GameFi, a part of the cryptocurrency world, has had a lot of good and bad times in the last year. Despite facing difficulties, October has become an important month for GameFi’s comeback, with Binance BNB Chain playing a key role in this revival. In this article, we will talk about how Binance has been important for GameFi’s comeback.
Since the start of the year, the GameFi industry has been doing worse, both in how well it’s doing in the market and in how many people are using it. However, it’s important to know that this decrease in popularity is not only because the overall market went down. There were also fewer people using it, which also made a big difference.
Despite the difficulties, GameFi has recently seen an increase in its value. In October, the value of the sector’s market increased by more than $1 billion, reaching a high of $13. 6 billion This comeback is a big moment for the industry, but it’s important to know that the number of users has not fully recovered yet. In March, more than 2 million users were active in GameFi projects, but that’s the only month where that happened.
Binance’s BNB Chain has an important job.
The Binance BNB Chain is a big part of GameFi’s comeback. Upon further examination of the data, we can see that BNB Chain has the most games in the GameFi sector, with 953 games. Ethereum (ETH) comes in second with 764 games. However, the leadership of Binance doesn’t end there.
Binance BNB Chain has the most active games compared to other blockchains we looked at. The network has 181 active GameFi projects, which make up 25% of all active games on different blockchains.
Information from DefiLlama shows a big increase in the amount of trading happening on the BNB Chain. In October, the amount of money traded each day on the chain was over $400 million two times. This is a big jump from the month before, when it only happened once. The amount of trading has gone down a little, but it’s still strong at almost $200 million.
However, it’s important to know that the amount of money locked in Binance BNB Chain has been different. Trading volume increased a lot, but the total value locked went down slowly in the last few months. Surprisingly, there has been a recent increase in the amount of money invested in GameFi projects on the BNB Chain, which could mean more people are getting interested in them again.
The GameFi industry has been improving lately, especially with Binance BNB Chain’s help. This has made people hopeful about its future. Although there are still some difficulties, the increase in the value of the market and more trading on the BNB Chain show that things are looking good for the industry.
This is not advice for trading.