Why BNB's Troubles Will Remain Despite Greenfield Update
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BNB Chain (BNB) has announced an upcoming maintenance update for Greenfield, scheduled for June 25. This update addresses bugs in BNB Greenfield while introducing several new features.
Despite the ongoing development work, BNB, like many other tokens, experienced a decline in value. However, the forthcoming update brings promising enhancements. Notably, all previously stored buckets/objects on the Greenfield Testnet will be cleared and no longer available for query. Additionally, the update will support multiple messages in a transaction using the EIP712 sign approach.
BNB Chain will introduce a feature enabling the mirroring of buckets, objects, or groups using an ID or name. Moreover, the update will enhance the support for adding a keyManager to txOpt, enabling handling large batches of transactions from a single client.
While the upcoming update appears positive for BNB Chain, the state of its native token raises concerns. According to CoinMarketCap, BNB's price has declined by 3% in the last hours, trading at $243.67 with a market capitalization exceeding $37.9 billion.
Fortunately, the price decline has not been accompanied by an increase in volume, which reduces the likelihood of a sustained downtrend. However, other metrics paint a bearish picture. BNB's 1-week price volatility has sharply declined, and daily active addresses have plummeted, indicating a negative sentiment. Furthermore, BNB's velocity has decreased, indicating a decrease in usage within a specific timeframe.
Data from Coinglass raises further concerns, suggesting a potential drop in BNB's value in the coming days. The chart indicates an increase in open interest, which implies that the current price trend may continue, heightening the chances of a downtrend.
As BNB Chain prepares for its maintenance update, the market awaits the impact on the token's performance. While the recent decline in value poses challenges, the upcoming improvements in Greenfield offer hope for a more robust ecosystem. Traders and investors will closely monitor the market dynamics to assess BNB's future trajectory.
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