Binance Smart Chain Recap Analytics and Analysis (04/08/2021)

Join CryptoRich in his weekly series, “BSC Recap: Analytics and Analysis,” where he dives into data, graphs, and the latest projects on the Binance Smart Chain (BSC).

By
Rich
on
April 8, 2021
Category:
Analytics

Introduction

Hello and welcome to this week's recap. We will be looking at unique addresses, daily transactions, network congestion, etc. A preview of newly launched projects and the most popular tokens are also included. 

Let's have a look at this week's metrics.


Unique Addresses

This week the total number of unique wallet addresses has risen by 914,424 unique addresses. This a Week over Week (WoW) growth of 1.47%. This means an average of 130,000 new wallet addresses were created daily.

On the other hand, the Ethereum Network had a WoW of 0.72%. The network added 1,047,569 new unique wallets, adding some 150,000 new wallet addresses per day. 


Daily Transactions

The BSC has set another record high for daily transactions. Last Monday, April 5th, the BSC handled 3,906,615 transactions. This was not a fluke as we can see traffic increasing every week. I think it will be just a matter of time before we break another all-time high.

The Ethereum Network still suffers from high congestion. Handling just over 1,300,000 transactions a day, this is also the network's ceiling as it runs at near capacity at ~98.5%. This congestion results in slower transaction times and costly contract interactions (transactions). On high volume days, $50 for a transaction is to be expected. 


Gas Price, Block Times, and Validators

The gas fee has been lowered again, it is now set at 5gwei. The lowering of the gas fees makes the network maintains the BSC’s low transaction costs. This is in response to the value increase of $BNB, which is used to pay the network gas fees. Block times remain unchanged at 3 seconds per block validated.

Forty-two validators are in the race to become active validators. The BSC network runs using twenty-one (active) validators. Every four hours, the validators with the most voting power (staked $BNB) will be voted as active. 28,800 blocks per day are being confirmed by the active validators.

A validator needs to have at least 292,335 $BNB staked for a chance to become an active validator. The required amount will increase as the other validators will be increasing their stake to get enough voting power to become active. Compared to last week, a validator would have to have 31,000 more $BNB. 

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

Safe moon has settled itself at the third place only allowing our repeat offenders, $CAKE and $BUSD, in front of it. Further, we see some movers like $JULd and Bunny Token (BUNNY).

This week we also have a few new entries. The following tokens have found their way into this weeks top-20:

Vira-lata Finance  $REAU

TuttiFrutti             $TFF

VampireCash        $VMPR

SafeBTC               $SAFEBTC

Another great week where, yet again, new BSC projects can find their way to the top.


New Yield Farms

There are only 2 new farms to report on this week, a third project, sadly already rug-pulled.

Snek Farm     Snek (slang for snake) is a PancakeSwap inspired yield farm with staking,  

Pollo Finance  Pollo offers yield farming, algorithmic token, staking and more, Audit

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 number of transactions that take place on the BSC every day is ever-increasing. Even at its recent all-time highs, the network is barely 50% utilized. This data displays the sustained growth of the BSC and the potential for more growth.

The BSC is already confirming three times as many transactions as the Ethereum Network. Ethereum users are continuing to increase as well and congestion remains high. Together with the growth of other networks, we can conclude that the whole De-Fi landscape is being filled with new users. The competition is not so much competition but more a necessary extension for De-Fi users. Time will tell which networks will survive and get the grace of the masses. The best solution would be to make all networks interoperable.

I'm excited about the future. We are still early in the game, mass adoption is coming, and nothing can stop it.

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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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