The public blockchain can be accessed by anyone with an address since it is permissionless. The development of blockchains is also permissionless, a fact that isn’t often discussed. A DApp can be built on a blockchain by anyone with the relevant expertise, and no one can stop them.
In the Decentralized Finance (DeFi) space, this leads to a fast rate of development. Despite being only a few months old, Binance Smart Chain (BSC) is growing fast. What are the results? A lot of the on-chain data is publicly available, so investors and traders can easily monitor the network activity.
The same team that developed EtherScan developed BscScan. There’s also a lot of other cool features with this blockchain explorer and analytics platform. For those interested in keeping up with DeFi on BSC, these can be useful sources of information.
BSCPAD Tiered IDO Model
Binance Smart Chain Platform is Binance’s decentralized IDO platform. DeFi will be able to provide token sales through BSCPAd to investors and cryptocurrency projects creators.
A solution for incentivizing and rewarding all token holders is on the horizon with BSCPad, providing low barriers to entry for all.
Currently available launchpads have the flaw that obtaining enough tokens to take part in the ecosystem is prohibitively expensive, and even if you have the tokens, an allocation spot is not guaranteed. Bots can fill up the whitelist spots in seconds using first come, first served algorithms. Decentralized launches are made fair by BSCPad.
This system is characterized by a two-round allocation process. We rely on fair distribution of rewards for all participants, not on luck, lotteries, or bots.
Here are six metrics you should know about Binance Smart Chains (BSC):
1. Binance Smart Chain yield farms
You can generate cryptocurrency with your existing holdings by yield farming (also known as liquidity mining). PancakeSwap is one of the platforms you can use to generate yield on the Binance Smart Chain. Our next metric will show us that BSC charges extremely low fees. The size of the yield farming scene makes it ideal for smaller players to enter and take advantage of the available crops.
This dashboard shows you how to maximize your yields with BSCScan. Dedicated websites provide information about each farm and how it works as well as the latest updates. A hard-working BSC farmer will find this the most convenient bookmark of all time.
The mathdapp.store website is also a good place to find out what DApps are currently available in the BSC ecosystem. Binance Smart Chain DApps can be found just by selecting the BSC on the left-hand sidebar.
2. Average gas price for the Binance Smart Chain
BSC’s fees are extremely low, as we’ve seen. 1/1000000001 BNB is 1 gwei in BSC.
If you average 30 gwei per liter of gas, you will spend less than a penny per BNB worth $300. You shouldn’t have to pay more than a few cents to send ten or even a hundred times that much. We can see that some transactions paid much higher fees than those shown in the transaction history. Using Ethereum or another tool compatible with it may have left some users with old habits. You don’t need to do that. 20 gwei should be enough for Binance Smart Chain since it is not congested yet.
3. Unique address count for Binance Smart Chain
Okay, so BSC is economical, but what is a reasonable estimate of how many users the blockchain has? I recommend starting with the number of unique addresses.
In other words, if a blockchain has 100 unique addresses, it must have 100 unique users? No, you cannot! Even if everyone created a different address, we would not run out for a long time thanks to the magic of cryptography. And even then, determining whether the addresses are those of the same corporation would be quite difficult.
Therefore, this metric is an overestimation since anyone can create multiple addresses. Even so, the number of unique addresses can provide some indication of how fast the network is growing.
4. The daily transactions of the Blockchain system for Binance
This chart can still tell us a little bit about the network’s activity, even if some smart contracts require more transactions to execute. BSCScan also shows the day in which the highest transaction volume was recorded.
5. Tokens that are the top performers on the BEP-20
This page allows you to track the top BEP-20 tokens based on their market capitalization or daily trading volume. The value of each token will be shown on BSC along with the volume of trading.
Token information is important to note here. You can update the information about token/contract owners on BscScan to get more details about the token. BscScan will not certify tokens unless they are verified.
6. Validators for Smart Chains in Binance
A validator is simply someone who keeps BSC running. BNB is staked as a means of processing transactions and validating blocks. They receive transaction fees from the network as compensation for their service.
A Proof of Staked Authority (PoSA) is used by the Binance Smart Chain as a consensus mechanism. With this consensus model, the block time can be short and the fees can be low. The Binance Smart Chain Validators Leaderboard lists the top validators.
What are the qualifications for validators? The program is open to most people, but there are a few requirements. After all, it’s all about network security. You can learn more about Binance Smart Chain’s validation process by visiting the Binance Chain Documents.
BSCPAD is a blockchain-based launchpad that solves the fundamental problems with existing launchpads. With this platform, holders of Binance Smart Chain tokens have the opportunity to invest in the best upcoming projects while also supporting fair token launches.
Whatever level of DeFi expertise you have, these metrics will help you make the most of tracking activity on Binance Smart Chain.
In spite of this, stop forgetting that the markets are unpredictable, irrational, and be prone to periods of extreme volatility. For trading or yield farming to succeed, you must do your own research. In addition to checking certification, open-source contracts, and audited contracts, you can also visit the project’s blog or social media account to gain a better understanding. Participating in DeFi carries risks, so understand them before you plunge in.