The Binance Smart Chain (BSC) ecosystem is growing rapidly. All indicators indicate that the use of the BSC blockchain will peak again in July 2021. As a result, BNB, the natural token of BSC, is strengthening strongly.
There are three key numbers that indicate individual investors flock to the Binance SmartChain. These are daily token transfers, daily gas consumption and active BSC addresses.
First, let’s take a look at the daily token transfer schedule. This infographic shows the daily amount of BinanceSmartChain token transfers.
In July, when Binance Smart Chain user activity peaked, daily token transfers totaled around 12.5 million.
Today, October 31, the number of token transfers per day on BSC is approaching 15 million. This indicates that consumer demand for BSC is at a record high.
Not surprisingly, as the number of token transfers on the Binance Smart Chain increased, so did the amount of BNB used as gas.
The amount of gas that BNB pays per day exceeds 1.75 trillion, almost 200 million BSC in July.
In BSC, consumers have to pay transaction fees to BNB, just as Ethereum relies on ETH to cover gas (transaction fees).
Therefore, an increase in BIA’s total gas consumption should have a positive impact on the value of BNB.
In recent weeks, NBB has grown significantly, hitting around $400 to $520 at weekly highs.
After all, there are currently a number of active addresses on the Binance Smart Chain.
The number of active BSC addresses has skyrocketed since early 2021. In the last two months alone, this number has increased from 1.25 million to just under 2 million.
As BNB continues to recover and consumer activity on the Binance Smart Chain soars, there are a few key points to keep in mind.
First, the projects that come from the Binance launch pool and homepage have the potential to do great work in the months to come.
For example, Coin98, the largest cross-chain portfolio with a large consumer base in Southeast Asia, has traded nearly $4 billion at fully diluted ratings since its debut on Binance Ranch Pad.
Second, Binance Smart Chain’s DeFi protocol is expected to work well in the coming months. DeFi activity on Binance has increased 487% since 2020, according to DappRadar’s report for Q3 2021.
Third, the GameFi sector has been growing rapidly in BSC recently as users from Southeast Asia continue to drive the crypto gaming market.
Vietnam, Thailand and the Philippines, which first launched the Axie Infinity wave, focused mostly on the BSC landscape.
For example, my neighbor Alice, who started Binance Launchpad, rose 33 percent to $279 million last week.
My neighbor Alice will likely return for an upcoming pre-alpha test where users can test the game out and leave feedback.
Binance Smart Chain’s space-themed crypto game Meta Wars traded for a fully diluted $650 million shortly after the game’s trailer was released.
MetaWars did well last week based on expectations for future space NFT, betting, and RPG games.
In the fourth quarter of this year, Binance Smart Chain’s DeFi, GameFi and Metaverse projects can continue to thrive as long as user activity and retention is strong.
It is important that Binance Smart Chain avoids the hurdles and delays in transactions that the network has seen over the past week due to increased user activity.
Addressing network bottlenecks is important to ensure that the flow of new users continues to expand the BSC ecosystem.