Summary

Binance Smart Chain (BSC) on-chain activity and usage has shown good and steady growth so far, but how does this show up in the numbers? ? The advantage of public blockchain is its openness, and users can track the progress of activities by themselves.

Are you eager to learn more about the BSC indicator, but don’t know where to start? Don’t worry, we’ve collected some important metrics from the BscScan browser to help you keep an eye on Binance Smart Chain’s growth.

Introduction

We often say that in public areas where authorization is not required In a blockchain, anyone with an address can interact with it. But what is not often mentioned is that the development of blockchain does not require permission. Anyone with relevant professional knowledge can deploy its decentralized application (DApp) in the blockchain without any restrictions. Any restrictions.

This has promoted the rapid development of the field of decentralized finance (DeFi). Binance Smart Chain (BSC) has experienced incredible growth in just a few months since its launch. How amazing is this increase? In fact, traders and investors can easily view network activity through many publicly released on-chain data.

BscScan is another masterpiece of the EtherScan R&D team. It is a blockchain browser and analysis platform tailored for Binance Smart Chain, with many convenient functions. If you want to continue to follow the latest developments in DeFi in BSC, this platform is also an excellent source of information.

1. Binance Smart Chain yield farms

Yield farms (also known as "liquidity mining") is a method of using currently held digital currencies to continue to generate digital currencies. Through platforms like PancakeSwap, you can earn income on Binance Smart Chain. As we can see in the next indicator, BSC charges extremely low fees, which is very suitable for participants with small digital currency holdings to enter the income mining farm and use the small amount of existing digital currencies to obtain reasonable profits.

The BscScan revenue mine operation panel displays all current mining opportunities. Users can quickly access the latest mining farms and learn about relevant introduction information and operating methods on their respective dedicated websites. If you are a diligent BSC miner, remember to click the "Bookmark" button on this page to save it for easy browsing every day.

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.

2. Binance Smart Chain average gas price

This chart shows the handling fee that users need to pay for BSC transactions. Gas price.

As mentioned earlier, the fees charged by BSC are extremely low: 1 Gwei is equal to 10^-9 or 0.000000001 Binance Coin (BNB).

At an average miner fee of 20 Gwei, sending 10 Binance Coins (worth approximately $300) costs approximately $0.01. In fact, sending ten or even hundreds of times that amount of Binance Coin would cost no more than a few cents. Based on the transaction history, we can see that some transactions paid higher fees than this. Some users still maintain their old habits when using Ethereum or other compatibility tools, but this is really not necessary. Binance Smart Chain is far from reaching congestion levels, and the gas fee of 20 Gwei is enough to meet demand.

3. Binance Smart Chain unique address count (Binance Smart Chain unique address count)

BSC Economy Affordable, but how to estimate the number of users in this blockchain? A good choice is to start with the metric Unique Address.

Does this mean that the 100 unique addresses (Unique Address) owned by the blockchain correspond to 100 different users ( Unique User)? 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. Therefore, until the addresses are exhausted, it is difficult to determine whether these addresses belong to the same user group.

We know that anyone can create multiple addresses, so this metric is a higher estimate than reality. Still, the number of unique addresses can give us a rough idea of network user growth.

4. Binance Smart Chain daily transactions

This chart points to We show the total number of transactions generated by Binance Smart Chain on a given date.

Although some smart contracts require more transaction volume to be executed, this chart still allows us to Get an overview of network activity. BscScan can also help us calculate the day with the highest trading volume so far.

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5. Top BEP-20 tokens

Popular BEP-20 tokens can be tracked by market cap or daily trading volume through the Token Tracker page. Based on this data, you can know which tokens have the highest cumulative market value and highest trading volume on BSC.

What everyone needs to pay special attention to is the token information. Token/contract owners can update their token information in BscScan to provide more information about the token. To learn how to do this, see this page. If a token has not been verified by the BscScan team, its credibility is lower.

On this page you will learn about many wrapped tokens (Wrapped Tokens), such as ChainLink (LINK), which is linked to Binance. This means that in BSC, LINK that uses the ERC-20 blockchain is packaged into a token that can use another blockchain, BEP-20. Wait, what exactly is packaging? This is a token/pass that instructs the digital currency that originally belonged to one blockchain to run on another blockchain.  

But why do these tokens exist? The answer is to facilitate the use of digital currencies or tokens not issued on BSC in the Binance DeFi ecosystem. For example, if a LINK holder wants to use LINK for mining on BSC, they can achieve their goal without selling their tokens.

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 choose to trade other people’s wrapped tokens directly without having to think about the wrapping process.

6. Binance Smart Chain validators

In short, Validators are the people who ensure the normal operation of BSC. By staking Binance Coin, they can process transactions and confirm new blocks. The platform allows validators to earn transaction fees through network activity in return for their high-quality and accurate services.  

Binance Smart Chain is based on a consensus mechanism called "Proof of Staked Authority (PoSA)". This consensus model greatly reduces block processing running time and thus costs. View the validator rankings to see the top validators on Binance Smart Chain.

Who can be a validator? Basically everyone can do it, but this is related to network security issues, so the qualification requirements for verifiers are relatively high. For more information on how to become a Binance Smart Chain validator, please read the relevant guide provided in the Binance Chain documentation.

Conclusion

Whether you are a veteran in the DeFi field or a beginner in liquidity mining on BSC , these indicators all help track Binance Smart Chain activity.

But please always remember that market conditions are treacherous and unpredictable every day, and it is very easy for periods of extreme volatility to occur. Personal research is the 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 for in-depth information. Before entering the market, make sure you understand the risks of participating in DeFi.

Do you have any other questions about Binance Smart Chain and Ethereum? Please visit Ask Academy, our Q&A platform, where members of the Binance community will patiently answer every question.