Binance remains the most widely used exchange worldwide, despite recent events. BSC integration with the Binance Exchange and other exchanges makes it the most utilized chain for on and off ramping.
Now, let’s take a closer look at the on-chain stats:
BSC is the second most popular platform for stable coin transactions, mainly used in developing countries.
Despite its high on-chain trading volumes, placing it in the top 5, BSC has a negligible NFT trading volume.
BSC’s market cap of 5B puts it in third place for on-chain stable coins. It also ranks third in terms of active users.
The average gas fee on BSC is around $0.045, which is higher than most layer2s.
On-chain DeFi is primarily concentrated within the following DApps:
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PancakeSwap, the leading Dex, makes up more than 90% of the total volume.
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Venus is the top lending platform, with over 90% of the Total Value Locked (TVL) in its category.
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Binance staked ETH is the leader in liquid staking.
Long term trends:
Since July 2022, the Total Value Locked (TVL) has remained steady.
The market cap for stable coins has been on a decline since the beginning of 2023.
Trading volumes experienced a surge starting from early 2024.
Final thoughts: The growth of BSC’s on-chain activity has been slower compared to other chains, the future activity growth remains uncertain. However, one cannot overlook the network effects it holds.
This article is part of a series created to understand where Chains Fit.