- BNB will launch Parallel EVM 3.0 in 2023, and will also increase its gas limit.
- The number of transactions and addresses registered an uptick.
On 14 February, Binance Coin [BNB] posted its tech roadmap for the year 2023, highlighting its plans for the year and projects in the pipeline. Interestingly, on 24 February, Messari shared a report on the same, mentioning the most notable points of the roadmap.
Realistic or not, here’s BNB market cap in BTC’s terms
A glimpse of the tech roadmap
The roadmap’s first project was the launch of a new storage network named BNB Greenfield, which went live recently. Within the larger BNB Chain ecosystem, BNB Greenfield is a decentralized storage infrastructure where users and dApps can create, store, and exchange data.
As per the roadmap, this year Binance will also focus on its multichain solution by introducing multiple ZKP rollup-based L2s for applications with massive users and pre-defined logic. BNB already launched its Parallel EVM v1 and v2 in 2022, and in 2023, it plans to introduce Parallel EVM 3.0.
Another major update was that BNB will increase the network’s gas limit from 140 million to 300 million in 2023. This change in gas limit will allow BNB Chain to process over 5,000 transactions per second. The new gas limit and increased transaction speed can help BNB gain more users.
Incidentally, Dune’s data revealed that the number of transactions on BNB Chain has been increasing since the beginning of this year, outperforming the rest. Moreover, the number of transacting addresses also increased considerably. Both developments reflected the increased usage and adoption of BNB.
BNB’s performance in 2023
While these updates looked optimistic for the chain, its performance on the metrics front fluctuated over the last 30 days. For instance, BNB’s weighted sentiments remained on the negative side over the past few weeks. The token’s development activity also declined after registering a spike on 9 February, indicating fewer efforts by the developers.
Additionally, demand from the derivatives market also took a blow, as BNB’s Binance funding rate remained relatively low.
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After a comfortable start to the year, BNB’s MVRV Ratio declined considerably over the last few days, which could be attributed to the bearish market trend.
However, BNB accumulation witnessed an increase over the past month as its supply held by top addresses registered an uptick. At press time, BNB’s price had declined by over 4.5% in the last seven days and was trading at $302.09 at press time.