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Right from regulatory clampdowns to growing number of hacks, the Binance ecosystem faced numerous challenges in 2023. However, there were signs that the situation was easing out for the crypto behemoth.

BNB Chain [BNB] recorded a noticeable jump in transaction fees collected on the platform, clocking a weekly growth rate of more than 6%, according to Token Terminal. The jump was due to increasing network traffic as the number of daily active users on the chain rose by nearly 5% in the same time period.

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The recent move by BNB Chain to cut down its transaction cost by 40% could have played a big part in enticing users to its network. However, there was more to look forward to.

The BNB Smart Chain performed the Luban hard fork on its testnet on 27 April, which was set to bring a host of enhancements and new features.

The most prominent among them was the BEP-126 which introduces fast finality mechanism. This modification would make it possible to reach block finality in two blocks, decreasing the likelihood of chain reorganization.

However, the fast finality capability wont be fully activated until the Plato upgrade.

Another enhancement, the BEP-174, will bring a new governance proposal to improve the management of the relayer whitelist by introducing Relayer Managers. Furthermore, BEP-221 will introduce a new precompiled contract to validate the CometBFT light blocks.

Though the Luban Upgrade was only launched on the testnet, there were reasons to believe that the upgrade would be live on the mainnet soon, as indicated by the jump in BNBs development activity. This metric is an indicator of a networks commitment to improve the capabilities of products.

How much are1,10,100 BNBs worth today?

Big addresses reacted to these ecosystem updates and started to stack their portfolios with BNB tokens. The supply held by large addresses, which was stagnant until 22 April, showed an uptick of late.

Still, it was not enough to bring a change in investors perception. This was evident as the weighted sentiment trended in the negative territory. At press time, BNB exchanged hands at $320.52, down by more than 3% in the 24-hour period as per CoinMarketCap data.

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As BNB Chain logs high development activity, will the tides finally turn in its favor? - AMBCrypto News