Binance Smart Chain Recap Analytics and Analysis (04/29/2021)

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.

By
Rich
on
April 29, 2021
Category:
Analytics

Introduction

Welcome to this week’s recap, a lot of exiting metrics and new All-Time Highs have been registered on the Binance Smart Chain (BSC)


Unique Addresses

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1,262,813 new Unique addresses were welcomed on the BSC last week. On average, approximately 180,402 new addresses were registered per day. The Week over Week (WoW) growth percentage reached 1.9%, wich is slightly lower than last weeks figure.

The Ethereum Network added 863,036 new unique addresses, with a WoW growth of 0.58%. The increase in unique wallet addresses for the BSC keeps going strong while the Ethereum Network has lagged a bit this week. Could this become a trend?


Daily Active Wallets 

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Only one day after setting its previous record for active addresses, the BSC already made a news ATH (all time high) when it saw 1,079,614 Unique wallets on the 21st of April.  After this high, it looks to be consolidating around 800,000 active wallets a day for the past week.


Source

Source

The Ethereum Network saw an average of 670,000 active wallets per day over the last week.

Like I suspected, the BSC has overtaken the Ethereum Network, and I do not think this growth will stagnate anytime soon.


Daily Transactions

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Yet again, an ATH was recorded on 21stof April, when the BSC handled 9,131,356 transactions. On average, the BSC network handled some 800,000 transactions per day.

The Ethereum Network also recorded a new high when it handled 1,565,355 transactions, also on the 21st of April. This means that the BSC handles almost six times (5.83) as much traffic as its Ethereum counterpart (based on ATHs)


Gas Price, Block Times, Network Utilization and Validators

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Network utilization reached 80.98% on the previously mentioned record-breaking day. For the rest of the past week, utilization averaged out at 66%, still leaving room for more growth. Block times remain at 3 seconds, and the gas fee is still set at 5gwei per transaction. The fully congested Ethereum Network had an average utilization of 98.75%, resulting in slow and expensive transactions.

Source

Currently, there are 42 validators available for the BSC. Of these 42 there are 21 "Active" validators. The active validators are the ones that confirm your transactions in the blocks they validate.

To become an active validator (and start earning from transaction fees), you need to stake $BNB for voting power. 

The 21 validators with the most voting power get assigned as active. Every four hours, voting power is re-evaluated, the biggest stakers become active. Currently, to become an active validator, you will have to stake at least 248,640 $BNB, which is about 22,000 less $BNB as last week's number needed. Still, validators all have to keep on stacking $BNB to remain relevant (active).

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

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SafeMoon, $BUSD, and $CAKE are still in the top positions. Not much changed for the top players.

Again a nice number of new tokens/projects have found their way into the top 20 charts. New entries for this week:

NFTArt.Finance                   $NFTART 

Bonfire                                 $BONFIRE 

Refinable                              $FINE

Australian Shepherd Token  $ASS 

FEGtoken                             $FEG 

Aquagoat                              $AQUAGOAT

SafeTesla                              $SAFETESLA


New Yield Farms

Only one new yield farm project to report on this week:

Ball DeFi Yield farming protocol, earn $BALL tokens Yield Farming and gaming products. 


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 

I have been on the BSC since early October 2020, and I consider myself an early adopter. Since then, I have been witnessing the growth of the network and the projects that are on it. Projects like PancakeSwap made a huge impact, but also many other projects are doing their best to deliver fantastic products. Projects like BeefyFinance, BakerySwap, Autofarm, HyperJump, Yieldwatch, and many others are truly building with and for the community.

The early adopters already know that they have made the right choice, BSC is booming and with the many lucrative yield farms and other innovative projects, people can achieve very high yields. The word is spreading and more people are finding BSC projects. It seems the user experience is what wins people over. This has a snowball effect, people share their experiences, and we all know, good news travels fast. Fast enough to fuel our rocketships to the moon and beyond.

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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.