Binance Smart Chain Recap Analytics and Analysis (06/10/2021)

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.

Let’s have a look at Binance Smart Chain (BSC) performance over the last seven-day period. We’ll also find out how it is performing against the Ethereum Network. Of course, I will also look at the Top-20 BSC tokens for this week and see if there are any new yield farms.

Unique Addresses

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Only 759,547 new unique addresses were seen on the BSC last week, averaging just shy of 110,000 new wallets per day. The Ethereum Network had a better week and added 1,517,395 new unique addresses, some 217,000 per day.

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Daily Active Wallets

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On average, 725,000 daily active wallets were seen on the BSC, over a quarter more than the Ethereum Network experienced (an average of 520,000 active wallet addresses).BSC has more active users, but Ethereum is not falling behind and still going strong. It is also typically safe to assume that the average ETH user provides more capital to the ecosystem as opposed to a BSC user.

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Daily Transactions

BSC handles, on average, some 5 million transactions per day. While Ethereum is still running its average of 1,300,000 daily transactions. The much lower gas fees allow for more contract interactions and can therefore be more profitable. This is a key reason for the higher tx count on the BSC, next to the more significant number of active users.

Ethereum vs. BSC – TVL and Top Projects

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As seen above, the Total Value Locked (TVL) on the BSC is 17.84 Billion. The top six projects make up about 75% of that value, with PancakeSwap making over 40% of the value locked on the BSC, over 7 Billlion USD.

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The TVL on the Ethereum Network is 88.6 Billion, which supports the fact that ETH users deploy more capital. On ETH, the top six projects take up approximately 50% of the value. Currently, AAVE holds the most TVL but not nearly as much as PCS. Overall this displays that institutional investors are still making use of the Ethereum Network. The spread of value across several projects is also better on the Ethereum Network.

Gas Price, Block Times, Network Utilization and Validators

Network utilization hasn’t waned on  BSC, oscillating around 43% for the last week. As for the Ethereum Network is still facing heavy congestion and has 98.5% utilized. This has been the reoccurring theme and supports why BSC is much more reasonable for new users.

The minimum gas fee is still 5gwei; this should be enough for a transaction to be confirmed within 30 seconds. On more busy days, it can sometimes be wise to add a few gwei for faster transactions.The BSC block times are still three seconds per validated block.

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There currently are 43 validators on the BSC network. Validators are selected based on the amount of staked $BNB per validator. They are evaluated every four hours, and the validators with the highest $BNB holdings will become active validators. 

The active validator will securely confirm your transactions, and by doing so, the validator will start earning from the fees generated by network traffic. To become an active validator, you will have to stake at least 511,835  $BNB. This is about 13,000 $BNB more than last week’s requirement for staked $BNB.  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

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There are a lot of newcomers in this week’s top 20. The top 3 tokens are now Minereum BSC (MNEB)Binance-Peg BUSD Token (BUSD), and Binance-Peg BUSD-T (BUSD-T)

PancakeSwap Token (Cake)  dropped off to the fourth place further newcomers are:

Automata (ATA) 

Hippo Token (HIP) 

LITTLE RABBIT (LTRBT) 

FEGtoken (FEG) 

CumRocket (CUMMIES) 

MDX Token (MDX) 

New Yield Farms

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Check out our new Tools Dashboard by using the “Tools” button on our Website. Users can check out BSC projects and use filters, for example, “Yield Farms.” It also contains the price index where all BSC tokens are listed when selecting the “BSC Price Index.” An overview of yield farm pools per project is also available, and last but not least, the BSC yield optimizer page shows the highest yields per project. Because we just changed the system, all projects need to re-apply their projects for the projects page.

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.

Source : bsc.news

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