BNB Chain Q1 Boom: Fees, Revenue Soar 70% Amid BNB Surge to $623

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  • All BNB’s income indicators in Q1 showed impressive growth of over 70%.
  • The BNB Chain generated $66 million in fees compared to the $39 million in Q4 2023.
  • In Q1 2024, BNB soared from about $313 to a multi-year high of $632.

The BNB Chain ecosystem has recorded massive positive metrics through the year’s first quarter across all metrics, including revenue, earnings, and BNB’s price. Crypto surveillance account Coin98 Analytics recently called attention to this development in a post on X. Coin98 Analytics cited data from the tracking platform Token Terminal.

Per the report, all income statement indicators in Q1 showed impressive growth of over 70% compared to the previous quarter. For instance, the BNB Chain generated $66.86 million in fees in the first half of 2024. This figure reflects a 70.5% quarter-over-quarter (QoQ) growth compared to the $39.21 million recorded in Q4 of 2023.

Similarly, the BNB Chain ecosystem saw a revenue of $6.62 million, an outstanding 77.9% increase from the last quarter. Interestingly, the ecosystem has recorded no expenses since last year, making its revenue value tally with earnings. 

On a year-over-year scale, the BNB ecosystem saw an average of 17% gains across fees, revenue, and earnings. These gains come amid positive metrics recorded for the BNB token itself through the just-concluded quarter. 

According to the record, BNB’s market cap soared 65.7% to $60.49 billion, compared to $36.5 billion in Q4 2023. The value represents a 30.87% gain from last year.

Furthermore, BNB trading volume for Q1 2024 increased by 136.2% QoQ. In particular, BNB’s volume from January 1 to March 31 was $174.5 billion compared to the $73.88 billion in the last quarter. On a YoY scale, the figure is a 183.84% growth. Put differently, BNB’s trading volume grew 2.3 times QoQ and 2.8 times YoY. 

Also, the count of BNB holders reached 113.13 million, reflecting a 14.4% QoQ increase. Notably, in the first half of 2024, BNB soared from about $313 to a multi-year high of $632, representing an 80% gain.

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