Binance Smart Chain Recap Analytics and Analysis (04/22/2021)

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.

Hello and welcome to this week’s recap.

The Binance Smart Chain (BSC) has been growing very strong and new record highs have been recorded. This week the growth numbers are very attractive for both the BSC and Ethereum Networks, displaying the overall growth for the De-Fi landscape.

Unique Addresses

A total of 1,375,778 were added over the last seven day period. A WoW (Week over Week) growth of 2.13% for the BSC. On average, some 197,000 new unique addresses per day were added.

Although last week’s WoW growth was slightly higher, the growth is still very strong for this week.

The Ethereum Network had a WoW growth of 0.61%, adding 903,796 new unique addresses over the last seven days. The Ethereum Network also had a slightly lower increase for new unique addresses in the last seven days.

  1. Daily Active Wallets

On both the BSC and Ethereum Network, we can see an increase in daily active wallets, although the growth for BSC active addresses has skyrocketed.

The number of active wallets for the BSC reached 985,391 on April 20th  which is a record. On average, there were 589,416 active BSC addresses seen per day. 

The Ethereum Network saw an average of 589,895 active addresses per day (seven-day period).

The difference between the two networks is very small now, and with the powerful upward trend on the BSC, I foresee that next week these numbers will be even higher.

Daily Transactions

And yet again a record is broken, last tuesday (April 20th) the BSC handled 8,165,937 transactions. This smashes the old record wich was 4,995,155 transactions.

The average number of transactions on the BSC was 5,331,044 transactions per day over the last 7 days.

The Ethereum Network apparently has found a way to increase the throughput as it handled an average of 1,413,261 daily transactions. The Ethereum Network also registered a record, when it handled 1,555,560 transactions last Tuesday.

Even though the Ethereum Network has increased its throughput, the fees and transaction speed is still at a premium. The BSC handles a multitude of the transactions and it does this faster and cheaper while still not fully congested.

Gas Price, Block Times, Network Utilization and Validators

Network utilization also reached a new peak, last Tuesday, when the network handled  8,165,937 transactions the congestion reached 75.23%.

The seven day average utilization was about 45% for the BSC.

The Ethereum Network had an average utilization of 98.8% even reaching 99.15% at one time. The heavy congestion makes for slow or very expensive transactions on the Ethereum Network.

The block times on the BSC remain unchanged at 3 seconds per block. 

The gas fees also remains at 5gwei per transaction

Currently there are still 42 validators available. Of these 42 there are always 21 “Active” validators. The active validators are the ones that confirm your transactions in the blocks they validate.

To become an active validator (and start earning from transaction fees), you need to stake $BNB for voting power. The 21 validators with the most voting power get assigned as active. Every four hours, voting power is re-evaluated, the biggest stakers become active.

At current, to become an active validator, you will have to stake at least 270,781 $BNB, which is slightly less than last week’s number needed. Still, validators all have to keep on stacking $BNB to remain relevant (active).

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 Safemoon token has reached the number one position leaving the $CAKE and $BUSD behind at the second and third spot. The Safemars and ElonGate tokens have also climbed in to the higher regions.

Further we can see that the FreeCoin has established itself in the top 20 after peaking in on it last week.

Binance pegged Ethereum has also manifested itself in the top 20.

New tokens that have entered the top 20 are:

Moon Rat Token     $MRAT 

Horizon Protocol    $HZN 

Ulink Finance         $ULK 

Pitbull                     $PIT 

Zeppelin.dao          $ZEP) 

RocketMoon          $RMOON

Another week with a lot of changes and newcomers in the top 20 is showing that the BSC is very alive.

New Yield Farms

A few projects rug-pulled last week, please be vigilant and always DYOR  before investing in new projects.

For this week there are no new farms to report on.

Final thoughts 

Since we started doing the weekly recap, the BSC has been ever growing. BSC is not the Ethereum killer nor are any of the other networks. The crypto industry keeps growing as a whole, and De-Fi is gaining popularity. The Ethereum Network is still as congested as it was before the rise of the BSC, yet because of the BSC there are millions of transactions more confirmed and almost a doubling of daily users for these two networks alone. On top of this there are many other chains that are also growing. Its  evident that the market is growing very fast and I sincerely hope that capacity problems will be solved for the Ethereum Users but also for the BSC. At the current growth rate we could face a situation that the BSC reaches its ceiling. But I am sure many developers are already working on scaling solutions, so we don’t have to face the troubles high congestion would bring (more expensive or slower transactions).

I’m curious for next week’s numbers, my gut feeling says that we will see even higher records, but time will tell. 

See you next week.

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