The Binance Smart Chain (BSC) has grown rapidly since its launch in May 2020.
In Q2, 2021 analysis from crypto research firm DappRadar, we can see that BSC took advantage of the scalability issues with Ethereum to become the dominant chain.
Here are its numbers when looking at the most important yardsticks on the chain.
- Unique Active Wallets
BSC has the most unique active wallets (UAW) at 421,854 daily during Q2, 2021. This is an increase of 409% from the previous quarter. On May 12, 2021, the platform achieved 1.02 million UAWs.
PancakeSwap has 5 million unique wallets and handled $1 trillion in volume, making it the most-used dApp in all blockchains in the quarter.
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- Sales
In Q2, 2021, BSC generated $7.29 billion in sales. This is a 134% increase in sale volume from the previous quarter.
- Total Value Locked (TVL)
Total Value Locked (TVL), the assets that are secured across applications on the chain, grew by 28.9%. The main driver was the decentralized exchange (DEX) platform, PancakeSwap.
PanCakeSwap surpassed more than $7 billion in TVL, increasing by 38% from Q1. PancakeSwap’s TVL is higher than major Ethereum DEX’s Uniswap, Compound, and MakerDAO.
PancakeSwap’s numbers account for 28% of the TVL on the chain. Other decentralized finance (DeFi) platforms on BSC are also starting to carry their weight.
AutoFarm, the automated yield farming DEX aggregator, has become the second most used dApp on BSC by generating the most revenue after PanCakeSwap.
With attractive pool pairs that enable auto-farming, the dApp is attracting more users recently. In June 2021 alone, AutoFarm attracted, on average, 20, 800 daily unique wallets, a 252.8% increase month-over-month and a 395.7% growth quarter-over-quarter.
BakerySwap, the combined AMM (Automated Market Maker) and NFT Marketplace platform, had collectibles selling as high as $458, 000 in June 2021 alone.
- NFTs
Mobox, a gaming platform that rewards users for engagement, had more than 22, 600 unique users in June 2021, and currently holds more than $100 million in TVL.
Although NFTs have much smaller volumes compared to DeFi on BSC, marketplace activity also increased in Q2, 2021. NFTs and their marketplaces on the chain generated $123 million in the quarter, which represents a 993% growth from the previous quarter.
As the quarter was coming to a close, Binance launched a decentralized marketplace called “Featured by Binance” on June 24 2021.
As the Binance network continues to face challenges from authorities, the success in Q2, 2021, showcases the potential the platform still has.
Besides PancakeSwap, other projects are also growing now, including new projects like Biswap and Rabbit Finance, a cross-chain lending protocol that generated an impressive $2.4 billion in volume in June 2021 alone and having surpassed $1 billion in TVL at the time of this writing.
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RECOMMENDED READING: NFT Marketplaces are Booming: 5 Reasons Why NFTs Seem Exciting and Keep Growing Strong
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