- The Binance Smart Chain led the rest in unique active wallets in Q2, averaging 421k
- Dapps on the Binance Smart Chain continue to grow, hitting 1,464 by the end of Q2
- PancakeSwap is the top protocol on the Binance Smart Chain driving 28% of BSC’s total value locked
- PancakeSwap is also the most used Dapp across all blockchains
- Gaming and NFTs are slowly gaining traction on the Binance Smart Chain
The Binance Smart Chain continues to assert its dominance in the blockchain and DeFi industries, becoming the most used network in the second quarter of 2021. This is according to a report by DappRadar that also pointed out that the Binance Smart Chain had the highest number of unique active wallets in Q2 at 421,854. This number of unique active users was 400% higher than the Q1, 2021.
The impressive amount of unique active wallets on the Binance Smart Chain in Q2 was highlighted in the following chart (yellow) alongside those of Ethereum and Polygon.
Number of DApps on the Binance Smart Chain Hit a New Peak of 1,464
Additionally, Dapps on the Binance Smart Chain have also grown at an impressive rate, hitting a new peak of 1,464 at the end of the last quarter.
PancakeSwap is Binance Smart Chain’s ‘Golden Goose’
The report by DappRadar went on to point out that PancakeSwap on the Binance Smart Chain was the most used Dapp on all blockchains in Q2, with over 5 million active wallets and $1 Trillion in total trade volume.
Furthermore, the total value locked on PancakeSwap (CAKE) made up 28% of what is locked on the Binance Smart Chain at roughly $7 Billion. PancakeSwap also grew in Q2 to the point of competing with major Ethereum protocols such as Uniswap and Compound as highlighted in the following chart.
Gaming and NFTs Are Becoming Popular on the Binance Smart Chain
With respect to areas of potential growth on the Binance Smart Chain, the report by DappRadar highlighted gaming and NFTs as industries to watch on the BSC. Their exact statement on the growth of the two industries on the Binance Smart Chain can be found below.
It is true that the DeFi space dominates the scene in BSC; however, NFT and games are slowly gaining relevance within the network. For instance, NFTs and corresponding marketplaces generated $123 million in Q2, a 993% increase from the previous quarter.
On top of that, Binance launched the Featured by Binance NFT Marketplace on June 24, adding another important layer in the already massive ecosystem. Taking advantage of low transaction fees and fast processing times, the marketplace aims to replicate Binance DeFi success with another solid option.