An outline of the growth of Binance Smart Chain (BSC) using prevalent data and metrics. Also, we are going to have a look at top tokens and some new yield farm projects.
There were 1,983,020 new Unique addresses added to the BSC over the last 7 day period, averaging just over 283,000 new addresses per day. This is a Week over Week (WoW) growth of 2.86%.
On the Ethereum Network, there was a WoW growth of 1.05%, adding 1,579,065 unique wallet addresses. BSC added more new wallets, and the data continues to suggest that the growth is nowhere near its end.
Daily Active Wallets
The Ethereum Network saw a daily average of 750,000 active wallets. The BSC tops that with a daily average of about 820,000 active addresses. Ethereum peaked at 799,580 addresses, while BSC peaked at 1,117,863 active addresses in a day.
Even though the Ethereum Network is still fully congested, they have managed to confirm more transactions. The network validated approximately 200,000 more transactions while still running at the same percentage of network utilization. This means that the Ethereum Network now handles some 1,716,500 daily transactions. This can possibly be attributed to
The BSC is handling over nine million transactions per day and is still not fully congested. It is also worth noting BSC has set yet another all-time high in transaction count. This was last Sunday, May 9th, when the network handled 9,713,722 transactions.
Gas Price, Block Times, Network Utilization and Validators
Network utilization has been around 70% for most of the week but is trending toward 80% in the last few days.
The block times are still set at 3 seconds, but for the gas fee, it is sometimes wise to put a few gwei extra. This has been apparent in recent times when the network is handling heavy traffic. Although the minimum gas fee is still 5gwei, it will not be enough if you want a speedy transaction. The congestion has since cleared up but it is important to note that raising gas fees should take care of any transaction issues on high volume days.
Currently, there are 42 validators available for the BSC. Of these 42 there are 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. To become an active validator, you will have to stake at least 69,771 $BNB. This is about 250,000 less $BNB than last week’s number needed. Through this system, validators must continuously stake $BNB to remain or become 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
For the top 3 tokens nothing much has changed, $BUSD $CAKE and $SAFEMOON are still holding the top 3 positions.
A lot of new entries can be seen in this weeks top 20:
SafeUniverse V2 $SAFUv2
Moon Chain $MCF
Pig Token $PIG
New Yield Farms
There is only one new farm to report on this week:
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.
This train is turning into a spaceship to the moon and maybe beyond. The tremendous growth of the De-Fi landscape and especially that of the BSC are clear signals that crypto and De-Fi are becoming mainstream.
De-Fi continues to innovate, and soon, it will be ready to challenge the existing banking system, financial instruments, and even art. Through tokenizing real-life assets, blockchain technology shows its power to the world, changing it and the way we bank and do business. One can only be thankful, witnessing all the innovations crypto has gone through. I can’t wait to see what’s more to come.
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.