The Binance Smart Chain has seen a significant growth in the last few months. I have made a post on the topic a month back A look at the Binance smart chain with some general info about the chain and some of the apps.
I have also posted about Ethereum key metrics so anyone can take a look at that post for comparison as well.
Now let’s take a look at the details and check 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,
- Its is a copy of the Ethereum blockchain, but with proof of stake concept,
- It has a low fees in the range of a few cents,
- Its not a 100% decentralized and some users might have issues using it depending on the location, especially on withdrawal and deposits
For more general info about the chain itself check the link from the previous post.
The data is extracted from https://bscscan.com/, for the period September 1, 2020 – Jan 14, 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.
As we can see the number of addresses has grown quite a lot in the period reaching more than 800k. Soon it will hit 1M.
There is no active wallets chart on bscscan, but from the apps charts it look like the number of daily active wallets is somewhere at 10k and the monthly ones is around 100k.
Now if we compare these numbers with ETH, where there is more than 100M wallets and more than 500k daily active ones, we can tell that the above are still tiny. But the trend in the number of wallets is obviously up and it looks like BSC has been taking advantage of the DeFi boom.
Number of Daily Transactions
Here is the chart for the number of daily transactions on BSC.
There is a significant growth in the first months reaching 250k daily transactions, then a drop to 100k. In the last period there is a growth again with around 400k transactions per day.
The chart for the tokens transfers looks like this.
As mentioned BSC is a proof of stake copy of ETH so there are tokens and smart contracts.
The chart for the tokens transfers looks very similar to the overall transactions chart, only with more transactions in the first spike. In the last period the number of tokens transfers is in the range 300k to 400k.
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.
As the network grows the fees are increasing as well and in the last period, they are in the range of 800 to 900 BNB per day. This is just above 30k USD daily generated from fees. If we compare this with the millions generated in fees on ETH, 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 (0.02 to 0.05$) for regular transactions and maybe up to 1$ for a smart contract transaction (0.1 to 1$), 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 no significant growth in the last period unlike the trend for the other metrics. There is a small growth but not as big.
The number of contracts is in the range of 30 to 60 per day.
Top Apps on BSC
Here are the top apps running on BSC according to dappradar stats.
As we can see the majority of these projects are DeFi.
The top project is PancakeSwap that is a Uniswap clone on the Binance Chain. It has 7k active daily wallets. There are some few more additions to the platform then the Uniswap, but the basics are the same.
Apart from the above there is the Thugs.fi platform that is a type of gamified DeFi. Then there is the Venus project that is a type of DAI on the Binance chain plus some more future on top of it like staking etc.
Another interesting project is the Beefy.Finance project that is a copy of Yearn.finance for the Binance Smart Chain.
A few other gambling dapps in the top as well 😊.
DeFi was the main hype that is happening in 2020. The Binance Smart Chain is basically leveraging this trend. From what I can see they have probably done the best job from all the other chains that are trying to compete with ETH. No other platform like EOS or TRON has come close to ETH or even created a decent DeFi product that has gained traction. The PancakeSwap platform is starting to get more and more tractions. The incentives for LPs are almost unbelievable. Are they going to be sustainable? Nobody can tell! Binance even have an accelerator program for developers on BSC.
The DeFi trend is far from over and probably we will see more type of products created in the future. In my view the Binance Smart Chain, even a few months old have managed to gain some small share of this hype onto their platform. The approach of totally compatible with ETH and a form of extension and not a competitor to ETH seems to be working for now.
All the best