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Why BNB Problems Will Remain Despite Greenfield Updates

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BNB Chain (BNB) has announced an upcoming maintenance update for Greenfield, which is scheduled for June 25. This update addresses a bug in BNB Greenfield while introducing several new features.

Despite ongoing development work, BNB, like many other tokens, is experiencing a decline in value. However, the upcoming update brings promising improvements. In particular, all previously stored baskets/objects on the Greenfield Testnet will be deleted and will no longer be available for querying. Additionally, the update will support multiple in-transaction messages using the EIP712 token approach.

BNB Chain will introduce a feature that allows mirroring of buckets, objects or groups by ID or name. Additionally, the update will improve support for adding keyManager to txOpt, enabling handling of large volumes of transactions from a single client.

While the upcoming update looks positive for the BNB Chain, the state of the original token is cause for concern. According to CoinMarketCap, the price of BNB has fallen 3% in the last 24 hours, trading at $243.67 with a market capitalization of over $37.9 billion.

Fortunately, the price decline was not accompanied by an increase in volume, which reduces the chances of a continued downtrend. However, other metrics paint a bearish picture. BNB’s 1-week price volatility has dropped sharply, and daily active addresses have fallen, indicating negative sentiment. In addition, the velocity of BNB has decreased indicating a decrease in usage over a period of time.

Data from Coinglass raises further concerns, indicating the potential for BNB to decline in the coming days. The chart shows increasing open interest, which implies that the current price trend may continue, increasing the probability of a downtrend.

As BNB Chain prepares for its maintenance update, the market awaits its impact on token performance. While the recent decline in value poses a challenge, the upcoming improvements at Greenfield offer hope for a stronger ecosystem. Traders and investors will be closely monitoring market dynamics to assess the future trajectory of BNB.

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