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.
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. This week’s article features analysis on prevalent Binance Smart Chain (BSC) data, such as growth, traffic, and other relevant statistics. I will also include a section that features the latest projects to launch on the BSC and sum up my outlook for the entire BSC ecosystem.
Unique Addresses
The number of unique addresses on the BSC has increased by 17.14%, bringing the total number of unique wallet addresses from 683,732 to 800,894 as a total this week. As a comparison, the Ethereum networks’ number of unique addresses has only grown by 1.54% over the last seven day period. While the Ethereum network is more extensive, as there are 132,764,090 total unique addresses, the BSC is witnessing much more rapid growth. Even though growth slowed down over the holidays, the increase in new addresses was just shy of 20%; this displays the significant growth and developments occurring on the BSC.
With more cross-chain projects (Ethereum/BSC) users are bound to adopt the BSC, whether it’s due to the savings on money and time, or more likely, the innovative BSC ecosystem.
Daily Transactions
With a 5% increase in daily transactions, the number of daily transactions on the BSC last week averaged out at about 398,000 transactions per day, oscillating around the chart’s 400,000 lines. The Ethereum network handles approximately 1,250,000 transactions daily but has trouble with the heavy congestion on its network, resulting in (very) high fees and long transaction times.
Gas Price, Block Times and Network Utilization
The network is far from congestion, utilizing only 4%; therefore, the gas fee is always 20 gwei. The BSC shouldn’t expect an increase in gas prices anytime soon; unless the network gets exponentially more congested. In that case, higher gas fee may be witnessed on the network. For now, paying more is not needed as transactions will be confirmed within 3-10 seconds (block times are always 3 seconds)
As previously mentioned, the Ethereum Network is heavily congested, averaging well over 97% utilization over last week (months, actually). Its congestion makes the transfer fees and times very inconvenient, where users can pay upwards of $50 and wait up to 30 minutes for one transaction.
One can only hope that more developers can see the advantages of being hosted on the BSC, improving everyone’s user experience by bringing their products over to the BSC.
Validators
Unlike the Ethereum Network, which uses miners to validate blocks, the BSC uses “Validators” to confirm blocks.
The Validators make sure the BSC keeps running and are the essential heart of the chain. There are 28 validators, of which 21 are active at this time.
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
A new number one token this week $PIE Pie Network is hot on the first spot, followed by $CAKE and $SYRUP
Some newcomers or gainers are BSCX (BSCX), Reef.finance (REEF), and Binance Pegged Ethereum.
Further, it is interesting to see that many of the top transferred tokens are stable coins such as $BUSD, and many Binance Pegged coins/ tokens such as $BTCB are in the top of the lists.
New Yield Farms
The good news is that I have no news on projects that rug pulled.
For this week there are 2 new projects (the other ones are in last weeks article already)
Pokeball Finance a BSCX Fork, yield farm
BTC Standard Hashrate Token Earn yield from mining $BTC
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.
Summary
Like every week, the BSC’s future is still undoubtedly bright. Growth numbers are continuing in their upward trend, and there is no sign this will change anytime soon. This rings especially true as the Ethereum Network continues to battle congestion, resulting in slow and expensive transactions. The speed and tx fees on the BSC will keep on attracting users, especially those who cant afford to pay the equivalent of a weeks worth of groceries for a single transfer.
As projects like PancakeSwap, Venus, Beefy Finance, Thugs.Fi, and JetFuel continue to innovate users will begin to realize the benefit of the BSC. We need people to notice and foremost TRY the BSC allowing them to discover the seamless process of “yield farming.”
Overall the BSC is much more user-friendly as users don’t need to worry about wasting their profits on gas fees. The BSC is far from congestion, making it optimal for Dapps to build on, granting users quick and cheap transactions, solving a prevalent issue on the Etheruem Network.
See you all in next weeks Recap.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
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