open-source codebase based on Optimism Stack.

As per Binance, opBNB adopts the Optimistic rollup architecture, abstracting the execution layer into its own layer, while the remaining blockchain functions are handled by the L1 — in this case, the BNB Smart Chain.

Moving forward, BNB Chain recently posted a tweet highlighting opBNB’s latest achievement. opBNB hit an ATH for daily transactions as it recorded 23 million transactions in a single day on the 17th of December.

With this massive surge, it outperformed its parent chain, BNB Chain, in terms of daily transactions. 

On Dec. 17, opBNB hit an ATH for daily transactions. The network recorded 23 million transactions in a single day!

BSC saw more than 14M transactions on the same day.

Despite some congestion, both networks handled the large volumes well, demonstrating excellent scalability pic.twitter.com/JB6LOFctIz

— BNB Chain (@BNBCHAIN) December 18, 2023

The tweet also talked about opBNB’s real-time transactions per second (TPS), which reached 610 on the 17th of December. Notably, BNB Chain witnessed a similar surge in network activity.

AMBCrypto’s look at Artemis’ data revealed both the chain’s Daily Active Addresses and Daily Transactions spiked in the recent past. 

The most prominent reason behind this surge was inscriptions. BNB mentioned in the tweet that these surges were largely due to increased inscriptions, with many being seen across SocialFi.

AMBCrypto reported earlier how inscriptions have grown over the last few days. Several chains, including Avalanche [AVAX] and Arbitrum [ARB], witnessed growth in the number of Inscriptions, especially on the 17th of December.

However, these stats waned in the following days.

BNB’s response is apt

While Inscriptions gained traction on the chain, BNB’s price gained bullish momentum. According to CoinMarketCap, BNB was up by more than 3% in the last 24 hours.

At the time of writing, it was trading at $245.16 with a market capitalization of over $37 billion. As a result, the altcoin’s trading volume increased over the past day, alongside positive sentiment.

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AMBCrypto then took a look at BNB Chain’s daily chart to see whether the coin would be able to carry on this rally. BNB’s Bollinger Bands revealed that its price was in a high-volatility zone.

Its Money Flow Index (MFI) also registered an uptick from the neutral mark, increasing the chances of a further uptrend. Nonetheless, the MACD was concerning as it displayed a possible bearish crossover.

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Filed under: Bitcoin - @ December 20, 2023 1:30 am