- The BNB community voted to develop Euler on-chain.
- Investors’ portfolio fared much better than last year’s hawkish state.
On February 8, Binance CEO Changpeng Zhao (CZ) shared a screenshot detailing the Binance coin [BNB] The proposed Euler expansion from the chain. According to the common link, the BNB Chain foundation had agreed to deploy Euler on the chain.
Euler Proposal: RFC: Deploy Euler on the BNB chain https://t.co/eAsZWASXBg
— CZ 🔶 Binance (@cz_binance) February 8, 2023
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Results from voting procedures showed that 83.05% of the community voted in favor of the development. 9.58% called for no changes, while an insignificant 7.37% abstained from the process.
The aim is to improve the design
On January 18, the BNB Chain Foundation, led by the alias AdamBNB, made the development proposal.
Details from the proposal indicated that the team believed that Euler could contribute to the volume and liquidity of BNB and Binance USD [BUSD]. This, in turn, would help the chain with MEV-resistant liquidations and improved financial planning. The motion stated that,
“BNB will also add an additional degree of geographic diversification of both users and capital to its existing offering. Finally, Euler could use both BNB and BUSD, two of the most demanding assets with the highest volume and liquidity in circulation.”
After approval, BNB on-chain development activity are maintained his hike. According to Santiment, the metric, which fell to 0.0049 in early February 2023, had risen to 0.05 at the time of writing.
Development activity describes a project’s dedication to ensuring the seamless use of its network. So the rise in the metric means that BNB users may have less challenges when trading on the network.
In addition, the image above showed the status of BNB speed. Velocity measures the average number of times a coin changes wallets. At the time of writing, the BNB chain speed was 0.269. At such a low price, it implied that there was a drop in activity among most BNB addresses.
In the BNB investor portfolio
Meanwhile, the rise in market prices recently seems to have helped the portfolio of several BNB holders. Recall that long-term holders of the fourth cryptocurrency saw a sharp decline in their holdings due to the hawkish 2022 market condition.
But now the 30 days Market Value to Realized Value (MVRV) the index rose to 7.682%. The increase means that most BNB investors have made significant gains over the past month.
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While the MVRV ratio assesses investors’ periods of unrealized gains and losses, the z-score measures whether an asset is at fair value.
Source: Santiment
At press time, the MVRV z-score had risen to 1.114. Such a circumstance may tend to overvalue BNB. Therefore, those expecting a short-term bullish move may need to lower their expectations.