Analytics

Binance Smart Chain Recap: Analytics and Analysis: (12/24/20)

BSCNews' latest weekly series, "BSC Recap: Analytics and Analysis," dives into data, graphs, and the latest projects, providing insight on the state of the BSC.

This new weekly series will feature analysis on prevalent Binance Smart Chain (BSC) data, such as growth, traffic, and other relevant statistics. On top of this, I will include a section that features the latest project to launch on the BSC.


Unique Addresses


The number of unique addresses keeps steadily growing and is at 475,640 currently. The BSC has seen a steady increase in wallet users since its inception. Currently, there is an average increase of 7000 new addresses per day. This information points out that new users are still finding their way to the BSC and all the different projects in the ecosystem.


Daily Transactions on the BSC


This chart shows a substantial spike for the last couple of days, with over 350,000 transfers (tx) for two consecutive days. This can most likely be attributed to the Christmas promotions currently held by various projects on the BSC. You can find more information about those HERE.

Of course, as the BSC ecosystem expands and a growing number of projects find their way on to the BSC, transaction volume is expected to increase.


Average Block Time


I will not bring this up much in my following articles unless something changes drastically, because as you can see on the chart, the average block time doesn’t change very much. In effect, the block time will always oscillate around 3 seconds.


Average Gas Price


The same can be said for gas prices, as users should never have to pay more than 20 gwei in gas costs (1 gwei is 0.000000001 BNB). Some users still pay more gas, to speed up their transactions or send NFT’s. The BSC is far from congested, so put aside your Ethereum habits, you really don’t have to pay more gas fees, 20 gwei is nearly always enough. 

Network Utilization 

As mentioned before, the BSC is far from being congested; currently only 4.44% of the total capacity is being used. This leaves plenty of space for growth without compromising on performance. This is unlike the ETH network, where throughput is too small on extremely high volume days. Due to this the BSC network will probably never experience the “gas wars” on ETH, costing users upwards of $50 in gas fees.

Validators

Validators make sure that BSC keeps going. By staking BNB and setting up a computer system, they process transactions and confirm new blocks. Validators earn from the transaction fees that are generated through network activity. Currently, there are 28 validators, of which 21 are online and active. Anybody can become a validator, but it does entail start-up costs. For those who wish to learn more about being a validator, follow THIS link to the validator guideline by Binance.


Top Token Transfers


To little surprise, the most transferred tokens on the BSC were CAKE, TWT, Blink, and BUSD, among others.

Surprisingly I found the SyrupBar token is still present, as I thought all support for that was stopped; maybe I missed something there.


New Yield farms 

Every week several new farms pop up on the BSC some good some not so good. This past week we had five new projects, of which two were scams. These projects “rug pulled” their users, draining their funds dry and setting those users at a loss. There was a bit of an exception to this, if you were “lucky” in the Tertrus Swap rug pull. This was coined a “Robin Hood” style rug pull where the scammers gave back some $BNB to the “poor” users. A nice gesture, but still a criminal rug pull. The other project that rugged was Potatoes Finance.

The new projects that have not committed any malicious acts are as follows:


AutoFarm network  -  a yield optimizer platform focused on providing DeFi users with auto-compounded yields 


AnySwap  -  a fully decentralized cross-chain swap protocol 


Solidus Cash  -  Farming tokens with a twist , read more HERE


Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

At the end of the day none of our articles are advice and all financial decisions should be made on your own behalf or from a professional financial advisor.


Concluding Thoughts:

When analyzing this data, the rapid growth the BSC is undergoing becomes apparent. Starting with constant data such as block time and gas fees, it is evident that the BSC is much more user friendly when compared to the Ethereum Network. On top of this, the BSC network is only under 4% utilization, meaning users should never

worry about exorbitant transaction fees.


Diving into some more interesting data, we were able to see that the BSC has been consistently adding users when looking at the unique address’ on-chain. We can also see the slight uptick in transactions in the past couple of days, which is most likely attributed to the Binance Christmas Campaign.  Overall, these data points provide insight into the current status of the BSC.

I will continue to deliver these updates weekly as we continue to watch the BSC ecosystem rapidly develop.

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