Binance Smart Chain (BSC) is showing steady growth in terms of on-chain transactions and usage. So, how exactly does this growth reflect in numbers? The great thing about public chains is that, as the name suggests, they are open to everyone. This means that you can follow developments on your own.
Want to learn about BSC criteria but don't know where to start? Don't worry, we've prepared a great guide to get you started with the BscScan block explorer. In this way, you can closely follow the growth of Binance Smart Chain.
Many of the features mentioned in this article can be accessed from the [Charts and Stats] section, which you can enter by hovering your cursor over [Resources] in the toolbar. This includes daily transactions, unique wallet addresses, major tokens and more. BscScan is a great tool for checking the validity of smart contracts or even examining new NFT collections.
We often talk about public blockchains being permissionless, meaning that anyone with an address can interact with them. But did you know that blockchain development is also permissionless? Anyone with experience can make their DApp available on a blockchain and no one will stop them.
This is one of the reasons for the rapid development of the Decentralized Finance (DeFi) world. Although Binance Smart Chain (BSC) is still a young blockchain, it has already shown impressive growth. How impressive is that, you must be asking. There's a lot of on-chain data publicly available, so it's pretty easy for investors and users to check the network's activities.
If you want to access this on-chain data, a blockchain explorer like BscScan is the easiest way for you to find everything you need.
What is BscScan?
BscScan (BscScan.com) is a blockchain explorer developed by the same team as Etherscan. This tool not only provides an analytics platform for Binance Smart Chain, but also has many other successful features. These features can be a good source of information if you want to follow DeFi projects built on BSC. You can also use BscScan for:
1. Examining transactions and tracking their progress.
2. To see the last blocks added to the blockchain.
3. Checking the balances of the wallets and seeing all the transactions made with the wallets.
4. Searching, reading and interacting with smart contracts made available on the blockchain.
5. Researching the supply of tokens and other cryptocurrencies.
It is possible to access all of this information without becoming a member and free of charge. Blockchain explorer displays this information in a simple and easy to navigate way.
Why should I use BscScan?
BscScan is developed by the trusted team behind EtherScan, a popular block explorer for Ethereum. Beyond being reputable, BscScan helps you navigate the blockchain. If you know how to use the navigator, you can quickly solve your basic problems and find answers to your questions.
For example, knowing how to examine smart contracts in BscScan is a useful skill for anyone using DApps. You can check if smart contracts are authenticated or even interact directly with the DApp if the DApp's API is out of service. But on-chain data includes much more than controlling smart contracts and underlying transactions.
For example, you can set up whale alerts to monitor large transactions. Sometimes moving large amounts of BNB to an exchange may indicate an imminent sale. You can even track the wallets of the DeFi protocol founders to see if they are moving the tokens. Let's talk about some of the most commonly used tools and metrics you can examine using BscScan.
How can I find Binance Smart Chain yield farms?
The BscScan yield farming dashboard shows all major farming opportunities available. You can access this board by hovering your cursor over the [Resources] button and clicking on [Yield Farms List].
From here you can see the latest farms, learn how to access them, go to their website and discover how farms work. Yield farming (or liquidity mining) is a way to earn crypto with your existing savings. You can earn returns on Binance Smart Chain using platforms like PancakeSwap. Since fees are low on BSC compared to alternatives like Ethereum, BSC is ideal for players on a lower budget to enter the world of yield farming and take advantage of the earnings opportunities available. But you need to be careful as there are many fraudulent projects. You should definitely do your own research (DYOR) and not risk funds you can't afford to lose.
Another good resource to keep track of all the different DApps in the BSC ecosystem is https://mathdapp.store/. On this site, you can access a list of trusted BSC DApps by selecting Binance Smart Chain from the left menu.
How can I find out the average gas price of Binance Smart Chain?
First, move your cursor over the [Resources] tab, click [Chart & Stats] and then [Average Gas Price Chart].
The average gas fee graph that is used to calculate the gas fee that users pay for BSC transactions will appear.
As we mentioned before, BSC's gas fees are quite low. In BSC, 1 gwei is 10-9, i.e. 0.000000001 BNB. It costs less than ten cents to send 10 BNB with an average gas fee of around 6.5 gwei. In fact, if you send ten or even a hundred times this amount, you will pay a maximum of 20 cents.
Looking at the transaction history, we can see that some people are paying higher-than-normal transaction fees. This is probably due to users' old habits from Ethereum or other blockchains. In fact, it is not necessary. Binance Smart Chain is still far from experiencing network congestion. So, 6.5 gwei should be enough for a simple operation if network conditions remain stable.
How can I find the unique address number of Binance Smart Chain?
BscScan's unique address count is a great metric if you want to know approximately how many users the network has. You can find out the number of unique addresses by hovering your cursor over the [Resources] tab and clicking [Chart & Stats] and then [Unique Addresses Chart].
So, does having 100 unique addresses on a blockchain mean that the blockchain has 100 users? No way! Anyone can create multiple addresses. But even if they do, we won't have a shortage of new addresses for a long time, thanks to the blessings of cryptography. However, on the other hand, it will be very difficult to determine whether the addresses in question belong to the same person.
So, we know that anyone can create more than one address, and this metric may actually overstate the number of users. However, the number of unique addresses can give us a rough indication of the growth of the network.
How can I find the daily transaction amount of Binance Smart Chain?
This chart shows the total number of transactions on Binance Smart Chain in a given day. It is also possible to access this chart in the [Charts & Stats] section.
While some smart contracts require more processing than others, this graph can give us a general idea of network activity and congestion. Number of transactions; It is also a good sign for a healthy, growing network, and this information can be useful to BNB investors.
What are the major BEP-20 tokens?
The Token Tracker page allows you to track major BEP-20 tokens by market cap or daily trading volume. This will give you an idea of which tokens have the highest cumulative value and transaction volume on the BSC blockchain.
The point to be considered here is token information. Token/contract holders may update token information in BSC to provide you with more information about the token. If the BscScan team has not verified the token contract address, this address may be unreliable.
You will see many wrapped tokens on this page. Binance-Peg ChainLink (LINK) is just one example. This token is an ERC-20 LINK wrapped in BSC as a BEP-20 token. So what does wrapping mean? Creating a tokenized version of a coin or token from another blockchain is called wrapping.
Wrapping allows non-BSC coins and tokens to be used in the Binance DeFi ecosystem. For example, if you have LINK and want to use your LINKs to farm in BSC, you can do this easily thanks to the wrapping technology.
If you are interested in token wrapping, you can check out the Binance Bridge Project. But remember that while wrapping a coin is pretty easy, you may not always need to do it. You can buy and sell already wrapped tokens without having to deal with the wrapping process.