Binance Smart Chain Recap Analytics and Analysis (05/06/2021)

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
May 6, 2021
Category:
Analytics

This week's recap will show the ongoing growth of the Binance Smart Chain (BSC). I will show you prevalent data about its growth including the Top-20 tokens and a sneak peek at newly launched yield farms.


Unique Addresses

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The Unique Adress experienced a Week over Week (WoW) of 2.52% or 1,702,237 new unique wallet addresses. This averages out at 243,000 new unique addresses per day for the BSC. The Ethereum Network had WoW growth of 0.49%, adding 740,113 new unique wallets. This average is less than half of the BSC with ~100,000 new addresses per day. BSC is really taking off, adding over twice as many new addresses in the past week.


Daily Active Wallets

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According to BSC and Ether Scan, both the BSC and Ethereum Networks have about the same amount of active addresses. The chains are oscillating around 700,000 daily active addresses. This is a clear sign that the De-Fi industry is rapidly expanding, on both BSC and Ethereum.


Daily Transactions

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The fully congested Ethereum Network handles an average of 1,450,000 transactions per day. Meanwhile, the BSC has again slightly topped its previous record high. The BSC handled 9,168,054 transactions on May 3rd. On average, the BSC handled eight million transactions per day over the previous seven-day period. The data clearly displays that the BSC can handle substantially more transaction volume. 


Gas Price, Block Times, Network Utilization and Validators

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Although we saw a new ATH in transactions, the network utilization did not increase; in fact, it decreased. While network utilization was at almost 81% at least weeks peak, the utilization only reached 66.88%  in its recent high. The BSC is still far from congested, which means that gas prices will remain at 5gwei per transaction. As always, the block times are set at 3 seconds. This results in fast and cheap transactions.

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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. To become an active validator you will have to stake at least 328,731 $BNB. This is about 80,000 more $BNB than last week's number needed. Through this system, validators must continuously stake $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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The top 3 still consists of $BUSD, $CAKE, and $SAFEMOON; the tokens shuffled their positions but remain at the top 3. This week is another one where we can welcome some new tokens in the top 20 list:

SporeFinance              $SPORE

PantherSwap Token    $PANTHER

Moon Chain                $MCF

Ulink Finance             $ULK


New Yield Farms

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PantherSwap               Automatic Liquidity Acquisition Yield Farm & AMM on the BSC. Audit

Mofi Finance              De-Fi, yield farm, NFT, Swap, 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 

That crypto market continues its rapid expansion, especially as money continues to flow into De-Fi. Capital is spreading out across numerous networks resulting in exponential growth across the DeFi landscape. Ethereum is still king, but other chains are also making moves. Overall we can be lucky that there are substitutes as Ethereum could not handle the drastic increase in users. Imagine the gas prices...

BSC has proven itself; it can handle many transactions and does this in a timely matter at a very low cost. Users will decide which chains will survive, so it is the developers' task to make their chain attractive for users. Speed and gas fees play an important role, but also the ease of access. The BSC caters to just that.


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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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