Binance Smart Chain (BSC) has seen some steady growth in on-chain activity and usage. But what does that mean in terms of numbers? The beauty of a public blockchain is that they are… well, public. You can track the progress yourself.
Are you eager to keep tabs on BSC metrics but don't know where to start? No sweat, we've got the perfect guide on getting started with the BscScan block explorer. This way, you can keep a close eye on the growth of Binance Smart Chain.
You’ll find most of the features discussed in this article on the [Charts and Stats] page you can find by hovering over [Resources] on the toolbar. This includes daily transactions, unique wallet addresses, top tokens, and more. BscScan is also a great tool for looking up the validity of smart contracts and even checking out the latest NFT collections.
We often talk about how public blockchains are permissionless, meaning that anyone with an address can interact with them. But did you know development on blockchains is permissionless too? Anyone with the relevant expertise can deploy their DApp on a blockchain, and there's no one stopping them.
If you're looking to access this on-chain data, a blockchain explorer like BscScan is the easiest way to find everything you need.
What is BscScan?
1. Look up transactions and check their progress.
2. See the latest blocks added to the blockchain.
3. Check the balance of wallets and any transactions they have made.
4. Search for, read, and interact with smart contracts deployed to the blockchain.
5. Research the supply of tokens and other cryptocurrencies.
Why should I use BscScan?
BscScan comes from the trusted development team behind EtherScan, a popular Ethereum block explorer. Beyond its reputation, BscScan can help you navigate the blockchain. With some basic knowledge of how to use it, you can quickly troubleshoot basic problems and queries.
How do I find Binance Smart Chain yield farms?
How do I find the Binance Smart Chain average gas price?
First, hover over [Resources], click [Chart & Stats], and then click [Average Gas Price Chart].
As we've mentioned, BSC has relatively low fees. In BSC, 1 gwei is 10-9 or 0.000000001 BNB. With an average gas price of around 6.5 gwei, sending 10 BNB should cost less than ten cents. In fact, sending ten or even a hundred times that amount still shouldn't cost you more than 20 cents.
From the transaction history, we can see that people have paid higher transaction fees than usual. Some users may have brought their old habits from Ethereum or other blockchains. It's really not necessary. Binance Smart Chain is still far from congested, so if network conditions remain stable, 6.5 gwei should be enough for a simple transaction.
How do I find the Binance Smart Chain unique address count?
So does it mean that if a blockchain has 100 unique addresses, it has 100 unique users? Absolutely not! Anyone can create multiple addresses. But thanks to the magic of cryptography, even if they did, we wouldn't run out of addresses for a long time. And even then, it would be quite tricky to find out if those addresses belong to the same entity.
So we know that anyone can create multiple addresses, and this metric is an overestimation of the number of users. Still, the unique address count can give us a rough idea of the network's growth.
How do I find Binance Smart Chain’s daily transaction amount?
What are the top BEP-20 tokens?
One thing to note here is the token information. Token/contract owners can update their token's information on BscScan to give you more details about the token. If the BscScan team hasn't verified the token contract address, it may not be trustworthy.
Wrapping allows coins and tokens that are not on BSC to be used in the Binance DeFi ecosystem. For example, if you're a LINK holder and want to use your LINK to farm on BSC, it’s easy for you to bridge over with the wrapping technology.
If you'd like to play around with wrapping tokens, check out the Binance Bridge Project. Note that while wrapping a coin is relatively easy, you don't always need to do it. You can simply trade already wrapped tokens without having to worry about the wrapping process yourself.
What are the top ERC-721 tokens?
By default, the list is sorted by the number of transfers in the past 24 hours.
Is BscScan compatible with NFTs?
If we copy its contract address (0x0a8901b0E25DEb55A87524f0cC164E9644020EBA) into BscScan's search bar, we can see a lot of information about the series:
To name a few, we can look at any transfer of NFTs in this series, which wallet addresses hold them, and how many wallets have them. However, you won't be able to see the picture, song, file, or asset attached to the NFT. These aren't stored on the blockchain. The NFT's metadata will usually point to a third-party website or file hosting service where you can inspect the artwork or attached file.
How can I look up Binance Smart Chain validators?
In simple terms, validators are the ones that make sure that BSC keeps going. By staking BNB, they process transactions and confirm new blocks. In return for their service, they earn transaction fees that stem from network activity.
Who can become a validator? Well, basically anyone, but the requirements are relatively high. After all, the security of the network is at stake. If you'd like to read more about how to become a validator on Binance Smart Chain, check out the Binance Chain Docs guide.
How to verify smart contracts on BscScan?
Users of BscScan can enter any contract address to verify it and see if the compiled code is the same as the one running on this blockchain. It’s easy to spot - you’ll see a green tick next to the contract on the toolbar as well as a [Contract Course Code Verified] notice.
Whether you're a DeFi veteran or completely new to yield farming on the BSC network, learning to use BscScan will help you better understand your way around a blockchain. However, keep in mind that the markets are irrational, unpredictable, and prone to periods of extreme volatility. Doing your own research is crucial to success in trading or yield farming. This can include checking whether a token is certified by the BscScan team, whether the contract is open-source and has been audited, and visiting the project's blog or social media accounts to get a deeper insight. Make sure you understand the risks of participating in DeFi before you jump in.