Binance Smart Chain (BSC) in Numbers A Fast-Growing DApp Ecosystem
Gain insight into the progress that Binance Smart Chain (BSC) has made since its September 2020 launch.
Binance Smart Chain (BSC) launched as a parallel chain to Binance Chain with the goal of providing a high-throughput blockchain that enables DeFi applications to thrive. Only three months later, Binance Smart Chain already has a lot to show for.
Discover the latest data on Binance Smart Chain usage that highlights the new chain’s promising future.
What is Binance Smart Chain?
Binance Smart Chain (BSC) is a new smart contract-enabled blockchain that acts as a parallel chain to Binance Chain.
BSC is was built to be Ethereum Virtual Machine (EVM) compatible in order to provide developers with the ability to seamlessly deploy DApps built for Ethereum on Binance’s new blockchain.
Additionally, BSC supports cross-chain transfers and allows for the creation of “pegged coins” (tokens pegged to the BSC chain), including BTC, ETH, TRX, and more. Pegged coins operate as BEP-20 tokens on Binance Smart Chain, similar to Ethereum’s ERC-20 tokens.
Moreover, BSC’s BEP20 token standard enables developers to easily create and issue tokens that can represent a wide range of different asset types.
With a ~5 second block time and a Proof-of-Authority (PoA) consensus mechanism, BSC enables high-speed transactions that only cost network participants a few cents.
As a result, decentralized applications built on Binance Smart Chain have already experienced substantial user uptake, with DeFi apps leading the foray.
Binance Smart Chain in Numbers
The best way to gain insight into Binance Smart Chain’s progress to date is to dig into its numbers.
So let’s dive in!
The Binance Smart Chain mainnet was launched on September 1, 2020, to provide an alternative, smart contract-enabled chain to Ethereum for the burgeoning DeFi market.
On September 10, 2020, Binance CEO Changpeng “CZ” Zhao announced the launch of a $100 million developer seed fund to support the development of promising decentralized applications on Binance Smart Chain.
The first DApps to hit Binance Smart Chain were DeFi protocols looking for a user-friendlier blockchain than Ethereum that still provides many of the leading smart contract’s platform’s benefits.
In total, there are 47 DApps currently running on Binance Smart Chain, according to data compiled by DAppRadar.
Out of the 47 DApps that have been deployed on BSC, 38 are DeFi apps, highlighting the platform’s focus on this exciting new market segment.
At the time of writing, Binance Smart Chain has over 7,900 active DApp **users that have deposited **a total of $41,588,673.40 in BSC-powered protocols in the last 24 hours.
The top five DApps by 24-hour transaction volume are PancakeSwap, Venus, C.R.E.A.M, Thugs.Fi, and BLINk.
The DApp with by far the highest US dollar balance in its smart contract is the DeFi app, Venus.
This should come as no surprise as Venus is an algorithmic money markets protocol that enables users to earn above-average interest rates on stablecoins. To earn interest, investors need to deposit stablecoins, such as the BEP-20 version of BUSD, DAI, USDC, and USDT. Hence, the high US dollar amount in the Venus smart contract.
The first initial farm offering (IFO) held on Binance Smart Chain was conducted by the new gambling platform, BLINk. The WINk-backed gambling DApp held a token sale on BSC’s most popular yield farming platforms, PancakeSwap, BakerySwap, and Bounce.
According to BSCScan, the five largest Binance-pegged tokens by market capitalization are ETH, XRP, BUSD, LTC, and BCH at the time of writing. There are a total of 34,406 holders of the top five pegged assets.
The most popular pegged tokens by on-chain transaction volume are BUSD, WBNB, BUSDT, ETH, BTCB.
Currently, there were a total of **439,672 unique Binance Smart Chain wallet addresses, **following a one-day increase of 4,334 addresses.
On September 14, 2020, the BSC network processed the highest number of daily transactions, totaling 402,572. On that day, average block time was 3.00 seconds.
Currently, the average gas fee (transaction fee) amounts to 22.5560 gwei on Binance Smart Chain, making it one of the blockchain networks with the lowest transaction costs in the market.
The top three validators on Binance Smart Chain are Nariox, Defibit, and Coinlix, having validated 10,501, 10,499, and 10,499 blocks, respectively, at the time of writing.
What’s Next for Binance Smart Chain?
With the backing of Binance — arguably the most dominant company in the cryptocurrency industry — Binance Smart Chain is poised to establish itself as a user-friendly alternative for the largely Ethereum-based decentralized finance market.
As more developers build DeFi apps on BSC, and users continue to follow, we can expect the ecosystem to grow horizontally, adding a broader array of different types of decentralized applications to the BSC network.
Boosted by Binance’s $100 million seed fund for developers building on BSC and the chain’s high adoption rate in its first three months, it’s hard to envision the current growth trajectory to slow down anytime soon.
While it is unlikely that Binance Smart Chain will become an “Ethereum Killer,” its interoperability with the pioneering smart contract platform combined with low transaction fees and fast transaction settlement times may be the right ingredients for the chain to become a market-leading DApp platform on its own.
Trust Wallet: Your Gateway to Binance Smart Chain
Trust Wallet has been supporting Binance Smart Chain from the beginning by providing a secure storage solution for BSC-powered digital assets and a mobile-friendly way to interact with Web 3.0.
Using Trust Wallet’s DApp Browser, anyone with a smartphone can explore the world of Binance Smart Chain DApps and take part in the booming multi-billion dollar DeFi market.
Download Trust Wallet today and explore Binance’s latest addition to the cryptoverse.