Analytics

Binance Smart Chain Recap Analytics and Analysis (02/25/2021)

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

The past week has been one extreme volatility for the Binance Smart Chain (BSC). As more respectable projects are migrating over to the BSC, such as 1inch, SushiSwap, and Value Defi, others are in the midst of making preparations to launch or are already making a move to the BSC.

Let's look at this week's prevalent BSC data, such as growth, traffic, and other relevant statistics. I will also be looking into some newly launched projects. 


Unique Addresses

After seeing a massive spike in new unique wallet addresses in last week's article, this week has been a relatively slow week for adding new unique wallet addresses. The week over week (WoW) growth has only been 1.65% growing from 5,145,230 to 5,230,270 addresses.

In the same period, the Ethereum Network has had WoW growth of 0.89%. This increase in users is a smaller percentage than the BSC, but the network added 175,000 addresses per day.

This indicates that many users prefer paying a premium for their transactions and don't mind waiting. Overall, we continue to see an increase in BSC growth as many users take advantage of the cheap and quick transactions.


Daily Transactions

The Ethereum Network is running at maximum congestion, still handling an average of 1.3 Million transactions per day. This is nearly the maximum number of transactions ETH can throughput, explaining the ridiculous gas fees as users outbid each other to get transactions sent.

The BSC's experienced it highest volume day on Friday, February 19th, when it handled 3,222,127 transactions.  Simultaneously, the network congestion peaked at 50%, leaving plenty of room for nearly double the transactions. The daily transactions over last week averaged out at about 2.6 Million transactions per day, doubling the number of transactions the Ethereum network handles and can handle.

The fact that the Ethereum Network stays fully congested alongside the BSC's transactions displays a lot. It means that many would not have been able to use Ethereum due to high gas fees without introducing the BSC. The BSC releases pressure from the Ethereum Network alongside allowing new users to easily participate in the De-Fi world. Apparently, those still using the Ethereum Network don't mind paying high gas fees.


Gas Price, Block Times, Network Utilization and Validators

The gas price is unchanged since lowered to ten gwei. This is always enough for your transaction to be confirmed within 3-9 seconds. This is precisely why I and everyone I know love the BSC; fast, cheap, and reliable transactions.

On the BSC blocks are confirmed every three seconds resulting in near-instant transactions. In contrast, we have all heard or seen Ethereum network gas prices range from $10-$ 100's per transaction.

The BSC network utilization is still far from fully utilized, with a peak of 50,46%, displaying that the BSC maintains sustainable transaction fees even during high volume periods. On average, the network utilization was about 40% this week. This metric is up by 25% WoW, and it continues trending upwards.

The 21 BSC validators make sure your transactions are getting confirmed in a fast and safe way. In contrast, the Ethereum network relies on hundreds of thousands of miners, making it more secure. As a result, the Ethereum Network is fully congested whilst BSC handles more transactions and is still far from being fully utilized.

There are always 21 validators online and another eight on stand by, together they are validating the 28.800 daily blocks. 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

$BUSD and $CAKE are still in their top positions in this week's look at the top 20 token transactions.

JulSwap's $JULD has made a move for the top three, and their native $JULb is also in the top 20. 

Further, we can see that the Bakery $BAKE token is still moving upward in the ranks. This is expected as the token has seen immense growth in this last month.

This weeks list shows many new tokens most notable ones are:

Goose Golden Egg: $EGG

Berry Tributes: $BRY

Shield Protocol: $SHIELD

Elastic BNB: $XBN

ApeSwapFinance Banana: $BANANA

With the many projects still coming to the BSC, we will surely see many more changes in the top 20, a good indication that growth is just beginning.


New Yield Farms

We have had a good number of new yield farms to report on this week:

Taste Finance   PancakeSwap clone, farming, and staking

MochiSwap   Cross and multi-chain swaps, staking and farming protocol

OatSwap   PancakeSwap clone, farming, and staking

Viking Swap     PancakeSwap clone, farming, and staking

888 DAO Finance  Lucky number 8 gives red envelopes (luck and money in Asian culture) yield farm.

ApeSwap   PancakeSwap clone, farming and staking to earn banana's

BullFarm   proactive market maker (PMM) with staking and yield farms

Chicken Kebab Finance   PancakeSwap clone, farming 

Pumpkin Defi   deflationary staking protocol

Donut Finance   PancakeSwap clone, farming, and staking

The Smokehouse Finance    Farming and staking, article here

Crudeoil Finance   yield farm, high yields

Kimochi Finance   yield farms, swap, saving, and NFT 

Ramenswap    PancakeSwap clone, farming, and staking

KiwiSwap Finance   PancakeSwap clone, farming, and staking

Yield Science Labs     working in the lab with your LP to make molecules.

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 

It has been an incredible week for the BSC ecosystem, with an influx in transactions and users.

Lots of projects continue to launch on BSC as more attention is brought to the chain. I'm sure many projects are looking to migrate over from the Ethereum Network. This can be seen through SushiSwaps mentions of bringing BentoBox to the BSC to accommodate their users. Bridging to the BSC will release congestion on ETH, allowing users to capitalize on the cheap transactions. This goes not only for SushSwap but the plethora of other protocols looking to make the bridge.

I must say that unlike other communities, the BSC community wants the best for everyone; they do not FUD other chains, but we love to boast our network's speed. Users of the BSC will clarify to everyone that BSC is faster and cheaper and that their user experience is much smoother on the BSC. 

That being said, I think the whole De-Fi landscape is snowballing; The BSC can easily accommodate a large portion of new users due to the ease of access for low capital investors. Imagine all those extra users on the Ethereum Network; what would that do to the already insane gas prices? 

As long as the Ethereum Network waits on layer-2, it is good that there are alternatives such as the BSC. The smart chain continues can take on many more users before becoming congested if De-Fi continues to expand. Even seven million transactions a day is not that much compared to the millions of crypto users worldwide. Scaling will be necessary; I foresee many more users coming to the De-Fi space. I hope the industry can accommodate them all without the immense transaction fees that the Ethereum Network suffers.


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