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.
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 everyone, It has been exactly 6 months since I started doing this weekly recap on the Binance Smart Chain (BSC).
In this half-year, we have witnessed massive growth for the BSC and its projects. This will be clear after this week’s recap, in which I will be comparing today’s data with the data from six months ago.
The journey has been incredible, and I have enjoyed writing this weekly article, but as all good things come to an end, so will my weekly article.
Get ready for the final version…
Back in December 2020, the BSC only had 475,640 unique addresses. Today the BSC has 80,461,985 unique addresses. That is a growth of 16,816.57 % in six months. This metric boasts the exponential growth BSC has experienced in a short time; the growth really kicked in roughly halfway through February 2021.
In the same time frame, the Ethereum Network had a growth of 22.89 %. This adds up to about 30 million new unique addresses in those six months. At present, the Ethereum Network has 159,913,477 unique addresses.
Back in December, we just experienced the first spike in transaction count. BSC was handling an average of 350,000 transactions per day. When we compare that to today’s 4,464,987 daily transactions, we again see a parabolic growth of 1175.71 %. if we compare against the ATH (May 14th), the increase is even more significant, 3282.38 %.
The Ethereum Network handled and is still handling about 1,275,000 transactions per day. There is little improvement there.
Gas Price, Block Times, Network Utilization and Validators
Twenty gwei was the minimum gas fee back in December. Unlike most other things, the gas fee has been reduced. Luckily for users, the minimum gas fee today is five gwei (1 gwei is 0.000000001 BNB). This is because the price of the Binance coin $BNB has also increased by a lot. In December 2020, the price for one $BNB was only $30. This meant that gas fee’s were expensive as BNB placed a new ATH of $690
Not only the BSC grew fast, but $BNB also increased its value by 2100% during the last high.
The network utilization was only at 4.4% in December. Today the network utilization runs at 37%.
During peaks, the network utilization has reached up to 80% and still leaving room for growth. The block times did not change. A block gets validated every 3 seconds.
The Ethereum Network had an almost constant utilization rate of 98%. However, recent and upcoming upgrades will make some relief for the congested network. This is already visible in the gas fees, which have been much lower in the past few days.
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 509,434 $BNB. This is roughly about the same amount as last week’s requirement for staked $BNB. Through this system, validators must continuously stake $BNB to remain or become active validators.
In comparison, back in December, there were only 28 validators. The 15 new validators are essential. They make the BSC more de-centralized.
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
PancakeSwap Token $CAKE is in the fourth position now.
Newcomers this week include:
New Yield Farms
For up to date information about (new) yield farms and other BSC projects, you can make use of our DASHBOARD
You can also find it under the “Tools” button on our site bsc.news.
If you are a project owner, use the “submit your project” button to get your project listed.
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.
I have reached the end of the line here. This was my last weekly recap, and I can say that the last six months have been fantastic. My adventure on the BSC started in October 2020, and I have seen the network and the good projects grow.
I am sure the BSC will continue to grow and attract new users. By the number of new projects listing in the top 20 list, the network is very much alive, and that the development is in #BUIDL mode.
Thank you, Binance, for creating this incredible network.
Thank you, developers, for creating awesome projects.
Thank you, the users, for having faith.
And thank you, my readers, for reading my article every week. I hope you enjoyed them.
Now go and harvest your yields from the evergreen field of DeFi.
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.