Analytics

Binance Smart Chain Recap: Analytics and Analysis (01/07/2021)

Join CryptoRich in his weekly series, "BSC Recap: Analytics and Analysis," where he dives into data, graphs, and the latest projects, providing insight on the state of the BSC.

Binance Smart Chain Recap: Analytics and Analysis

This week's instilment features analysis on prevalent Binance Smart Chain (BSC) data, such as growth, traffic, and other relevant statistics. I will also include a section that features the latest project to launch on the BSC and sum up my outlook for the entire BSC ecosystem.


Unique Addresses 

The number of new unique wallet addresses has grown from 621,732 to 683,743 unique addresses, increasing by 62,011 addresses or 9.97%, on average about 9,000 new BSC addresses per day.

Although the number of new addresses has not matched the same aggressive growth as last week, the development is still significant. The holidays could have possibly played a part in it, if so, we should see a rise again by next week.

Daily Transactions

The number of daily transactions on the BSC last week averaged out at about 380,000 transactions per day, oscillating around the chart's 400,000 lines. The Ethereum network handles approximately 1,250,000 transactions daily but has trouble with the heavy congestion on its network, resulting in (very) high fees and long transaction times.


Gas Price, Block Times and Network Utilization

BSC users don't need to worry about exceeding the 20 gwei gas fee as the network is far from congested. 

Currently, network utilization is only at 4.64% (0.75% more than last week), still displaying that the network is far from capacity. This low network utilization, coupled with the 3 second block times, promises users fast and cheap transactions here on the BSC.

The block sizes have varied from 4500 Bytes to 5675 Bytes over the last seven-day period, again plenty of room for growth.

For reference, the Ethereum blockchain is heavily congested as the network utilization is almost a constant 97%, with blocks roughly ten times the BSC's size. Gas fees on the Ethereum network varied from 66 gwei up to 259 gwei over last week. I have personally seen prices from $45 up to $135 on the Ethereum network this past week. It is a big contrast to the $0.10 – $0.25 fees on the BSC, not to mention the speed of transactions, minutes on Ethereum vs. seconds on the BSC.


Validators

The Validators make sure the BSC keeps running and are the beating heart of the Chain. There are still 28 validators, of which 21 are active at this time.

If you want to become a validator or want more info, follow THIS link to the validator guideline by Binance. (Running a node requires some investment and technical insight)


Top Token Transfers

This week’s top token transfers were: Trust Wallet (TWT), JulSwap (JulD), and PancakeSwap Token (Cake), no real surprises here.

Further top transferred tokens where:

  • SyrupBar Token (SYRUP)
  • Binance-Peg BUSD Token (BUSD)
  • Binance-Peg BUSD-T (BUSD-T)
  • bearn.fi (BFI)
  • Reef.finance (REEF)
  • Binance-Peg Ethereum Token (ETH)
  • AlpaToken (ALPA)
  • JULb (JULb)
  • Pancake LPs (Cake-LP)
  • Wrapped BNB (WBNB)
  • Venus (XVS)
  • bDollar Share (sBDO)
  • DrugsV2 (DRUGS)
  • OG (OG)
  • Binance-Peg BTCB Token (BTCB)
  • Atletico de Madrid (ATM)
  • bDollar (BDO)


Most notable this week Reef.finance,  bDollar, Bearn.fi, and Drugs V2 for moving up or being a new addition to the list.


New Yield Farms

5 new projects have launched to start the coming week!

Always be careful and Do Your Own Research (DYOR) before spending your money on any project. 


Rigel Protocol "A Decentralized Blockchain Protocol for all your Defi needs "

Bat Dollar "The superior algorithmic stable coin on Binance Smart Chain"

Tenet "Tenet the cross-chain AMM connector"

StakeCoin "Stake Coin is a non-inflationary yield generating De-Fi ecosystem "

Yearn Finance Global "Earn, Govern and stake with YFIG"


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.

None of our articles are advice, and all financial decisions should be made on your behalf or on behalf of a professional financial advisor.


Closing Thoughts 

The BSC Ecosystem is on track to continue growing as one of the largest De-Fi hubs, wildly as the bull market roars onward. The overall speed and low costs of transactions will keep on attracting new users to the BSC. 

The total compatibility with Ethereum Virtual Machine (EVM) makes it effortless for projects and developers to find their way to the BSC ecosystem. As the Ethereum network continues to experience congestion and high gas fees, we can expect a portion of these users to adopt the BSC. We have already seen many Ethereum based projects making BSC cross-chain projects. Overall it is a no-brainer as I'm sure their users will thank them once they find out all the BSC advantages. 

Of course, the Binance accelerator fund and the technical back up by Binance is an extra incentive for new projects to settle down on the BSC.

I can only see a bright future for the BSC, and many of its projects, and I can't wait to see what this new year has in store for us.


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