Cryptocurrency analyst, Christian Ott, recently published an article on his blog regarding statistics of transactions and assets on Binance Chain, the blockchain developed by cryptocurrency exchange giant, Binance.
In his analysis, Ott found that the number of transactions on the chain grew from 3.2 million in Q2 of 2019 to 20.7 million in the following quarter. Q4 saw an additional 15% increase to a total of 23.7 million transactions.
According to Ott, the 9-month old Binance Chain was able to facilitate this many transactions through its ‘on-chain orders,’ wherein any placed or cancelled order on Binance’s decentralized exchange, Binance DEX, gets logged as a transaction.
He also pointed out that 95% of all transactions on Binance Chain in 2019 were on-chain orders. 63% of them were place orders, 32% of them cancel orders, and just 5% of the total 47.5 million transactions in 2019 were transfer transactions.
Ott also looked into the number of assets issued on the blockchain, a figure which grew from just seven assets at inception to 172 by the end of 2019. The cryptocurrency analyst noted, however, that some of these assets were burnt completely and don’t appear in the explorer under the list of assets anymore.
“That’s possible due to Binance Chain’s native “burn” transaction type, which has already been used 60 times by different coins and tokens in 2019.”
Further, Ott mentioned that the number of assets listed on the chain correlated with listings on Binance DEX. However, not all issued assets were listed on the DEX.
Using a $100 minimum balance condition, he found that RUNE had the most number of addresses on Binance Chain, with over 1056 addresses. Second was CAS with 894 addresses and third was BOLT with 787 addresses. While the Binance Chain explorer doesn’t display more than 1500 addresses in a rich list per asset, Ott’s past analysis showed over 10,000 addresses holding BNB worth more than $100.
Another interesting analysis Ott conducted was checking the assets which caused the most transactions on the chain (excluding cancel orders and BNB transactions). He found that 16% of all transactions, 5.2 million transactions on Binance Chain were from DEFI transfers, followed by UND and USDSB, accounting for 1.37 and 1.28 million transactions, respectively. As an interesting side note, he added,
“The top assets by transaction type differ completely from the top assets by addresses with a balance over 100 USD per asset.”
