Binance Smart Chain Recap Analytics and Analysis (02/18/2021)

Join CryptoRich in his weekly series, where he dives into data, graphs, and the latest BSC projects -- “If you didn’t notice, I am incredibly bullish on almost every project here on the BSC, pick a couple of good projects, make an investment and let the bulls do their job.”

By
Rich
on
February 18, 2021
Category:
Analytics

Introduction

The Binance Smart Chain (BSC) has seen a mighty surge; growth statistics continue to increase at alarming rates. As an early adopter, it is fascinating to see the BSC grow, welcoming new projects and making De-Fi enjoyable. CZ and Binance have created a great network where we don’t have to worry about gas fees, and we don’t waste our time waiting on transfers; many thanks from my end!. So let’s have a look at this week’s numbers... 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.

Unique Addresses

We can see exponential growth in the number of new unique wallet addresses in this past week, peaking (for now) at a daily increase of 1,365,435 unique wallets! The average of this week’s daily increase is now over 500,000 unique wallet addresses per day.

This metric continues to expand exponentially, increasing from 1,208,758 to 5,020,098 total unique addresses in seven days. This records a WoW (week over week)  increase of  3,811,340 addresses or 315.31%! Overall, this means many users find their way onto the BSC and explore the DeFi ecosystem, utilizing the BSC’s low-cost and high-speed transactions.

In comparison, the Ethereum Network gets on average 180.000 new wallets per day, some 1.300.000 over the whole week.


Daily Transactions

When viewing this chart, we can see an increase of transactions on the BSC, but there is still plenty of room for growth. On the other hand, the Ethereum Network cannot handle more transactions (~1,250,000 daily TX’s) as the network is running near 100% utilization.

This week, the BSC has already handled 1,928,846 transactions in a single day, averaging 1,700,000 daily transactions in the last seven-day period. The BSC is already handling just shy of 50% more daily transactions than the Ethereum Network, and there is room for more.


Gas Price, Block Times, Network Utilization and Validators

The gas price is unchanged at 10gwei per transaction; since there is an abundance amount of free network space, block times always remain at around three seconds. Users will seldom need to wait over 10 seconds for a transaction to go through.

The BSC network continues to see utilization grow at a sustainable rate; as the network currently utilizes 32.27%, there is still plenty of room to grow. Again, the BSC continues to blow previous metrics out of the water as last week’s network utilization was 18.7% which has been shattered once again this week.

The BSC uses validators to confirm blocks; these validators make sure your transactions get confirmed securely. The validators are the “heart” of the BSC verifying all transactions onto the blockchain. There are 21 validators online and another eight on standby; together, these validate the 28,800 daily blocks 24/7.

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 usual suspects are still in the top 3 for this week’s overview on top transferred tokens on the BSC.

$CAKE and $BUSD are sitting in the top positions, and the most noteworthy is the AutoFarm token. $AUTO has been gaining in all metrics and attracting a plethora of new users. We can also see that SafePal $SFP has gained solid traction after launch with over 41,000 unique transactions. The rest of the top 20 has not changed much, with $JULD, $KEBAB, $TWT, and $XVS remaining as the most well-known tokens. $BAKE, which has also seen tremendous growth in value, is making its way up the ranks, keeping my eye on that one.


New Yield Farms

WallstreetSwap Already Rugged 

GooseFinance Sponsored post to come

DankSwap A weed (hemp) themed PancakeSwap clone

TigerFinance Yield Farming optimizer

BirthdayCakeFinance Birthday Cakes are better? PancakeSwap clone

YieldNyan Nyan Cat-themed PancakeSwap clone

CafeSwap Coffee themed PancakeSwap clone

AbsorberFinance Migrated over from Ethereum, deflationary yield farming


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 

Looking at this week’s data and the DeFi ecosystems sentiment, I can say that everything is running smoothly; all-time highs are being shattered daily. This has come with both $BNB and the BSC experiencing tremendous growth and adoption. Due to this, an increasing amount of native Ethereum projects are continuing to migrate. After using the BSCs’ superior transaction model, I have heard many say, “I don’t want to go back to UniSwap.” After using a BSC AMM, such as PancakeSwap, who can blame them? I won’t be switching back.

If you didn’t notice, I am incredibly bullish on almost every project here on the BSC, pick a couple of good projects, make an investment and let the bulls do their job. The BSC is growing fast, bringing new users and giving them opportunities; even if your wallet is not very fat, you won’t have to worry about gas fees, leaving the immense opportunity for growth.

See you all 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.