BNB’s Beacon Chain is experiencing a temporary halt and this is how BNB responded
- BNB’s Beacon Chain witnessed a temporary halt that lasted approximately 30 minutes.
- Negative sentiment around BNB dominated the market and indicators looked bearish.
BNB chains [BNB] The Beacon Chain testnet witnessed a temporary shutdown on April 26, 2023. According to the official tweet, the Beacon Chain testnet experienced a shutdown for approximately 30 minutes due to an unmarshal error. However, the problem was quickly solved by developers.
The BNB Beacon Chain Testnet experienced a temporary shutdown for approximately 30 minutes today due to an unmarshal error.
Our team resolved the issue quickly and we are happy to report that no data or money was lost on our Beacon Chain testnet. https://t.co/TdYSd8AvFG
— BNB Chain (@BNBCHAIN) April 26, 2023
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A look at the BNB Beacon Chain
To begin with, Beacon Chain is a community-developed blockchain that implements the staking and governance layer of the BNB ecosystem. The chain uses Tendermint for consensus and app logic is based on the Cosmos SDK, which focuses on fast block times and others.
Interestingly, a few weeks ago the BNB Smart Chain released the ‘Plank’ hard fork. As part of the security upgrades, the hard fork strengthened the cross-chain bridge between the Beacon Chain and the Smart Chain by adding a number of features.
As of now, the Beacon Chain incorporated totaling more than 2 million transactions and has more than 90,000 addresses.
Has the shutdown affected the BNB chain?
The last stop didn’t seem to affect BNB chain‘s statistics, which was a positive signal. On the contrary, growth was recorded on a number of fronts.
Data from Token Terminal showed that BNB’s daily active addresses and rates have increased slightly in recent days, suggesting higher usage of the network.
Source: Token Terminal
BNB is going down
While BNB Chain’s stats remained unaffected, BNB, on the other hand, registered a drop in price. According to CoinMarketCap, BNB was down 2% in the past 24 hours at the time of going to press. But the decline cannot be directly attributed to the stop, as other factors may have been at play.
For example, BNBBinance’s funding rate had dropped significantly, due to reduced demand in the derivatives market. The crypto community’s confidence in BNB was low, as evidenced by the spike in negative sentiment.
The number of whale transactions also fell, indicating less interest from the big players in BNB.
Source: Sentiment
How many Worth 1,10,100 BNBs today
BNB could struggle to climb the price ladder
A look at BNB’s daily chart revealed that the likelihood of a further price drop was high. The MACD showed a bearish crossover. BNBThe Relative Strength Index (RSI) floated below the neutral 50 mark, an update in favor of the sellers.
The Chaikin Money Flow (CMF) also registered a decline, further pointing to a price move south in the near term. At the time of writing, BNB was trading at $330.78 with a market cap of over $51 billion.
Source: TradingView
