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
- 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.
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.
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 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.
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.
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
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