Binance Smart Chain Recap Analytics and Analysis (05/20/2021)

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 20, 2021
Category:
Analytics

Hello, another week with awesome growth to report on.

We will look at prevalent data, showing growth, compare with Ethereum performance and have a look at top tokens and new yield farms.


Unique Addresses

The Week over Week growth was 2.53% an extra 1,801,005 new unique addresses were added last week. Adding about 257,286 addresses per day.

Ethereum's WoW growth was 0.94% adding 1,420,180 new unique wallet addresses, averaging some 203,000 unique addresses per day.


Daily Active Wallets

While both networks saw a declining number of active wallets, we can still see many active addresses.

The Ethereum Network saw an average of 700,000 active wallets per day,

The BSC had a more significant number of active addresses on its chain. The average over last week is about 1,100,000 active wallets per day. 

Daily Transactions

BSC keeps smashing its own records. Yet another all-time high could be witnessed on Friday, May 14th, when the chain handled close to 12 million (1,183,839) transactions.

On average, the BSC handles some 11 million transactions per day.

On the Ethereum Network, we can see that the network could not hold the 1,700,000 transactions it did last week.

This week's average was 1,470,000 daily transactions, still fighting high network congestion.


Ethereum vs. Binance Smart Chain DEX's and TVL


When looking at the top DEX (Decentralized Exchange) for the BSC and Ethereum Networks, PancakeSwap, and UniSwap, we can see although PancakeSwap has much more users, the UniSwap DEX still has a higher volume (combined v2 and v3). A possible reason for this is that institutional money still chooses Ethereum while the average joe does rather not spend a day's wage on a transaction fee and chooses for BSC.



In terms of TVL (Total Value Locked), the BSC has, according to defistation.io, 30,688 Billion USD locked. The Ethereum Network has locked 20,23 Billion USD, according to defipulse.com.

The sums are locked value from DEX's on the BSC or Ethereum. 



Gas Price, Block Times, Network Utilization and Validators

Network utilization on the BSC network was on a pretty stable average of 77%, far from being congested but handling over 10 million transactions per day.

The gas fee on the BSC is unchanged and is 5gwei, though on times with heavy traffic, it can sometimes be wise to add a few gwei.

Block times were also unchanged at 3 seconds per block.

The Ethereum Network is unchanged at 98% utilization, it has been this way for a very long time. This results in congestion, making for high (upwards of $50) gas prices or long waits

We now have 43 validators on the BSC network. Every four hours, the amount staked $BNB will be evaluated, and the validators with the highest $BNB holdings will become active validators. By being active, a validator will securely confirm your transactions, and by doing so, the validator will start earning from the fees generated by network traffic.

To become an active validator, you will have to stake at least 348,620 $BNB. This is 278,849 more $BNB needed than last week's number required. 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

As usual, $BUSD $CAKE and $SAFEMOON occupy the top positions in this week's look on the top 20 tokens on the BSC.

This week we can welcome some newcomers;

SafeMoonCash               $SAFEMOONCASH

HummingBird Finance  $HMNG

Kabosu                           $KABOSU

LITTLE RABBIT          $LTRBT

Tadpole                          $TADP

Aquagoat                       $AQUAGOAT

DOGGY                        $DOGGY

SafeRocket                    $SAFEROCKET


New Yield Farms

The bscscan yield farming page had no new yield farms listed. Starting next week, I will be using the bsc.news native yield farm page for this section. Until then you can check out the yield farm page to stay up to date about yield farms on the BSC.

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 dare to say it, BSC has beaten Ethereum, more transactions, more users, more locked value, not congested, still cheap and fast. Haters gonna hate, but I think "this is the way".

It has been a fantastic journey so far, and I can't wait to see if we can break some ath's again.


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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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