Binance Smart Chain Recap Analytics and Analysis (02/11/2021)

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.


This past week was a wonderful week for BSC and $BNB; both BNB and the BSC smashed all-time high (ATH) stats. If this doesn’t indicate the bull run has started, I don’t know what does. So let’s have a look at this week’s numbers… I will be looking at prevalent BSC data, such as growth, traffic, and other relevant statistics.  I will also be looking into some newly launched projects.

Unique Addresses

This past week the number of unique wallet address numbers on the BSC increased by 18.97% WoW (Week Over Week) from 1,016,013 to 1,208,753 addresses, adding a total of 192,740 new addresses.

This week, a plethora of BSC protocols have printed all-time highs in price and TVL (Total Value Locked). As projects continue these parabolic ascents, it is expected for many new projects to launch or migrate on to the BSC, utilizing its scalability, cheap tx fees, and speed. On top of this, innovative projects can receive grants from the Binance Accelerator Fund, which helps projects launching on BSC. For these reasons I think we see sustained BSC growth in the near future.

Daily Transactions

This week the number of transactions went up massively from 727,103 to 1,659,274 transactions. This massive influx has brought the average daily transactions to well over a million transactions per day (1,074,454), displaying a WoW growth of 58%. The BSC currently handles slightly fewer transactions than the Ethereum Network, which handles an average of 1,250,000 daily transactions. The main difference here is that Ethereum always maintains very high network congestion.

The trend of increasing transaction volume will most likely continue as more people are coming over to the BSC. This is most likely attributed to users saving a lot on their gas fees and using the various projects here on the BSC.

Gas Price, Block Times, Network Utilization and Validators

Network utilization saw a massive increase of 111.54%, but it is still far from congestion. The BSC’s network utilization peaked at 18.7% utilization, leaving plenty of room for growth. The Ethereum Network still runs on 97%-98% utilization, running almost at it’s peak, handling 15.6 TPS (transactions per second). On the other hand, the BSC already handles a higher number of transactions with plenty of room for more; for reference, the BSC currently handles 17.3 TPS. 

The gas fees changed twice; first, the gas fee was lowered from 20 gwei to 15 gwei; the team at Binance then decided to lower the gas fee again. From now on, users only need 10 gwei to send a transaction (1 gwei is 0.000000001 BNB).

Instead of transactions getting more expensive when the $BNB token price rises, which happens with Ethereum, BSC lowered its gas fees to maintain its very cheap fee structure. Completing one transaction from wallet to wallet costs about $0.03 on the BSC, if utilizing the Ethereum Network, this would cost about $6.50. To make things worse, smart contract interactions cost $0.20 to $0.50 using the BSC, on Ethereum; these fees range from $40-$2000. The block times on the BSC are unchanged and are always 3 seconds, making for fast transactions.

Validators will run a version update (hard-fork) named: Joseph-Louis Lagrange, or version 1.06. This version will be rolled out at block height 5,184,000 approximately on February 25th 2021, at 6:00 AM UTC. The update will bring new functionalities as well as improvements and bug fixes to the BSC. You can find out more about the hard-fork HERE

Unlike the Ethereum Network, the BSC uses validators to confirm blocks. Validators make sure the BSC network keeps running and that your transactions get approved. In return, Validators get rewarded from the tx fees that users pay. This is known as a proof of stake (POS) system versus the traditional proof of work system (POW).

Nothing has changed concerning the validators, still 21 active validators out of the 29 available. A validator validates about 9570 blocks per week or about 1369 per day. Overall, validators make sure your transactions are confirmed, quickly, and securely.

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 PancakeSwap Token $CAKE still rules the landscape along with $BUSD and the newcomer SafePal Token. $SFP. Other notable newcomers are IceCream ($ICREAM), Kebab Token ($KEBAB), and SwapCoins ($SPAZ), which rank in the top 20. Bakery Token $BAKE is on a revival and re-entered the top 20 again after gaining over 300% in value this week.

As we can see, each week, there are new tokens in the top 20; this means that the market is far from saturated and that new projects get good traction on the BSC. The community seems to love the innovation!

New Yield Farms

Three new projects have already launched or are about to embark on the BSC;

Pizza Finance         A Pizza Themed PancakeSwap clone, aborted?

IceCreamSwap An Ice Cream Themed PancakeSwap clone, Audited

HYFT Finance All media pages and website down, aborted?

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 

As we are in the middle of a bull run, and Ethereum gas fees are exorbitantly high, people are looking for alternatives. The ones who found the BSC all say the same, just wow, and I will never go back to Ethereum Network. The cheap gas fees and fast transactions are the best advertisements, as people enthusiastically share their experiences with others.

Now that we surpassed Ethereum’s transaction rate and still only use 18% of the networking power, we are making heads turn; many Ethereum Based projects are already looking to come over the BSC. The BSC has achieved this while simultaneously preserving fast and cheap transactions. This means that we can expect an ever-increasing number of users joining us here on the BSC as the bull market continues.

It has been a beautiful week with growth numbers that are almost parabolic; this goes for the BSC and for $BNB (+300%). Overall this was a week of exponential growth for the Binance Smart Chain, and the breaks seem nowhere in sight. 

Thanks for reading, see you next week.

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