Binance Smart Chain Recap: Analytics and Analysis (01/28/2021)

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.

By
Rich
on
January 27, 2021
Category:
Analytics

Binance Smart Chain Recap Analytics and Analysis

Join me for this week's 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 newly launched projects. Let's go--

Unique Addresses

The week over week (WoW) growth of unique addresses on the BSC was just shy of 6%,  from 845798 addresses to 895854 addresses. The BSC is continuing to display decent growth, topping last week’s 5.61% WoW growth. 

This data continues to show no signs that the growth will stagnate, especially considering the ever-increasing amount of projects on the BSC. On top of this, the success of BSC projects such as PancakeSwap, BeefyFinance, and Venus are attracting more users to the fruits of the BSC.

On the other end, the Ethereum Network had a WoW growth of 0.7% for new wallet addresses, sitting at a total of 134.786.745 unique addresses now. While the Ethereum network boasts a much larger userbase, the growth pace for the BSC is excellent, at a weekly +5%, calling for some nice compounding growth.


Daily Transactions

January 26th  was the highest volume day on the BSC, breaking all-time highs for network transactions. There were over  500,000 transactions, seeing growth of 65.04% compared to last week, bringing the average daily transaction count to about 350,000. The BSC continues to face increased transactions, displaying the entire network's growth: more transactions, more users, and more revenue is continuously generated.

The much more mature but also highly congested Ethereum Network handled an approximate 1,200,000 transaction on average, compared to a week ago, the number has declined by 4.6%. This is the first time BSC and Ethereum transaction count have been negatively correlated on this series. That is a growth of daily transactions on the BSC and contraction on ETH. I'm curious to watch this relationship in the coming weeks to see if this is a possible trend.


Gas Price, Block Times, Network Utilization and Validators

As you probably know by now, the block times are always 3 seconds on the BSC. The beauty of the BSC is that you will never have to pay more than 20gwei for transaction fees (1 gwei is 0.000000001 BNB). There is an off-chance that the BSC grows exponentially, but even then, a majority of the network is not utilized.

While the network is far from congested, there has been a solid uptick in network utilization in the last week, peaking at 6,22% on the 26th, increasing roughly 50% compared to last week's numbers.

Unlike the Ethereum Network, the BSC uses validators to confirm blocks. Validators make sure the BSC network keeps running and that your transactions are verified on the public ledger. In return, validators get rewarded from the tx fees that users pay.

Currently, there are 21 active validators out of the 29 available. A validator validates about 9600 blocks per week or about 1371 per day.

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

Of course, the most transferred token on the BSC was the $CAKE token, the native token for PancakeSwap. We can also see an uptick in transactions with the Binance pegged stablecoin, $BUSD, and StayBase ($SBS) following behind. This week's other noteworthy tokens were Trust Wallet ($TWT), Reef Finance ($REEF), and Jul Swap ($JulD). On top of this, some popular newly listed tokens made a list, such as Helmet Insure ($HELMET) and Kebab Token ($KEBAB).

It's nice to see new tokens in the top 20 every week, with a few stable factors such as $CAKE and $BUSD. This shows that many new projects are born every week here on the BSC, indicating growth and trust in the BSC ecosystem from Developers and users alike.


New Yield Farms

I have four upcoming or just launched projects for you in this weeks recap:

Poz Finance

Poz Finance uses decentralized finance networks and open-source protocols to provide its users with various products and services, including holding, yield farming and staking.

Tin Finance 

AMM and yield farming, providing trustless vault options 

PandaYield

AMM, Yield Farming and staking 

Phoswap

AMM and yield farming/ Staking. Check out our article about PhoSwap 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.

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 

Like every week, I am still very optimistic about the growth and health of the Binance Smart Chain. New users are still finding their way to the (new) projects on the BSC, and developers have found the BSC to be fast, reliable, and above all, to have a great community and comes with Binance support. Know-how is shared, and Binance's accelerator fund provides extra incentives for developers to build on the BSC.

The growing numbers in both transactions and the influx of new users are super. The early adopters will benefit; BSC is still a very young chain but accomplishes its job as if it was already running for years.

This is why I am very bullish for many of the projects over here on the BSC, stack up and enjoy the ride.

Hope to see you again in next week's recap.


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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.

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