Summary

Binance Smart Chain (BSC)’s on-chain activities and the number of users are growing steadily. But what is the specific situation represented by numbers? The advantage of a public blockchain is that it is open and transparent and can track progress on its own.

Are you eager to learn more about the BSC indicator but don’t know where to start? Don’t worry, we have a getting started guide for the BscScan block explorer right here. This way, you can keep an eye on the growth of Binance Smart Chain.

You can find most of the features discussed in this article on the Charts & Statistics page by hovering over Resources in the toolbar. Includes daily transactions, exclusive wallet addresses, top tokens and more. BscScan is also a very useful tool to check whether a smart contract is valid or even view the latest NFT collectibles.

Introduction

We often say that public blockchains do not require permission, and anyone with an address can interact with of interaction. But did you know that developing in blockchain is also permissionless? Any user with relevant expertise can deploy their DApp in the blockchain without any restrictions.

This has promoted the rapid development of the field of decentralized finance (DeFi).  Binance Smart Chain (BSC) has not been around for long, but it has achieved amazing growth. You may ask, how amazing is it? In fact, there is so much publicly released on-chain data that traders and investors can easily view the network’s activity.

If you want to access these on-chain data, the easiest way is to use a blockchain browser such as BscScan, and you can check whatever you want.

What is BscScan?

BscScan (BscScan.com) is a blockchain browser that belongs to the same development team as Etherscan. It provides an analysis platform for Binance Smart Chain and has many convenient functions. If you want to continue to pay attention to DeFi projects in BSC, this platform is an excellent source of information. BscScan also has the following functions:

1. View transactions and transaction progress.

2. View the latest blocks added to the blockchain.

3. View wallet balance and transaction history.

4. Search, browse and interact with smart contracts deployed in the blockchain.

5. Research the supply of tokens and other cryptocurrencies.

All information does not require registration and is completely free. The blockchain browser can display all the above information with a simple interface and easy browsing.

Why use BscScan?

BscScan is built by the trusted development team behind the popular Ethereum block explorer EtherScan. In addition to having a good reputation, BscScan can help you navigate the blockchain. Once you master the basic usage, you can quickly solve simple problems and questions.

For example, knowing how to find smart contracts in BscScan is a very handy skill for users working with DApps. You can see if a user's smart contract passes verification and interact with the DApp directly when its API is closed. But on-chain information can be used for more than just viewing smart contracts and basic transactions.  

For example, you can also set up whale alerts to monitor large transactions. In some cases, large amounts of BNB flowing into trading platforms could signal an imminent sell-off. You can even track the wallets of DeFi protocol founders to see if they are moving tokens. Let’s take a deeper look at some of BscScan’s most commonly used tools and indicators.

How to find the Binance Smart Chain revenue mine?

The BscScan income mine panel displays the current popular mining opportunities. You can hover the mouse over the [Resources] button and click [Profit Mine List] to access.

Here you can see how the latest mines, access points and their respective dedicated websites work. Yield mining (or liquidity mining) is a method of utilizing current cryptocurrency holdings to continue generating cryptocurrency. You can earn money on Binance Smart Chain with the help of platforms like PancakeSwap. Compared with similar platforms such as Ethereum, BSC charges extremely low fees, which is very suitable for participants with small cryptocurrency holdings to enter the income mining farm and use existing "crops" (cryptocurrencies) to obtain reasonable returns. But please be careful, there are many scams here. Make sure you do your research (DYOR) and never risk investing to avoid incurring losses you cannot afford.

Another great tool for tracking the various DApps in the BSC ecosystem is https://mathdapp.store/. Simply select Binance Smart Chain in the left sidebar to see a list of trusted BSC DApps.

How to find the average gas fee of Binance Smart Chain?

First, hover over [Resources], click [Charts and Statistics], then click [Average Fuel Cost Chart].

You will see the average gas fee chart, which is commonly used to calculate the gas fee that users need to pay for BSC transactions.

As mentioned earlier, BSC fees are relatively low. On BSC, 1 Gwei is equal to 10-9 or 0.000000001 Binance Coin. The average gas fee is around 6.5Gwei, so the cost to remit 10 BNB should be less than 10 cents. In fact, even if you remit 10 times or even 100 times this amount, the fee should not exceed 20 cents.

Based on the transaction history, we can see that users paid more than the daily amount in transaction fees. Some users may bring their old habits from Ethereum or other blockchains to BSC, which is completely unnecessary. Binance Smart Chain currently has few users. If the network conditions are stable, 6.5Gwei is enough to pay for a simple transaction.

How to find the number of Binance Smart Chain unique addresses?

If you want to roughly estimate the number of BscScans users, you can refer to the number of unique addresses. Hover over [Resources] and click [Charts and Statistics] to find the number of unique addresses. Next, click on [Unique Address Chart].

