The Binance Smart Chain (BSC) ecosystem is exploding. All indicators suggest that the BSC blockchain usage rate is returning to its peak in July 2021. As a result, BNB, BSC’s native token, has risen.

Source: TradingView

There are three key metrics showing retail investors flocking to Binance Smart Chain, including daily token transfers, daily gas consumed, and active BSC addresses.

First, take a look at the daily token transfer table. It shows the number of token conversions on the Binance Smart Chain per day.

Source: BSCSCAN.COM

In July, when Binance Smart Chain user activity peaked, daily token transfers hovered around 12.5 million.

Today, October 31st, the number of daily token transfers on BSC reaches nearly 15 million, which shows that user demand for BSC has reached a new high.

As the number of token transfers on the Binance Smart Chain increases, so does the amount of BNB that is used as gas.

The amount of gas paid out in BNB per day is over 1,750 billion, slightly less than the 2,000 billion BSC in July.

On BSC, much like Ethereum relies on ETH to cover gas (transaction costs), users pay transaction fees in BNB.

Source: BSCSCAN.COM

So if the total amount of gas consumed at the BSC increases, it will very likely have a positive effect on the value of BNB.

In the past few weeks, the BNB has recovered significantly, rising from around USD 400 to over USD 520 to weekly highs.

Finally, consider the number of active addresses available on Binance Smart Chain.

The number of active addresses on BSC has skyrocketed since the beginning of 2021. In the last two months alone, that number has risen from 1.25 million to almost 2 million.

Source: BSCSCAN.COM

As the price of BNB continues to rise and user activity on BSC increases, there are a few important things to consider.

First, the Binance Launchpool and Launchpad projects will most likely be successful in the coming months.

For example, Coin98, the largest cross-chain wallet with a large user base in Southeast Asia, will trade at a fully diluted valuation of nearly $ 4 billion after launch on Binance.

Second, the DeFi protocols on Binance Smart Chain are expected to get strong in the coming months. According to DappRadar’s Q3 2021 report, DeFi activity on Binance has increased 487% since 2020.

Third, interest in the GameFi sector in BSC has so far exploded as Southeast Asian users continue to fuel the crypto game market.

Synthetic Team, Thailand and the Philippines, the first countries to start the Axie Infinity wave, work mainly with BSC.

In this fourth quarter, DeFi, GameFi and Metaverse projects on Binance Smart Chain can continue to thrive as long as activity and user engagement remain strong.

Resolving network congestion will be critical to ensure that the influx of new users continues to grow the BSC ecosystem.

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Annie

According to Forbes

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