Binance Smart Chain Recap Analytics and Analysis (03/04/2021)

The BSC's rapid growth only gets me more excited for the future. BSC growth has not seemed to slow, and the statistics display just that. -- Join CryptoRich in his weekly series, "BSC Recap: Analytics and Analysis."

By
Rich
on
March 4, 2021
Category:
Analytics

Introduction

The Binance Smart Chain (BSC) has gotten a lot more traction in the past couple of months. Many Ethereum projects have decided on either bridging or migrating to the BSC ecosystem. On top of this, lots of new projects are choosing the BSC, utilizing its fast and cheap transactions.

So let's dive into some prevalent BSC data, such as growth, traffic, and other network statistics. I'm also looking into some of the newly launched projects on the BSC.


Unique Addresses

First, of, a small rectification, the numbers in last week's article were not correct. Instead of 5,230,270  total addresses, the real number of unique addresses was 20,290,394 addresses. This means that the Week over Week (WoW) growth actual was 168.27% instead of the reported 1.65%!

The WoW growth was another astonishing 165.62% bringing the new total of unique addresses to a marvelous 53,896,1174 unique wallet addresses. The average increase was about 4,500,000 new unique wallet addresses per day! The Ethereum Network saw an increase in unique wallet addresses of about 160,000 per day, adding some 1,120,000 unique addresses in the last week


Daily Transactions

Although the BSC is handling well over 2,500,000 transactions per day, there is room for growth still. The Ethereum Network handled 1,200,000 transactions per day, slightly lower than in the last couple of weeks. Still, the network congestion remains very high, making transactions expensive.

Although the BSC handles much more transactions daily, it doesn't seem to be relieving the Ethereum Network much. The fact that many transactions are being handled means that many users have entered the De-Fi landscapes. Without both chains operating in harmony, its possible users would not have participated in DeFi.


Gas Price, Block Times, Network Utilization and Validators

The BSC network runs on an average 56% network utilization. This has surpassed last week's record high of 50.46%. The utilization is still far from capacity, so many more transactions are possible. Maybe we will never see full congestion on the BSC as I am sure Binance's engineers are already looking for scaling possibilities (if not, they should).

Transaction fees are still set at 10gwei for a transaction. This is always sufficient for a swift confirmation by the network of validators. As the block times are always 3 seconds, your confirmation will come within 3 to 4 blocks or about 10 seconds (sometimes faster).

The 21 BSC validators make sure your transactions are getting confirmed, fast and safe. 

The Ethereum network relies on hundreds of thousands of miners to confirm Ethereum transactions, arguably making it more decentralized. There are currently 19 BSC validators online out of the total 31 validators on stand by; the validators verify the 28,800 daily blocks generated on the BSC.

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

PancakeSwap's $CAKE and Binance pegged $BUSD are at the usual top positions in this week's top 20 overview. We can also see a few newcomers, with $1INCH being the most prominent of the bunch. Further, ApeSwap's ($BANANA), VikingSwap ($VIKING), and StayBase ($SBS) have entered the top 20.

The JulSwap token $JULD and $JULB are still in the top 20 along with $AUTO, $BAKE, and $EGG, to name the most prominent tokens.


New Yield Farms

The list of new yield farms is huge for this week; most are clones of PancakeSwap with their own themes. 

A quick overview:

Borshch Finance   PancakeSwap clone

DuckSwap   PancakeSwap clone

PoolToken    PancakeSwap clone

Pasta Finance    PancakeSwap clone

Nut Finance    another PancakeSwap clone

Berry Data   decentralized oracle, farming, data and more

SlavSwap   PancakeSwap clone

AmmoSwap   PancakeSwap clone

UFO Defi   PancakeSwap clone

Hamster Defi   you guessed it, another PancakeSwap clone

APOyield     Yield farms and staking

HoneySwap    Rugg-pulled, this is why you should always be careful where to invest your money.

Taco Finance    PancakeSwap clone

Toad Farm    and again a PancakeSwap clone

TripSwap  PancakeSwap clone

Grape Swap   Automated Market Maker (AMM) claim free Grapes

OpenDAO    Create Stablecoins Backed by your Project Tokens, mint and stake

Kindcow   decentralized farming and staking

Ubu Finance   a platform that combines DEFI applications on the BSC

Slime Finance   PancakeSwap clone

Nugget Defi   Gold nugget themed PancakeSwap clone

ManySwap   PancakeSwap clone

Stakd Finance   Ambitious De-Fi project

KickStart  PancakeSwap clone

ValueDefi   Migrated and bridged from the Ethereum Network, a well-respected project with many products such as FAAS (farms as a service), yield farms, optimizers, and more.

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 is no secret that I love the BSC. Seeing the growth numbers each week is outright awesome.  The BSC's rapid growth only gets me more excited for the future. BSC growth has not seemed to slow, and the statistics display just that. Alongside that, great projects have bridged or migrated their activities over to the BSC. We users are thankful for the move, reflected by the record highs of users and transactions.

The future is bright; with more users come more projects, and the party is just getting started. My strategy is to find trustworthy projects, load my bags and start farming. Remember that even though a contract might be audited, crypto investments are never 100% safe. For this reason, I don't put in more money than I can afford to lose. Always do your own research and invest wisely.

See you next week.


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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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