If a blockchain has 100 unique addresses, does that mean it has 100 unique users? Absolutely not! Anyone can create multiple addresses. Furthermore, thanks to strong cryptography, even if they do this, our addresses will be enough to last for quite some time. Until the addresses are exhausted, it will be difficult to tell whether the addresses belong to the same entity.

We now know that anyone can create multiple addresses, so this metric is higher than the estimated number of users. But the number of unique addresses can still give us a rough idea of network user growth.

How to find Binance Smart Chain daily trading volume?

This chart shows us the total number of transactions generated by Binance Smart Chain on a given date. It can also be found in the [Charts and Statistics] section.

While some smart contracts require more transactions than others, this chart still gives us a sense of the activity on the network and whether the network may be congested. This also reflects the healthy development of the network and provides useful information for BNB investors.

What are the popular BEP-20 tokens?

Track popular BEP-20 tokens by market cap or daily trading volume through the Token Tracker page. Based on this data, you can know the tokens with the highest cumulative value and highest transaction volume in the BSC blockchain.

You need to pay attention to the token information here. Token/contract owners can update their token information in BscScan, providing more information about the token. If the token contract address is not verified by the BscScan team, the credibility is low.

You will learn about many wrapped tokens on this page. For example, ChainLink (LINK) is linked to Binance. This means that in BSC, ERC-20LINK is wrapped into a BEP-20 token. Wait, what exactly is it a packaged version of? This is a tokenized version of a cryptocurrency or token that belongs to another blockchain.

Cryptocurrencies or tokens not issued on BSC can also be used in the Binance DeFi ecosystem after being wrapped. For example, if LINK holders want to use LINK for mining on BSC, they can easily achieve their goals by using packaging technology.

If you want to play with wrapped tokens, please see the Binance Bridge project. Please note that although the token wrapping process is relatively simple, it is not necessary. You can trade wrapped tokens directly without having to bother with the wrapping process.

What are the popular ERC-721 tokens?

You can also use the Token Tracker to check popular ERC-721 tokens on Binance Smart Chain. Wait, you might be wondering why it’s called an ERC-721 token and not BEP-721? In fact, the standards for both tokens are the same. Binance Smart Chain is a hard fork of Ethereum, with some updates based on the original network. Many token standards are the same. However, this does not mean that you can find the same token on both chains. BSC has exclusive ERC-721 (BEP-721) tokens.

By default, the list is sorted by trading volume over the past 24 hours.

Is BscScan compatible with NFTs?

Similar to other digital assets on BSC, you can easily find a single NFT and its smart contract.  BEP-721 and BEP-1155 tokens are the most common NFT standards of BSC. Let’s take a look at a simple example. This is the Pancake Squad NFT in PancakeSwap:

If you copy the contract address (0x0a8901b0E25DEb55A87524f0cC164E9644020EBA) into BscScan’s search bar, you can See lots of information about this series.

To give a few examples, we can see which wallet addresses this series of imported NFTs are transferred to and how many wallets they are transferred to. But you cannot see the pictures, songs, files or assets attached to the NFT. This content is not stored on the blockchain. The NFT's metadata will often point to a third-party website or file hosting service where you can view the artwork or attachments.

How to find Binance Smart Chain validators?

In short, the verifier is the person who ensures the normal operation of BSC. By staking Binance Coin, they can process transactions and confirm new blocks. They earn transaction fees through their network activities in return for their quality services.

Binance Smart Chain is based on a consensus mechanism called Proof of Stake Authority (PoSA). This consensus model has a short block time and low handling fees. The top validators on Binance Smart Chain can be viewed in the validator rankings under the [Validators] tab.

Who can be a validator? Basically anyone can, but the qualification requirements are relatively high. This is about cybersecurity after all. To learn more about how to become a Binance Smart Chain validator, please read the relevant guide provided in the Binance Chain documentation.

How to verify smart contracts in BscScan?

BscScan users can enter any contract address for verification to see if the compiled code is the same as the code running in that blockchain. This is easy to spot - you will see a green check next to the contract in the toolbar and a [Contract Code Verified] notification.

Users can independently audit and verify code, a valuable feature that helps increase the overall transparency of the Binance Smart Chain ecosystem. You can also connect to browser wallets such as Metamask or Binance Chain Wallet to directly interact with smart contracts.

Summary

Whether you are a veteran in the DeFi field or someone working in BSC Beginners who engage in liquidity mining, learning to use BscScan will help track personal activities in the blockchain. Please always remember that the market is unpredictable and prone to periods of extreme volatility. Doing your own research is key to success in trading or liquidity mining. This includes verifying whether the token has been certified by the BscScan team, whether the contract is open source and has been audited, and checking the project blog or social media account to learn more about relevant information. Before entering the market, make sure you understand the risks of participating in DeFi.