Binance Smart Chain BSC | Data on wallets, transactions, fees and contracts | Sep 2023

The Binance ecosystem seems to be under pressure throughout all this bear market. Stories continue to show up and there seems to be no end to it. Court cases keeps piling in against Binance, especially its US subsidy and the CEO, CZ itself.

One of the major drivers for the Binance ecosystem in the past few years has been the Binance Smart Chain, the EVM (Ethereum Virtual Machine). A copy of the Ethereum chain, just with proof of stake model, or proof of staked authority to be more accurate.
BSC has gained traction in the previous bull market, especially from the users who were priced out from Ethereum due to the high fees.

Let’s see how this chain is doing under the bear market conditions.

We will be looking at:

• Number of Addresses
• Active Addresses
• Daily Transactions
• Fees
• Contracts
• Market Cap

Most of the data is collected from https://bscscan.com/.

Number Of Addresses

One of the key metrics for crypto projects is the number of wallets.
First the overall number of wallets.

The number of wallets on BSC just keeps going up, no matter what.
The chain started growing back in February 2021, and since then it kept adding new wallets. What’s interesting is that there is a bump in new wallets created this year in May.

The BSC chain now has almost 400M wallets making it the number one chain in the world by the number wallets. For comparison Ethereum is now around 250M wallets.

On a daily basis the numbers of new accounts created looks like this:

We can see the recent spike in new wallets creation back in May 2023. Not sure what caused this, but for a few days there were millions of wallets created daily.
On a usual day there are around 200k to 300k new wallets created.
Note that the creation of these wallets is free, so in some cases it can be just pure spam actions.

Active Addresses

What’s more interesting in times like this is how many wallets are transacting. How many of those addresses are actually active?

Well unlike the increase in the number of wallets, when it comes to active wallets, there seems to be a stagnation, with some ups and downs on the way.

The ATH in DAUs for the BSC chain was back in January 2022, with more than 2M wallets active in a day. Since then, the numbers have dropped to around 900k in September 2022, then there was some growth up to 1.5M, and in the last month, this number went down again, and we are now around the 1M DAUs. This is still a good number, and it is one of the highest in the industry as well, compared to Ethereum for example when this number is around 400k these days.

Daily Transactions

The activity on the networks is mostly represented by the number of daily transactions. Here is the chart.

The number of transactions is also some type of stagnation phase on BSC. After the previous highest in the bull market to amazing 16M transactions per day, now this number is in the range of 3M to 4M daily transactions. Again, although it might seems low, it is still one of the highest number in the industry.

Fees

Fees are quite the unpopular topic and one of the main reasons for the new EVM chains, as users are trying to find a way to escape ETH high fees.

The fees are in dollar terms, average for the day.

The fees have kept going down, and unlike for the other metrices in this case this is a positive thing 😊. Back in the bull the fees on BSC were reaching one dollar on occasions, while these days they around 10 cents.

Contracts

BSC is a smart contract platform so here is the chart for verified contracts per day.

A massive growth in the first half of 2021, and downtrend in 2022. In 2023 we can see a spike back in May up to 1500 SC per day, but a drop since then to around 700 per day where it is now.

Market Cap

What about the market cap?
This is the ultimate metric for the chains. Here is the market cap for BNB.

BNB exploded in February 2021 increasing its market cap from 4B to 100B in a few months period. Then there was a drop in the summer of 2021, to around 40B, and a growth again to ATH at the end of 2021.
In 2022 there was a drop in the BNB market cap as the overall crypt market tanked. BNB stabilized in the range of 40B to 50B for a long time, but since recently it has dropped under 40B and it is now at 32B market cap.
Will it manage to keep its position and market cap in the face of the recent events time will tell. Challenging times ahead.

All the best
@dalz

Posted Using LeoFinance Alpha