Binance Smart Chain Recap Analytics and Analysis (05/14/2021)

An outline of the growth of Binance Smart Chain (BSC) using prevalent data and metrics. Also, we are going to have a look at top tokens and some new yield farm projects.

By
Rich
on
May 14, 2021
Category:
Analytics

Unique Addresses

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There were 1,983,020 new Unique addresses added to the BSC over the last 7 day period, averaging just over  283,000 new addresses per day. This is a Week over Week (WoW) growth of 2.86%.

On the Ethereum Network, there was a WoW growth of 1.05%, adding 1,579,065 unique wallet addresses. BSC added more new wallets, and the data continues to suggest that the growth is nowhere near its end.


Daily Active Wallets

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The Ethereum Network saw a daily average of 750,000 active wallets. The BSC tops that with a daily average of about 820,000 active addresses. Ethereum peaked at 799,580 addresses, while BSC peaked at 1,117,863 active addresses in a day.

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Daily Transactions

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Even though the Ethereum Network is still fully congested, they have managed to confirm more transactions. The network validated approximately 200,000 more transactions while still running at the same percentage of network utilization. This means that the Ethereum Network now handles some 1,716,500 daily transactions. This can possibly be attributed to the increase of layer-2 scaling solutions

The BSC is handling over nine million transactions per day and is still not fully congested. It is also worth noting BSC has set yet another all-time high in transaction count. This was last Sunday, May 9th, when the network handled 9,713,722 transactions.


Gas Price, Block Times, Network Utilization and Validators

Network utilization has been around 70% for most of the week but is trending toward 80% in the last few days.

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The block times are still set at 3 seconds, but for the gas fee, it is sometimes wise to put a few gwei extra. This has been apparent in recent times when the network is handling heavy traffic. Although the minimum gas fee is still 5gwei, it will not be enough if you want a speedy transaction. The congestion has since cleared up but it is important to note that raising gas fees should take care of any transaction issues on high volume days.

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. 

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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 69,771 $BNB. This is about 250,000 less $BNB than last week's number needed. Through this system, validators must continuously stake $BNB to remain or become active validators.

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

For the top 3 tokens nothing much has changed, $BUSD $CAKE and $SAFEMOON  are still holding the top 3 positions.

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A lot of new entries can be seen in this weeks top 20:

Bonfire                    $BONFIRE 

GAMER                  $GMR

NFTArt.Finance      $NFTART

CumRocket             $CUMMIES

SafeUniverse V2    $SAFUv2 

WaultSwap             $WEX

Moon Chain           $MCF

FEGtoken               $FEG

Pig Token               $PIG


New Yield Farms

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There is only one new farm to report on this week:

JaguarSwap     Yield Farm & Algorithmic Stablecoin Protocol & AMM  -Audits by Techrate and Certik

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 

This train is turning into a spaceship to the moon and maybe beyond. The tremendous growth of the De-Fi landscape and especially that of the BSC are clear signals that crypto and De-Fi are becoming mainstream.

De-Fi continues to innovate, and soon, it will be ready to challenge the existing banking system, financial instruments, and even art. Through tokenizing real-life assets, blockchain technology shows its power to the world, changing it and the way we bank and do business. One can only be thankful, witnessing all the innovations crypto has gone through. I can't wait to see what's more to come.

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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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