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Analysis: the number of addresses on the BNB Smart Chain has increased by 38% since January 1

Nicholas by Nicholas
May 17, 2023
in Crypto
0
Analysis: the number of addresses on the BNB Smart Chain has increased by 38% since January 1

Since the beginning of the year, the BNB Smart Chain has experienced great adoption, with the creation of nearly 91 million new addresses. This is a 38% increase which gives us the opportunity to look at some interesting statistics.

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Analyse : le nombre d’adresses sur la BNB Smart Chain grimpe de 38 % depuis le 1er janvier

BNB Smart Chain adoption continues

After analyzing the activity of different blockchains lately such as Sui, Polygon (MATIC) or Arbitrum (ARB), today is the turn of the BNB Smart Chain (BSC).

Since the beginning of the year, the BSC has continued to grow, notably symbolized by an increase of more than 38% in the number of addresses between last January 1 and today.

The network now has nearly 328 million, making it the most adopted blockchain by this metric alone:

Figure 1 — Number of unique addresses on the BSC

In terms of daily active users, we are currently around 1.5 million addresses. As a guide, the all-time high (ATH) was just over 2.27 million on December 1, 2021, and the low since that date was 710,061 on August 28, 2022.

Regarding the number of daily transactions, the BSC seems close to crossing the threshold of 5 million. This level was broken about a year ago now, and the network has since moved below it despite a few attempts to break it:

Number of daily transactions on the BSC

Figure 2 — Number of daily transactions on the BSC

? To go further — Find our guide on the BNB Smart Chain

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On the financial data side

Depending on the data we take into consideration, the BSC is the second blockchain in number of decentralized applications, i.e. 597 protocols according to DefiLlama, or the third blockchain in terms of total value locked (TVL).

This TVL is $4.65 billionbehind Tron (TRX) with 5.45 billion and Ethereum (ETH) with $27.07 billion.

Since June 2022, we can see that it is actually dead calm, with relatively little volatility there.

BNB Smart Chain TVL

Figure 3 — BNB Smart Chain TVL

As the chart above shows, the ATH was hit 2 years ago now, namely May 5, 2021 for $21.93 billion.

Beyond the fact that it was a period of bull run, it was also a time when the ecosystem was bearing the full brunt of soaring transaction fees on Ethereum. This phenomenon had benefited a number of other networks which essentially focused their communication on the competitiveness of their costs.

For decentralized finance (DeFi) protocols, 2 applications largely dominate, with $2.05 billion and $815 million respectively: the decentralized exchange PancakeSwap and the lending and borrowing protocol Venus.

As we can see, Uniswap (UNI), recently deployed on the BNB Smart Chain, does not appear in the top 10 belowand will only come in at #29 with $18.32 million from TVL:

Top 10 Biggest BSC DeFi Apps

Figure 4 — Top 10 largest DeFi apps from BSC

On the side of BNB, the native token of this ecosystem, it is trading around 310 dollars when writing these lines, in 4th place among the largest capitalizations cryptocurrencies for $48.9 billion.

? Also in the news — Ledger presents its new service to recover access to its wallet without seed phrase

Sources: BscScan, DefiLlama

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author profile picture

I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.

Vincent Mayor

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