Analytics

Binance Smart Chain Recap: Analytics and Analysis (01/21/2021)

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

Welcome back to my weekly review on the Binance Smart Chain (BSC) where I will be looking at prevalent BSC data, such as growth, traffic, and other relevant statistics.  I will also be looking into some new to launch projects. Let’s see what the numbers have to say this week.


Unique Addresses

The number of unique addresses has not grown as much as in last week’s post (17.14%), but there was still substantial growth this week. The increase of new unique addresses for BSC this week was 5.61%, from 800,894 to 845,798 addresses. The Ethereum Network also displayed slowed growth, only seeing a 0.69% increase in new users. (1.54% in last week’s post). While the Ethereum network is much older and more mature, it’s current number of unique addresses is 133,845,514.

In my opinion, this displays a large number of potential new users who could adopt the BSC; once users have tried the BSC, I’m sure they don’t want to go back to the sluggish and expensive Ethereum Network.


Daily Transactions

Following suit, with less week over week (WOW) growth in wallet addresses, the number of daily transactions dropped almost 25%. This averages to about 300,000 transactions per day. However, the daily transactions have been picking up again for the last couple of days as the BSCs’ growth continues.

On the Ethereum Network, a similar trend is being followed as there were also fewer daily transactions (-9%). Knowing the cause of this drop is nearly impossible, but it could be attributed to the correction and consolidation the crypto markets are currently experiencing.


Gas Price, Block Times, Network Utilization and Validators

With less traffic to handle over the last week, the network utilization went down as far as 3.48%. The constant congestion on the Ethereum Network continues with a decrease from 98.08% to 97.16% utilization, keeping fees and transfer times relatively high. Luckily the BSC doesn’t have those problems; block times are always 3 seconds, and gas fee are still only 20 gwei. This means transfers will approximately take 3-10 seconds, and fees will range from $0.03 - $0.35, as you can see, much faster and cheaper than it would be on Ethereum. On high volume days a tx can cost upwards of  $50,- and can take half an hour easily.


Validators make sure the BSC network keeps running; unlike the Ethereum Network, the BSC uses validators to confirm blocks. Validators get rewarded from the tx fees users pay.

Anyone can become a validator; 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

The $CAKE token (PancakeSwap), $BUSD (Binance pegged USD) and $TWT (TrustWallet) have claimed top positions this week, last weeks number one token $PIE is still in the top twenty. Other top twenty trending tokens can be seen below:  

$SBS              (StaysBASE)  

$BTCST          (StandardBTCHashrateToken)

$HELMET   (Helmet.insure Governance Token)

$BSCX         (BSCX) 

$BDO            (bDOLLAR)


New Yield Farms

smartdollar.finance            A self-stabilizing decentralized censorship-resistant non-collateral backed stablecoin 

cactusfinance.org         Disbanded

sponge.finance        High passive yield token that absorbs tokens from other transactions.

bsc.truedollar.finance     An algorithmic stablecoin built to be the reserve currency of De-Fi.

kebabfinance.com      Yield Farming and Staking.

basd.finance         Algorithmic stablecoin Designed to be a reserve for the BSC DeFi ecosystem.


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.


Final Thoughts 

Although the growth in both addresses and transactions was not nearly as substantial as previous weeks, things are still very bullish for the BSC. Seeing confluence in lower growth numbers for the Ethereum Network makes me believe that last week was just a slow week in general. The ever-increasing number of new and existing projects on the BSC continues. Overall the BSC network offers users a plethora of benefits, not only the expertise and backing by Binance but also the growing community. Of course, the low fees and high speeds for transactions are also a deal maker. 

Now go and tell all your friends about the Binance Smart Chain, tell them about the BSCs’ innovative projects and how fast and cheap transactions are, let’s grow this together. We are still very early, and early birds get...

You know what they get, see you next week!


How would you rate this article?

Related News