Analytics

Binance Smart Chain Recap Analytics and Analysis

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. 

Introduction

Hello everyone and welcome to this week’s recap. Like always, I will be looking into some statistics and prevalent data on the Binance Smart Chain (BSC). I will be looking at growth, top movers, and new projects that have been deployed on the BSC.


Unique Addresses

We saw an increase of 1,571.947 unique addresses this week, with an average 225,000 new addresses recorded per day. This means a WoW (week over Week) increase of 2.7% in unique wallet addresses on the BSC. This brings the total number of unique addresses on the BSC to just shy of 60 million (59,749,727). In comparison, the Ethereum network had a WoW growth of 0.81%. This brings the “dominant” DeFi network to a total of 143,232,559 unique wallet addresses.


Daily Transactions

The Ethereum Network is still operating near maximum capacity handling 1,300,000 transactions per day. People are paying top dollar for transactions due to the very high congestion on the Ethereum Network. It is key to note that the BSC offers an optimal substitution as many other people have discovered the BSC. This week the BSC handled an average of 2,800,000 transactions per day. A peak of 3,726,576 transactions was achieved on March 16th, this could well be a start for the continuation of this years bull run, the next leg up.


Gas Price, Block Times, Network Utilization and Validators

The BSC is still very fast, and remains cheap after recent gas updates. Block times remain at three seconds and the gas fee is still 10gwei for a swift confirmation.

The network congestion is currently running at approximately 40% with an average utilization of 36% this past week. The Ethereum Network is experiencing 98% congestion can only handle a fraction of the transactions that are confirmed on the BSC. Yet, the BSC has still plenty of space for growth. Until BSC transactions double, the gas prices will remain as low as they are. If the price of the $BNB coin goes up the validators can even decide to lower the gas fee, this has happened twice before.

There are always 21 validators online, together they are validating the 28.800 daily blocks on the BSC. The active Validators get assigned once every four hours. The ones staking the most $BNB will become active (and start earning by confirming your transactions).

The current pool of validators consists of 38 validators, an increase of seven validators. More and more projects are setting up validators to offer to earn rewards and verify transactions. The race for who can hold the most $BNB has begun for the validators it seems.

The Ethereum network relies on hundreds of thousands of miners to confirm its transactions. While this is arguably more decentralized, the Ethereum Network is fully congested whilst BSC handles more transactions and is still far from being fully utilized.

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

The top positions as always, are held by $BUSD and $CAKE; no surprise there.

We can welcome three new tokens in to the top 20, $HELMET $SAFEMOON and $ALPACA. $HELMET landed itself in the top five this week as the options/insurance protocol sees continued growth.

New Yield Farms

There are six new projects that I can report on this week, not all PancakeSwap clones this time!

MangoFinance    Mango themed farming and staking, PancakeSwap clone

SwampFinance    Yield Farming  

BeltFinance          Yield optimization for your assets

CubFinance          Lion cubs themed farming and staking, PancakeSwap clone

BlueSwap             Staking and farming blue, PancakeSwap clone

HyruleSwap         PancakeSwap clone, earn rupee

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 believe we are still amid a bull season, maybe even better, mass adoption. Everyone that is in the game now is certainly ahead of the pack. As many new people find their way into crypto, growth will continue. The constant growth is already apparent when writing these articles each week.

This week we saw the BSC handling millions of transaction per day next to the congested Ethereum Network 1,300,00 transactions. The BSC is not competition for the Ethereum Network but it is a great for the average DeFi user. The extra amount of transaction on the BSC means that these people could not have participated in the De-Fi game, simply because of congestion issues on the Ethereum Network. For this reason it is important to note the BSC’s significance in the DeFi space.

Coming week will be very interesting to watch, there is a lot of money incoming from stimulus checks.

I cant wait to bring you next weeks recap, until then, have fun playing with the BSC.

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