Binance Smart Chain Recap Analytics and Analysis (05/27/2021)

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 28, 2021
Category:
Analytics

Introduction

Hello and welcome to this week's recap. Although markets have been volatile, we can still see growth on the Binance Smart Chain (BSC).

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


Unique Addresses

The BSC added 1,966,527 new unique addresses, resulting in a Week-Over-Week (WoW) growth of 2.69%. On average, 281,000 new addresses were added per day. 

The Ethereum Network had a WoW increase of 0.8% resulting in 1,224,624 new addresses for its chain. From these figures, we can see that many new people are choosing the BSC. Although Ethereum remains popular, its high congestion and insane gas fees are not helping.


Daily Active Wallets

For both chains, we can see the number of daily active wallets dropping a bit. The BSC again has a higher number of daily active wallets. On average, the BSC had about 700,000 active wallets per day. The Ethereum Network had some 555,000 daily active wallets over the last week. 


Daily Transactions

Daily transactions have seen a substantial decline this week. On BSC the drop in transactions was the largest. From handling over 10 million transactions last week to "only" 5 million (-50%), which is still much more than the Ethereum network handles.

The trend in lower transaction count was even visible on the Ethereum Network, where the transaction count dropped from 1,450,000 transactions to 1,289,000. This drop did not affect the network utilization; no relief there. It is important to note that the BSC has faced a much more stark correction in users.


Ethereum vs. Binance Smart Chain DEX's and TVL

BSC Source

Total value locked (TVL) for both BSC and Ethereum has both seen a drop, as the whole market has tanked. Although there are many more active users on the BSC, big money seems to prefer the Ethereum Network still. The people that can not afford or don't want to pay exorbitant high gas fees find alternatives such as the BSC.

Ethereum Source

The top projects per chain; BSC PancakeSwap and Venus on first and second place followed by Ellipsis. To continue on, Bunny is in fourth place, followed by Belt and Autofarm. MakerDAO, AAVE, and Compound make up the most value on the Ethereum chain. WBTC, Curve, and UniSwap make up places four to six. These are the DeFi projects to keep an eye on as the sector continues to grow.

BSC Top Three Projects


Ethereum Top Three Projects


Gas Price, Block Times, Network Utilization and Validators

Network utilization has dropped in pace with the transaction count. From 80% to 42%. No big deal. Slow weeks happen. At least you don't have to worry about gas fees as the 5gwei minimum will get you a swift transfer on the BSC. The block times also remain unchanged at three seconds. Ethereum Network still fights high congestion, and the gas fees are still (very) costly.

There are 43 validators on the BSC network. The amount staked $BNB will be evaluated every four hours, and the validators with the highest $BNB holdings will become active validators. The active 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 459,548 $BNB. This is 110,000 $BNB more than last week's requirement for staked $BNB.  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

Another stablecoin, B-USDT, has entered the top three, next to $BUSD and $CAKE. We also saw a newcomer in the top five, $CORGI (Corgo Doge). Some other notable new entrants are as follows:

Hot Cross Token    $HOTCROSS

FEGtoken               $FEG

YOOSHI                $YOOSHI

RushMoon              $RUSH

Wall Street Games  $WSG

New projects keep coming to the BSC, some to stay and some are one-day flies. It is great to have an active chain with many projects you can choose from, but always do your due diligence and do your own research before investing your hard-earned money. Sadly there are still people that want to take your money out there.


New Yield Farms

Here is a sample of some new yield farm projects on the BSC. 

For a full list of yield farms on the BSC you can check out our yield farm page.

CosmosFarm         Yield farming project, soon to launch, audit

BiSwap  The First DEX on BSC network with a three-type referral system

CakeCrypt Yield farm optimizer on BSC and FTM , CERTIK 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 

It has been far from a quiet week in crypto, but as a 2017/18 survivor, it will take a little bit more to get me panicking. Markets never move in one direction, just use the dips and buy some of the tokens on sale.

Personally, I don't think this bull season is over. It might be on a little break though. I am bullish on this year. There are many new investors, from average Joes to billion-dollar companies, everyone wants a piece of the pie.

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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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