The daily transaction volume surpassed that of Ethereum, and the analysis of Binance Smart Chain BSC's breakthrough
Text | Edited by Nancy | Produced by Tong | PANews
As a complex complex of rapid evolution, the Internet is extremely active in innovation and fierce in competition. Ups and downs have become the norm, and so is the encrypted world. Looking back on the development history of the encryption market in the past year, with the deconstruction of traditional financial DeFi, NFT with new forms of value bearing, and GameFi, which revolutionizes the business model of games, and other innovative gameplays have appeared one after another. Some people gradually faded out of the stage.
When the encryption market structure is quietly changing, who is at the forefront of hot spots and has become a hot spot for developers and users.
DeFi and NFT are accelerating the reshaping of the market structure, who is "upper"?
Encrypted assets are accelerating their attack on the real world, especially the explosive potential of DeFi and NFT, allowing traditional fields to see the power of the encrypted world, such as JPMorgan Chase, DBS Bank, PayPal, etc. are paying attention to DeFi, Tencent, Alibaba, Visa, etc. have entered NFT . With the increasing mainstreaming of cryptocurrencies, how to seize market opportunities has become the law of survival. Judging from the increasingly fierce competition among all parties in the field of DeFi and NFT, the gap is gradually widening.
From the perspective of the development of the DeFi field, in addition to Ethereum, Binance Smart Chain BSC and Polygon are accelerating their market share. The first is the lock-up volume. According to DeBank data, as of September 1, the total lock-up volume of DeFi was 114.1 billion US dollars, and the top three blockchains accounted for 96.1% of the market share. Among them, Ethereum ranked first with a lock-up volume of US$84.1 billion, accounting for 73.7% of the total lock-up volume; Binance Smart Chain BSC followed closely with a lock-up volume of US$20.3 billion, accounting for 17.7% of the total; Polygon ranks third, accounting for 4.7% of the total with $5.4 billion in locked positions. The difference in the amount of locked positions in each chain is mainly due to the development time difference of several years. Although Ethereum is the focus of the current DeFi ecological competition, most of its DeFi protocols with a locked amount of more than 1 billion US dollars have been launched for 2 to 3 years. Years, but the DeFi projects on Binance Smart Chain BSC and Polygon have only been online for less than a year.
Secondly, from the perspective of ecology, while the number of locked positions is all leading, the number of DeFi projects of Ethereum, Binance Smart Chain BSC and Polygon also occupy the vast majority of the market share. According to DappRadar data, as of September 1, there were 254 Ethereum-based DeFi projects, 273 Polygon-based DeFi projects, and 876 Binance Smart Chain BSCs. Although Ethereum has the leading amount of locked positions, its ecological prosperity is far less than that of Binance Smart Chain BSC and Polygon. Among them, the number of DeFi projects of Binance Smart Chain BSC far exceeds the sum of Ethereum and Polygon.
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Source of BSC NFT ecological landscape: BSC
Obviously, if the previous encryption market was Ethereum "going it alone", then under the rapid development of DeFi and NFT, new entrants led by Binance Smart Chain BSC are accelerating the reshaping of the market structure.
GameFi is booming, BSC strives to be the vanguard
From obscurity to hotness, after the vigorous development of DeFi and NFT, GameFi quickly became one of the most eye-catching subdivision tracks in the encryption market. In particular, GemeFi projects such as Axie Infinity have caused a phenomenal upsurge and demonstrated a strong ability to attract money. According to TokenTerminal data, in the past 30 days, Axie Infinity's total revenue reached 340 million US dollars, surpassing traditional popular games such as "Peace Elite" and "Honor of Kings", and also surpassing DeFi agreements such as Uniswap1inch, Aave, and SushiSwap.
In fact, unlike traditional games, GemeFi can not only broaden the application scenarios of game assets through the financialization of games, but also allow players to enjoy the fun of the game, and also allow players to earn real benefits while playing. The strong potential shown by GemeFi has also made various innovative projects spring up like mushrooms after rain, and the market scale is expanding day by day.
DappRadar data shows that as of September 1, the monthly transaction volume in the game field reached 18.44 million US dollars, an increase of more than 2.5 times from the beginning of the year; the number of users reached 1.47 million, an increase of more than 6.3 times from the beginning of the year. Whether it is the transaction volume or the number of users, the game has an absolute advantage in many fields such as DeFi, social networking, and collection. However, in the entire GameFi track, although projects such as Axie Infinity lead the entire market, this field is still in its early stages, and most of the traffic is concentrated on a small number of top projects, which means there is still huge room for development.
From the perspective of the current ecological development, the GameFi market has begun to show a trend of multi-point blooming. Judging from the top ten games by DappRadar’s trading volume in the past 30 days, although Axie Infinity based on Ethereum topped the list, games based on Binance Smart Chain BSC accounted for 70%, dominating the list strongly; from the perspective of the number of users, based on WAX’s Allen Worlds ranked first with 1 million user growth, followed by Binance Smart Chain BSC’s CryptoBlades with 510,000, and far ahead of the third-placed Axie Infinity, and CryptoBlade was launched in just 3 days month time. At the same time, the user growth of the top ten games based on Binance Smart Chain BSC, such as X World Games, MOBOX, My DeFi Pet, and Crypto Zoo, is also impressive.
In addition, BSCProject data shows that as of September 1, the number of games based on Binance Smart Chain BSC has reached 76. Among them, among the top 20 MVBII announced not long ago, there are not a few GameFi projects, including BunnyPark, MOBOX, X World Games, My DeFi Pet and many other popular projects, and these projects have increased by 10% after participating in MVBII times.
