Binance Smart Chain Ecosystem Report – July 2021

Binance Smart Chain Ecosystem Report - July 2021

Disclaimer note: This is a monthly report that the core BSC team will be releasing with the support of its community members and partners to provide insights on the network’s growth, challenges and overall observations. If you want us to include any more information or need specific insights please write to us at [email protected]

TLDR;

  • BSC reached 13,173,787 (13.1M) transactions on July 29, 2021 i.e. 10x of ETH
  • 550K USD in transaction fees was refunded to BSC projects to help grow
  • 780+ projects that have been deployed on BSC

Dear community,

Last month, BSC hit new milestones which wouldn’t have been possible without the support and growth of its community members, underlying projects and the contributing partners. Being a community-driven blockchain, BSC has established itself as one of the leading DeFi ecosystems in less than a year and the credits go to all the projects that have believed in our core vision i.e. fast, secure and cost-efficient transactions pave the way for scalability and mass adoption.

Talking about scalability, we’d like to highlight how BSC reached 13,173,787 (13.1M) transactions on July 29, 2021(10x of ETH). This is a record breaking stat for the cryptospace as no other blockchain has hit it till date except BSC!

Overview of GamingFi – The Big Bang Of NFT

In July, BSC  volume was mostly contributed by upcoming GamingFi projects such as CryptoBlades, MyDeFiPet, MOBOX, XworldGame, BunnyPark and more. Interestingly, 6 out of the top 10 most contributing projects in the BSC ecosystem were also winners from the Most Valuable Builder Program II: Big bang of NFTs. The top 20 projects of the MVB II program delivered a total of 500K+ active addresses with 83M in transaction volume from May to July 2021.

Data source: Dappradar

Regional Growth

Our core team analysed data from multiple sources and observed that the GamingFi projects contributed significantly towards BSC’s growth and had a large following from regions like Philippines, Thailand, Vietnam, Indonesia, Brazil, France and Russia.

On the DeFi side; lending, AMMs, and yield aggregating projects on BSC observed traffic from Argentina, Ukraine, India, the UN and more.

(The above observations are made from data aggregated from Coinmarketcap, DappRadar, Coingecko, , SimilarWeb and more. This above mentioned data is for informational purposes only.)

Ecosystem Growth

In July, we welcomed established projects such as MyEtherWallet, Immunefi, Gala Games, Cream Finance, ImToken and Infstones to the BSC family along with the 780+ projects that have been deployed on BSC. These project integrations have made the entrance into BSC’s DeFi ecosystem as seamless as it can be. The core team plans on introducing more efficient user friendly tools, cross-chain bridges and protocol interoperability to the overall ecosystem making DeFi accessible, secure, fast and low-cost for everyone!

Events and Updates

At BSC we’ve always addressed the elephant in the room, with all the exploits happening with the users we prioritized security awareness and launched Priority ONE – a $10M fund aimed to safeguard the interests of BSC users. This will continually improve the security standards of protocols by providing them with advanced risk management controls and proactive penetration testing to identify vulnerabilities at an early stage.

In addition to this, we wrapped up the 3 month long MVB II program where Alpaca Finance, ApeSwap, BiSwap, BunnyPark, Crypto Blades, Faraland, MOBOX, My DeFi Pet, StreamingFast and X World Games won the toss with a $10,000 prize and incubation opportunities.  

We’re observing and closely following the Olympic campaign themed trends and absolutely love how Betfury, Dego Finance, CryptoTycoon and more projects are working around this.

Last month we also had to decommission BSC’s Gnosis version since the Gnosis Safe team  launched the mainnet support on Binance Smart Chain (BSC).

Along with this, BNB Pioneer burn for Q2 2021 was implemented wherein we help users get their funds back that get lost under honest mistakes. Approximately 5M USD worth of BNBs have been distributed under this program.

Last but not least, we also distributed $550K under our BUIDL rewards program covered under the $100M fund set up by Binance to nourish the BSC ecosystem. Under the program,  eligible projects receive refunds for their transaction fees; this helps them to minimize their operating expenses and allows them to spend the funds on protocol development.

Community

BSC communities are growing slowly and steadily. We’re observing 10%+ MoM growth in our Telegram, Twitter and Discord communities. By launching the Martian program in May; 10+ community members over the globe have joined us and are soon launching their respective regional communities. Here’s a quick list of our regional BSC communities, please join it accordingly:-

We also launched Learn and Earn campaigns which received an overwhelming response from the community. We’re conducting regional workshops in Brazil, Vietnam and more. Do let us know if you’d like for us to have BSC workshops in your region or if you want to volunteer to start a BSC community in your region. Registrations for the Martians program are still open!  

Tech Update

To improve the performance of nodes and achieve faster block times, we recommended specifications to our validators and node operators as we climbed a new peak together!  

What’s next?

BSC is continuously improving and evolving even as we speak. Below are the few things we’ll be doing in the coming month to build BSC for the masses.

Resolve Storage Bottleneck

  1. Periodic self-clean to drop unused old state data in order to maintain a light snapshot;
  2. Improve storage layout, storage should take < 25% of total computing time for applying/proposing blocks.

Light Node support Archive API

Support light archive mode. A light archive node only stores the state of the recent N blocks. Users do not need to run a giant archive node if they do not care about the stale state.

Light Node with Write Stream

If users only want to run a node to submit transactions and query data, their nodes do not need to run full EVM, but only apply the final persisted storage change which will dramatically reduce the hardware requirement for running a full node.

Concurrent Execution of EVM

The transactions within one block can be executed concurrently while keeping the execution result exactly the same as serial execution.

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If you have a suggestion or want to propose some improvements, please visit our Github. To report bugs, visit here.

July was great, let’s see what August has in store for us!

Sincerely,

BSC Core Team