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Overview Of The Key Metrics On The Binance Smart Chain | Wallets, Transactions, Tokens, Contracts | October 2021

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Overview Of The Key Metrics On The Binance Smart Chain | Wallets, Transactions, Tokens, Contracts | October 2021

The Binance Smart Chain has kept its moment after the Apri-May bull run and it is now on a healthy path as it seems. Not just a short term project.

The centralization aspect of BSC continues, but this seems to be a case for a lot of projects in the top 100, so there is that. At least for the current level of development of the crypto space.

Let’s take a look at the data.

Just a quick remined of some of the features of the Binance Smart Chain.

  • It is a standalone chain running separately from the Binance chain (BSC vs BNB),

  • Its is a copy of the Ethereum blockchain, but with proof of stake concept,

  • It has a low fees in the range of a cents,

  • Its not a 100% decentralized and some users might have issues using it depending on the location, especially on withdrawal and deposits

The data is extracted from https://bscscan.com/, for the period September, 2020 – October, 2021.

The Binance Smart Chain [BSC] started with operation at the end of August 2020.

Number Of Unique Addresses

Here is the chart for the number of Unique addresses on BSC.

In February 2021, the number of BSC wallets has exploded and reached 60M. From there the numbers for active wallets kept growing and reached 100M. For comparison the number of wallet addresses on ETH is 175M.

Number Of Daily Active Wallets

The numbers of daily active wallets have looks like this.

There was an explosive growth in the beginning of 2021, when the numbers reached a 1.3M active wallets per day. Then a drop after May 2021 to 500k, and an increase from there to 1.4M these days. Again a comparison to ETH, where there is around 500k daily active wallets.

Number of Daily Transactions

Here is the chart for the number of daily transactions on BSC.

Similar pattern to the numbers of daily active wallets. A spike in April, then a drop and growth again. Although the second growth here peaked in August with 13M daily transactions. In the last period the number of transactions is around 8M per day.

Fees

The chart for the fees looks like this.

Fees can be very high on the ETH network and the BSC network is aiming to take advantage of this.

The above are the overall fees generated in the network per day in BNB. The network validators are paid only from these fees, as there is no mining for BNB.

As the network grows the fees are increasing as well and in the last period, they are in the range of 4k to 6k BNB per day. This is around 2M USD per day in fees for the validators. If we compare this with the 10 to 20 million generated in fees on ETH (sometimes much more), the difference is quite a big one. Although here only the 21 validators are paid from the fees.

The above are the overall fees per day. In terms of fees per transactions, BSC has a low fees in the range of few cents (0.05 to 0.15$) for regular transactions and maybe up to 1$ for a smart contract transaction depending on the activity of the network.

Number of Daily Verified Contracts

Here is the chart for daily verified contracts.

Since BSC is a smart contract platform the number of verified contracts is also and important metric. We can see that there is a significant growth in the last period for this as well.

A peak in May 2021, and drop afterwards. At the moment there is around 1k to 1.2k daily verified contracts.

Top Apps on BSC

Here are the top 10 apps by number of users on BSC according to dappradar stats.

(Dappradar](https://dappradar.com/rankings/protocol/binance-smart-chain)

As we can see the majority of these projects are DeFi.

The top project is PancakeSwap with more then 400k DAUs. Next on the list are mostly games. Gaming on crypto has really taken of in the last period.

Apeswap, Biswap and 1Inch are some of the other defi apps that are in the top 10.


Final note

As mentioned BSC kept growing and increasing utility in the period. Defi was the main trend in the previous period, but now games seem to be taken the lead. The relative low fees are pushing the adoption.

All the best @dalz

Posted Using LeoFinance Beta