Binance Smart Chain BSC | Data on wallets, transactions, fees and contracts | March 2023
Challenging times for the Binance ecosystem. The CEO Changpeng Zhao, or CZ for short is being sued by the US regulator CFTC for breaking the financial laws.
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.
Ethereum is no doubt the number one in terms of layer one smart contract chain, but the Binance Smart Chain BSC has giving it a good run in the last bull.
BSC has gained a lot of traction especially from the users who were priced out from Ethereum due to the high fees.
Let’s see how is this chain doing under the bear market conditions.
We will be looking at:
- Number of Addresses
- Active Addresses
- Daily Transactions
- Fees
- Contracts
- Market Cap
Number Of Wallets
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.
The major increase was back in February 2021, when in a few weeks the number of wallets on BSC jumped from under 1M to 60M. Since then, the numbers kept growing and BSC is now at 270M wallets. With this, BSC is the number one blockchain in terms of wallets. Ethereum is at 226M now, while BTC is still under 100M.
On a daily basis the numbers of new accounts created looks like this:
We can notice the sharp increase back in February 2021, when on few days there was more than 6M wallets created daily.
Since then the numbers have consolidated, but grew constantly and there is on average 400k new wallets created daily in 2023.
Active Wallets
What’s more interesting in times like this is how many wallets are transacting. How many of those addresses are actually active?
There was an explosive growth in 2021, when the numbers reached more than 2M per day. A drop in 2022 up until November when there was around 900k active wallets daily.
There was a spike at the end of 2022, when the numbers reached more than 1.5M DAUs, a drop again to 1M and a growth to 1.5M in the last month.
Daily Transactions
The activity on the networks is mostly represented by the number of daily transactions. Here is the chart.
Here again we can see the growth in the number of transactions in 2021, when they reached a massive 16M at one point. A drop in 2022 to around 3M daily transactions at the end of the year. In 2023 we can see a slight growth towards the 4M transactions per day.
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.
We can see the increase in the fees in 2021, and a drop since then. But yet the average fees have remained under one dollar in the whole period.
In the last period the average fee per transaction on the BSC chain is around 20 cents, while back in the bull market it was around 50 cents. Far from what it was on the Ethereum network when the fees increased up to a hundreds of dollars per transaction.
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 period of stabilization, with the numbers of smart contract per day averaging around 700 per day. Back at the top in 2021, there were days with more than 3k smart contracts per day.
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 and its been in this range from July 2022 up until today.
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
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The way we saw that three days ago the whole market went down because of this but today we are seeing the owner of binance has said that I am ready to do whatever it takes because of this. The market seems to be going up. I remember very well that in 2021 we were charged with very high fees for using Ethereum network within the bull market. Due to which people still started using bnb chain. Even within the last five years, bnb has made a name for itself in the market. The way the market has come to going up, we are seeing that people have completely lost trust in banks.
the big question we all need to ask us is " who is more honest than me?
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I think binance is a global exchange that people from all over the world trust on, no exchange has so many active users as much as binance has. And as far as I'm concerned CZ Binance has full support for BNB he will never let its value drop.
Binance Ecosystem is one of the most popular exchange sites. However, they are currently going through challenging times. Hope they can overcome these moments very well.
There seems to be always a lot of activity on Binance. They've made conducting transactions more convenient and efficient. I hope CZ is able to successfully ride this new wave that's thrown at him.
Despite all the fud against Binance, it is Continuously growing and shocking the World.
If Binance cheated less and stole less accounts with their logins scams they would work better how many people have been dispossessed from their accounts on Binance?
I see you have high opinion about them :D
We used to "trust" until even though we could show our ids, email, passwords, telephone number, to login they would reject us and ask repeatedly for videos of us which would never be right. They have our account, our ids and videos and all, and our assets on this account, and they keep the whole lot. So the thought is If they do it for us as ONE ACCOUNT how many accounts do they do it to? Whatever big or how much is in the accounts this is all profits all benefits and no hassles for BINANCE. They will stop asking as BINANCE automated machines are more resilient than these pseudo alt customers. The opinion would be different if they'd given us our account back, but we see that many criminal behaviours and ways to rip-off seem to be BINANCE rules or guidelines. and that's a lot more than 300 accounts. :-)
Great insight on BSC and I wonder if you can expand this to some of the projects on it like Pancake and Uniswap now that it got launched also on BSC. That would be awesome if there are comparative stats to be extracted.
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BSC is still keeping its value. Its going to be difficult for them to reach 2m daily transactions again !
Binance is too big to fail ecosystem in crypto, and virtually it's the central bank of crypto. Good insight. The next bull run will be exciting.
It would be great if you could provide similar insight on other L2 chains.
I applaud you for your comprehensive analysis of the Binance Smart Chain ecosystem. Despite the challenging times that the Binance ecosystem is currently facing, your post highlights the remarkable growth of BSC and its increasing adoption among users.
Your detailed examination of key metrics such as the number of wallets, active wallets, daily transactions, fees, contracts, and market cap provides valuable insights for both investors and users alike.
I encourage you to continue your excellent work and to keep sharing your insights with the community. Your analysis is sure to help many individuals navigate the dynamic world of blockchain and cryptocurrency.
Best wishes!
I admire CZ and the service that Binance provides for humans. Let's hope that Binance Smart Chain will continue to allow a free-market where people are able to choose their own risks.
Back in Feb 2021, the 60x jump in # of active wallets is extremely questionable, in my view. Considering the information that has come out about how CZ & Binance were managing more than 300 accounts to carry out trades, makes me think it would not be impossible to create TONS of wallets from a relatively small number of people - if not just bots. I get that the current number is now over 270M unique wallet addresses, but that's based on a global internet userbase of 4B people, less than 10% of which are cryptocurrency owners/holders.
6M new wallets created a day back in Feb 2021, which was RIGHT before the lockdowns shut down most of the global economy -extremely suspicious, especially given all of CZ & Binance's connections to the Chinese Communist Party - and Justin Sun, a well-known criminal and scammer.
The fact that only 2M wallet were active at the peak, while 6M were being created, is also pretty telling. To me, what that says is that there were tons of accounts being created, and 2/3 were not active. Which is used to pump up numbers to make the BSC look bigger than it actually was. Wash trading comes to mind.
16M daily transactions at the peak, down to ~4M per day now, more than 2 years later, shows that there was a lot of buildup hype, and none of the expected follow-through. Inactive wallets not conducting any transactions are useless metrics to even care about. Only active wallets matter anymore.
When I was using BSC to transact on Cub DeFi, on PancakeSwap, and using SushiSwap, the gas fees were always expensive. It made PayPal look cheap in comparison, and even 20 cents per tx adds up over time, especially when Binance is who gets the fees, at the end of the day, as un-taxed revenue, aka, free money to them.
The huge decline in the number of contracts since the peak of the hype bubble in February 2021 tells me that people aren't actually using BSC for much, relative to Ethereum, which doesn't bode well for the argument that the original EVM is worthwhile.
In my opinion, marketcap valuation of $BNB is useless, since it is clearly technically-manipulated by billions of dollars in wash trading, and probably at least one state actor coughChinacough that can easily flood the market with liquidity, in addition to Binance and CZ, himself.
Overall, nice to see the stats, though, man. Keep it up! I love reading analytics like this!
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