Binance Smart Chain Quarter Three Recap

PancakeSwap and GameFi contributed much to BSC’s growth metrics and could drive BSC’s future.

So far, So Good

The 3rd quarter of 2021 has come and gone, and It’s been a very encouraging period for Binance Smart Chain.

Market research website DappRadar on October 7 put out a 3rd Quarter review of the performance of Binance Smart Chain. Virtually every available statistic points to the platform’s solid performance during the period. 

Barely a year old, BSC has shot up in prominence to become the blockchain of choice for both developers and crypto users. So, what do the statistics say? 

• Number of Users Explode

In the 2nd quarter of 2021, about 507,000 wallets were active daily on BSC. For the 3rd quarter, the number grew to 608,542 wallets active daily which gives about 20% increase over the previous quarter.

The huge growth is highlighted when we consider the numbers from this time last year, when there were a little over 3,300 wallets active on BSC each day. Looking at current figures the BSC network has seen a growth of more than 18,000%!

• Impact of GameFi Revolution

A healthy portion of BSC’s growth may be attributed to the 2021 GameFi breakout. Game dApps, especially play-to-earn platforms had a lot of patronage during the 3rd quarter: around 168,000 active wallets interacted with BSC games protocols daily. Comparing it with 2nd quarter figures gives a percentage increase of 1,700%.

The BSC games that contributed most to the numbers are Mobox, CryproBlades and CryptoBay. 

• DeFi TVL‍

The Binance Smart Chain’s total value locked (TVL) increased by 18% from that of Q2, reaching a value of $17.78 billion. BSC ranked 2nd among the top 6 blockchains in terms of DeFi TVL. 

PancakeSwap – BSC’s Mainstay

It would be impossible to talk about BSC’s growth without mentioning PancakeSwap. Arguably the top BSC dApp, PancakeSwap’s TVL stood at $8.71 billion, accounting for 49% of Binance Smart Chain’s Q3 TVL. In September, PancakeSwap recorded about 3 million user active wallets which had much effect on BSC’s daily average figures for the quarter.

PancakeSwap launched its NFT Marketplace on September 30 as Q3 drew to a close. In just 7 days after launch around $10.8 million had been traded on the marketplace.

Statistics from the PancakeSwap NFT marketplace will likely cause a big shift in BSC’s Q4 NFT figures. BSC NFT volume was not very significant for the first 2 months of Q3 as only about 6,000 traders engaged in trades across all NFT platforms on Binance Smart Chain. However, September witnessed an upsurge with about 12,000 unique traders closing deals worth over $3.8 million.

BSC’s NFT sector could be said to be trailing other blockchains like Ethereum and Solana. But PancakeSwap’s NFT marketplace may make a big difference in Q4, seeing that its 7-day trade volume eclipsed the Q3 figures for the entire BSC ecosystem. 
‍

Future Outlook

BSC’s biggest selling points used to be low gas fees and fast transaction speed. But that does not suffice anymore as other chains like Solana, Polygon etc can lay claim to the same. However, GameFi may still keep pushing the BSC numbers higher. Newer play-to-earn platforms such as Wall Street Games, Yooshi, Step Hero, Binamon, HeroFi, etc are gradually gaining traction. If GameFi adoption does not lose its steam BSC may record yet another stellar performance in the 4th quarter of 2021.

Source : bsc.news