The launch of Binance Smart Chain has not gone by unnoticed. This is evident when looking at the current growth for unique addresses. Ensuring this growth remains at this level, or accelerates further, will be the key challenge.
Binance Smart Chain Unique Address Growth
Every unique address registered on a blockchain can represent a new user, new project, or simply a new wallet. In the case of Binance Smart Chain, there has been plenty of growth over the past few days. Its mainnet has only launched a little while ago, yet it seems there is ample interest in this blockchain running in parallel to Binance Chain. For those unaware, the Smart Chain is designed to support smart contracts and BNB staking.
For a project that has launched three weeks ago, the initial growth appears promising. There are nearly 80,000 unique Binance Smart Chain addresses to date. It is difficult to determine what these pertain to exactly, but there are plenty of projects operating on this new layer. Additionally, there is some notable growth in the number of daily transactions, which is a healthy sign overall.
With nearly 80,000 unique addresses, it appears the projects building on this blockchain are seeing some success. So far, there are several DeFi and DEX solutions being explored. These should generate a lot of transactions during their lifetime. It is also a good test to see how well smart contracts on Binance Smart Chain hold up.
Looking at the unique address growth in detail, interesting aspects become apparent. The number of unique addresses on Binance Smart Chain has more than doubled since September 26th. Furthermore, the daily increase in unique addresses is accelerating. In the past 24 hours, over 6,030 addresses were added. It is not the biggest increase, as that was recorded on October 2nd with 6,524 addresses.
Network Utilization Remains low
Given the overall Binance Smart chain ecosystem growth, one would expect the network resources to be used more intensively. That is not the case just yet, although one small peak has been recorded to date. On September 14th, 5.19% of the BSC network was used, leaving plenty of room for future growth and adoption.
The bigger question is what will occur to increase this network utilization ratio. After all, there are plenty of things developers can build on this blockchain. Building projects is one thing, but ensuring people sue them is something else entirely. Due to all of the competition in DeFi, DEXes, and smart contracts, the coming months may prove to be rather interesting.