Analytics

Binance Smart Chain Recap: Analytics and Analysis (12/31/20)

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. 

Binance Smart Chain Recap: Analytics and Analysis

This weekly series features analysis on prevalent Binance Smart Chain (BSC) data, such as growth, traffic, and other relevant statistics. On top of this, I will include a section that features the latest project to launch on the BSC and sum up my outlook for the entire BSC ecosystem.


Unique Addresses 

With 609,510 unique addresses this week, the number of active wallets on the Binance Smart Chain (BSC) has significantly increased. In comparison with last week's 475,640  addresses, the BSC has experienced a 28.19% WoW increase. Numbers don't lie, and this data displays that the BSC is growing at a rapid pace. As the number of users and projects steadily grows, it is only a matter of time before a large influx of users from the ETH network migrate due to the BSCs' advantages. It's innovation and support from Binance coupled with the chains' speed and low-cost transfers will propel the BSC to one of the leading De-Fi chains.


Daily Transactions 

Since the spike in transactions last week (December 23rd), we can see a small pivot, creating a local low of  300,088 transactions on December 26th. Transactions have since spurred and are currently (December 29th)  at 355,741 daily transactions. In comparison, the Ethereum network averages at 1,150,000 transactions per day, roughly four times the BSCs' volume. It is crucial to understand that the BSC is still young and has displayed signs of healthy growth. The data suggests that the development will continue as more users and projects build on the Binance Smart Chain.


Gas Price, Block Times and Network Utilization 

As I mentioned in last weeks article, the block times and tx fees are always respectively 3 seconds and 20 gwei (1 gwei is 0.000000001 BNB). Users don't need to worry about exceeding the 20 gwei fee as the network is far from congested. Currently, network utilization is only at 3.89%, displaying that the network is far from capacity. This low network utilization, coupled with 3 second block times, grants users their quick and cheap transaction. With the BSC network utilization well below 10%, we should not see any increase in transaction fees and times anytime soon.

The block sizes have averaged out at approximately 4,500 Bytes per block, another indicator of the innovation the BSC provides. In comparison, the Ethereum network blocks hold about 45,000 Bytes per block, making the BSC a much more scalable network. In stark contrast, the Ethereum network is almost entirely congested, with current utilization above 90%.


Validators 

There are still 28 validators, of which 21 are active ones, on the BSC. The Validators make sure the BSC keeps running and is, in essence, the BSC heart, ensuring all transactions are verified on the public ledger. Of course, validators get rewarded, earning a portion of the BSC users' tx fees.

Anyone can become a validator, but it does entail start-up costs. For those who wish to learn more about being a validator, follow THIS link to the validator guideline by Binance. 

Top Token Transfers

With a new number one token: Trust Wallet (TWT) flipped with the previous top transferred token from last week, PancakeSwap Token (Cake). 

The SyrupBar Token (SYRUP) is still high on the list, although I even don't quite understand why. 

Other top tokens for the past week are:

  •  Binance-Peg BUSD Token (BUSD)
  •  Binance-Peg BUSD-T (BUSD-T)
  •  Wrapped BNB (WBNB)
  •  JULb (JULb)
  •  Binance-Peg Ethereum Token (ETH)
  •  SparkPoint Fuel (SFUEL)
  •  HyunRed (HRED)
  •  AlpaToken (ALPA)
  •  Pancake LPs (Cake-LP)
  •  DrugsV2 (DRUGS)
  •  Venus (XVS)
  •  Gift Token (GIFT)
  •  bDollar (BDO)
  •  Juventus (JUV)
  •  Paris Saint-Germain (PSG)
  •  VAI Stablecoin (VAI)
  •  Ditto (DITTO)


New Yield Farms

Four new projects have settled down on the BSC; none of them have rugged yet, but always be careful and Do Your Own Research (DYOR) before spending your money on any project.


Taxi Finance      Swap, Stake, NFT market, NFT Betting and Games 


Svault Finance   DYOR 


BSCex                A decentralized non-custodial cryptocurrency exchange-centered ecosystem 


bDollar               bDollar is an algorithmic stablecoin


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.


Closing Thoughts 

After analyzing this data, the rapid growth the BSC is undergoing becomes apparent. Starting with constant data such as block time and gas fees, this shows that the BSC is much more user-friendly than the Ethereum Network. On top of this, the BSC network is far from congested  (under 4% utilization), allowing users to never worry about enormous transaction fees.

The BSC continues to add new users on top of its influx in transactions. The building and innovation seems to never stop on the BSC, and the following year will be far from an exception. Overall the BSC Ecosystem is on track to continue growing as one of the largest De-Fi hubs as the bull market roars onward.

I hope to see you all again in next weeks update.


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