In order to further attract the development of GameFi, Binance Smart Chain BSC directly clarified the support plan direction of MVB III as GameFi, and created GameFi explosive products from all aspects of capital and ecological support. Different from following upsurges such as DeFi in the past, this time Binance Smart Chain BSC stands at the forefront of GameFi as a leader.
The daily transaction volume surpassed that of Ethereum. How can BSC, which has been online for one year, break through?
On-chain transaction volume and total addresses are important indicators of ecological activity. With its high sensitivity to DeFi, NFT and GameFi hotspots, various data show that Binance Smart Chain BSC has become one of the forces that cannot be ignored in the rapid development of the ecology, and many indicators have surpassed Ethereum.
Data from the official browsers BscScan and Etherscan show that at the beginning of this year, the daily transaction volume of Binance Smart Chain BSC was only 350,000, while Ethereum led by 2.5 times, with a daily transaction volume of 1.25 million. As of August 31, the daily transaction volume of Binance Smart Chain BSC was as high as 8.17 million, while that of Ethereum was only 1.2 million, the former being 6.8 times that of the latter. Not only that, after nearly 6 years of development, Ethereum ushered in the highest daily transaction volume of 1.71 million, while Binance Smart Chain BSC has reached the highest daily transaction volume of 13.17 million in 312 days since the mainnet was launched, and It is 7.7 times that of Ethereum.
While the number of transactions has grown rapidly, the number of addresses on the chain has also risen sharply. At the beginning of this year, the total address number of Binance Smart Chain BSC was only 650,000, and that of Ethereum was as high as 130 million. As of August 31, the total address of Binance Smart Chain BSC reached 91.87 million, an increase of more than 140 times from the beginning of the year, while that of Ethereum was 167 million, an increase of only 28% from the beginning of the year. Although there is still a gap in the total addresses between the two, in terms of running time, the growth momentum of Binance Smart Chain BSC is far ahead of Ethereum, and has reached the level of Ethereum's development for more than 4 years.
In fact, behind Binance Smart Chain BSC breaking the game and becoming a new rival, it benefits from many advantages. On the whole, the adoption of encrypted assets in the mainstream world is accelerating, including institutions such as Fidelity, Tesla, Paypal and Standard Chartered Bank, etc. Bitcoin, as a legal currency, etc., has further popularized encrypted assets.
In terms of technology, Ethereum, which is still suffering from performance, has given other blockchains a chance to shine. According to browser data, as of September 1, the average block generation time of the Binance Smart Chain BSC network was 3.1 seconds, and the throughput was 88 TPS, while that of Ethereum was 14.28 TPS. Thanks to technical advantages such as low gas fees and high transaction speed, Binance Smart Chain BSC has greatly reduced the learning curve for developers.
As developers are an important force in ecological development, in order to further attract developers, Binance Smart Chain BSC not only held several hackathon activities, focusing on and supporting the NFT and DeFi fields, but also launched a multi-phase developer funding plan BSC Grant , developers from all over the world can submit ecological projects in DeFi, DAO, NFT, wallets and other fields to the blockchain developer platform Hackerlink.io. In addition, Binance Smart Chain BSC also launched Mars Project, Learn&Earn and other activities to give developers more support.
Not only to increase support for developers, Binance Smart Chain BSC also spares no effort in ecological layout. In the US$100 million BSC Ecological Acceleration Program launched, the supported star projects include PancakeSwap, BakerySwap, PancakeSwap, Anyswap, and ApeSwap. And it is with the support of acceleration technology that BscScan's verified smart contracts have grown rapidly from 15 at the beginning of the year to more than 2,000 today. At the same time, the BUIDL Reward Program under the fund rewards qualified projects on the Binance Smart Chain BSC every month. In July this year, about 1.4 million US dollars of rewards were distributed to 56 projects. Not only that, the Most Valuable Builder (MVB) program launched by Binance Smart Chain BSC provides seed funding, marketing, and the opportunity to directly launch on the Binance Innovation Zone for successfully selected projects. Among them, MVB I focuses on the DeFi field, MVB II is NFT, and MVB III, which is currently underway, focuses on the popular concept GameFi, and has hundreds of applicants. The key support for these popular tracks is also one of the important reasons why the Binance Smart Chain BSC ecosystem can overtake in a short period of time.
With the rapid development of ecology, security has also become an important concern. According to the statistics of Coin98, from the beginning of the year to the present, the loss of funds in the DeFi field has reached as high as 657 million U.S. dollars, and the security incidents in the last year alone far exceed those in the whole year of 2020. The successive security incidents on the BSC chain of Binance Smart Chain have also caused it to be questioned by users. In order to further improve the security defense, Binance Smart Chain BSC has also reached cooperation with security companies Peckshield and Certik to provide security services and audits for products, and hold various security seminars. At the same time, Binance Smart Chain BSC also launched a $100,000 bug bounty program jointly with PeckShield, CertiK, and Immunefi to reduce project vulnerability exploitation. In addition, in terms of ensuring the interests of users, Binance Smart Chain BSC also launched the "BNB Anti-Black Hole Plan" in July this year, mainly targeting users who have suffered permanent asset loss due to operational errors during network transfers.
Although it has only been online for one year, Binance Smart Chain BSC has formed a diversified ecology by virtue of its sensitivity to hot spots, its own technical characteristics, ecological support and security guarantees. BSCProject data shows that as of September 1, Binance Smart Chain BSC has 821 projects, covering DeFi, games, NFT, wallets, social networking and tools.
All in all, in the face of more and more intruders who lock in "good themes" and try to catch the "free ride" of traffic, the structure of the encryption market will become more changeable. Judging from the development strategy and experience of Binance Smart Chain BSC in DeFi, NFT and GameFi, it may be of reference to the outside world.
