Analytics

Binance Smart Chain Recap Analytics and Analysis (04/01/2021)

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.


Introduction

Welcome to this week's recap. Like every week I will be looking at specific data and providing insight on the weekly growth of the Binance Smart Chain (BSC). I will also be looking at the top 20 Tokens and have a sneak peek at some new yield farms which have just or are about to launch here on the BSC.


Unique Addresses

This week over week (WoW) increase of unique wallet addresses was 1.54%.  The total number of unique wallets reached 62,131,698. Adding an average of 134,000 new unique wallets per day.

The amount of newly added unique wallet addresses is lower than it was in the previous weeks. Still, the BSC shows decent growth numbers. 

The number of Unique wallet addresses on the Ethereum Network has grown by an average of 170,000 unique addresses per day. Realizing a WoW growth of 0.75% and bringing the total number of unique wallet addresses to 145,621,802 for the Ethereum Network.

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We also post the chart above on our Twitter weekly. It contains some relevant statistics on both the BSC and Ethereum Networks.

Active ERC-20 addresses (per day)

On an interesting note, the amount of unique addresses on the Ethereum Network is much greater, as the network is much more mature and older, many of the unique wallets are not in use anymore. In fact on average only about 280,000 unique ERC-20 addresses are active on a daily basis. This is due to many old and unused wallets on the matured ETH Network.

Some reasons for “dead”  addresses could be that people abandon addresses (doxxed or unsafe) or worse, loose their private keys. Most of the unique addresses on the BSC are still in use, this is because the BSC is still a young network. 


Daily Transactions

For the number of daily transactions on the BSC we could see an increase of about 11% when set against last week. Last week’s average of 2,700,000 daily transactions got topped by this week's average of 2,954,627 daily transactions. When set against the average of 1,300,000 daily transactions the Ethereum Network handles, we can see that the BSC is handling over twice as many transactions per day. While Ethereum is operating at full congestion the BSC still has plenty of room for growth. Therefore transactions on the BSC remain fast and cheap while Ethereum's gas fees and confirmation times get higher.


Gas Price, Block Times, Network Utilization and Validators

The network utilization for the BSC averaged out at about 38%. When looking back at last week’s chart we can see there is a small increase. The increase parallels with the amount of transactions that were handled by the network.

The Ethereum Network still suffers from heavy congestion and is utilizing 98% of its capacity. The heavy congestion makes for slow transactions; or if you want fast transactions, you will have to pay a decent sum of money for a swift confirmation. Luckily, users on the BSC don’t have to worry about long waits or excessive gas fees. The block times are always 3 seconds, and the gas fee is always 10gwei. There is no need to pay more as the 10gwei will get you a swift confirmation.

The 21 BSC validators make sure your transactions are getting confirmed in a fast and safe way, the Ethereum network relies on hundreds of thousands of miners to do the same job. 

At the moment, there are 41 validators; the 21 that are active get assigned every four hours, the ones with the most voting power (staked $BNB) will become active. A validator needs to have at least 261,348 $BNB for a chance to become an active validator. Still, the required amount will increase as the other candidate validators will be stacking in the hopes of getting enough to become an active validator. In comparison to last week, a validator would have to have at least 10,000 $BNB more as last week minimum for becoming an active validator.

The BSC network generates 28,800 blocks per day that are validated by the active validators.

There are always 21 validators online and another 8 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

This week’s top tokens have again been $CAKE and $BUSD, not really surprising.

However, I can still report on some new entries in this week’s top 20 overview. The most notable token would have to be the SafeMoon token that has entered the top 20 on a high position. Further, we can see a SafeMars token and SeedifyFund ranking high. The BlizzardMoney token and Elipsis token have also made their way up into this week’s top 20.

We have seen another week with new tokens entering the top 20. This displays very bullish for the entire  BSC ecosystem.

  

New Yield Farms

There are six new farms that have been launched in the past week, as one was questionable, I'll only report on the remaining five:

Juicy Peach Swap     farm and stake for juicy peaches, a PancakeSwap clone

Comos Finance         Staking and farming PCS clone, Audit Audit

Mooncake Swap        farm, stake, NFT, lottery, and more PCS clone Audit Audit

Origami                      Stake and farm with this PancakeSwap clone

Farm Space                 yield farming and staking          

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

The Ethereum Network is still adding users at a slowed pace while keeping its congestion near maximum. On the other hand, the BSC has continued to receive rapid growth. We can establish that BSC is not competition but rather an extension to the world of De-Fi.

However, the gas fees and confirmation times on the BSC are much cheaper and faster, as the blockchain should be. I sincerely hope that the Ethereum 2.0 will solve the high congestion and gas prices for the Ethereum users. On the BSC, harvesting a farm costs maybe 50 cents; on the Ethereum Network, gas fees can easily exceed $50. This typically results in large losses for small users as their profits are consumed by fees.

Markets remain bullish as the general (crypto) audience finds their way into the fields of De-Fi yield farming. I can only imagine what the BSC volumes will be a year from now. The growth of the BSC has been exponential alongside the token that enables everything, $BNB. Overall, I am very bullish on the entire DeFi ecosystem, specifically the BSC.

Enjoy the bull run, and always DYOR, stay safe.

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