Join CryptoRich in his weekly series, in this installment he mentions that “We saw some dips in the crypto space these past days, but BSC DeFi has seemed to weather the storm. The continuous increase of users and the birth of many new projects are bullish signals for the BSC.”
Introduction
Join me for this weeks review on the Binance Smart Chain (BSC) where I will be looking at prevalent BSC data, such as growth, traffic, and other relevant statistics. I will also be looking in to some new launched projects.
Unique Addresses
The number of new unique wallet addresses has risen by 1,442,011 addresses, a WoW (Week over Week) growth of 2.41%. On average, over the last seven days, 225,000 addresses were added per day.
The Ethereum Network added an average of 170,000 new wallet addresses per day in the same period.
Ethereum had a WoW growth of 0.72% in unique wallet addresses. Bringing its total to 144,434,666 unique wallet addresses.
Daily Transactions
The BSC handled an average of 2,700,000 transactions per day, a slight decrease from last week’s 2,800,000 average but still handling more than double the transaction count as the Ethereum Network. The ETH Network is still fully congested and is operating at about its ceiling of 1,300,000 million daily transactions. This heavy congestion makes gas prices high steering the average user away from Ethereum.
The following graphic outline a comparison between the Binance Smart Chain and Ethereum Networks:
Gas Price, Block Times, Network Utilization and Validators
Like I mentioned before, the Ethereum Network suffers from high congestion. The Ethereum Network is running at over 98% utilization. This results in users getting into bidding wars to get their transactions sent first, resulting in long waits or very high gas fees.
The BSC is running at only 35% of its capacity with plenty of space for growth. Block times are set at 3 seconds, and the gas fee is only 10gwei (0.000000010 $BNB); this makes for fast and cheap transactions on the BSC.
There are 21 active validators at all times. Active validators make sure that your transactions are getting confirmed in a fast and safe matter. It is a bit more centralized than its counterpart Ethereum, but it still maintains a decentralized system. The Ethereum network relies on hundreds of thousands of miners to do the same. The Ethereum Network is fully congested while BSC handles more transactions and is still far from being fully utilized.
At the moment, there are 41 validators; the 21 that are active get assigned every four hours, the ones with the most voting power (staked $BNB) will become active. A validator needs to have at least 250,109 $BNB at this time. Still, the required amount will increase as the other candidate validators will be stacking in the hopes of getting enough to become an active validator.
The BSC network generates 28,800 blocks per day that are validated by the active validators.
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
We have yet another week where new tokens are entering the top twenty. Of course, the $BUSD and $CAKE tokens are in their usual positions at the top.
The following tokens have found their way into this weeks top 20
TuttiFrutti $TFF
Bozon $BZN
SafePal $SFP
Bunny $BUNNY
Linear $LINA
Lovely to see new tokens hitting the top twenty every week; BSC is alive.
New Yield Farms
There are eight new projects for this week’s overview. As always, DYOR (Do Your Own Research) when investing in new projects.
Iceberg Finance Staking, farming AMM, a PancakeSwap clone (Audited) (Audit2)
Yieldbay Finance PancakeSwap clone, farming and staking
Hawk Finance Yield-farm (Audited)
Pineapple Finance PancakeSwap clone, AMM, farming, staking (Audit)
Tutti Frutti Finance Yield farming
WardenSwap Best rate swap AMM and yield farms
Jiggly Finance PancakeSwap clone staking AMM yield farm (Audit) (Audit2)
Bingo Cash Casino games, algorithmic token , farms
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
We saw some dips in the crypto space these past days, but BSC DeFi has seemed to weather the storm. The continuous increase of users and the birth of many new projects are bullish signals for the BSC.
Ethereum is still very popular, and I do not think that BSC is to be seen as competition. As long as the Ethereum congestion remains high and BSC keeps growing, it is reasonable to assume these users would have been left in the cold without the BSC. Together these networks allow for the growth and adoption of DeFi as a whole.
Let’s keep up our yield farming on the BSC De-Fi fields to feed to the bulls in this year of the ox.
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.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
