Decoding BNB Chain's dApp ecosystem: 2023 is a report that explores the landscape of BNB Chain and the dApps in depth across multiple parts for the first half of 2023. In part 1, we take a brief look at important insights including the number of dApps on BNB Chain, the active address and daily transactions, the average transaction fee, the increase of verified smart contracts, unique addresses on BNB Chain versus unique addresses of other chains, and popular dApp categories.
Key Insights and Metrics
- Over 2100 dApps launched, migrated to or listed on BNB Chain.
- Over 1.3 million average daily active addresses made over 4 million average daily transactions. Each active address conducts 3 transactions on average.
- The top 3 chains account for over 85% of all the unique addresses in Web3.
- The average transaction fee on BNB Chain decreased by 23.8% from 0.00084 BNB in Q1 2022 to 0.00064 BNB in Q1 2023.
- BNB Chain reported an increase in the market share of verified smart contracts rising from 38% to 46.5% between Q1 and Q2 2023.
+2100 dApps on BNB Chain
DappBay, the dApp gateway to BNB Chain, has listed over 2100 BNB Chain dApps across multiple Web3 categories. BNB Chain dApps represent 36% of all listed dApps in the Web3 industry.
According to the state of BNB Chain Q1 2023 by Messari, BNB Chain’s market capitalization increased by 24.9% QoQ, the number of validators increased by 10.7% while revenue in transaction fees for BNB Chain declined by 11.7%.
Active Addresses and Daily Transactions
Users interact with dApps in several ways. For example, a user needs to interact with a dApp to trade crypto, mint an NFT, play a Web3 game, or create a domain. Think of users in terms of active addresses and their activity in daily transactions.
The number of average active daily addresses indicates the daily number of unique addresses active on the BNB Chain network either sending or receiving a transaction. According to BscScan, BNB Chain averaged between 889K and 1.3 million average active daily addresses from Q2 2022 to Q2 2023. The number of average active daily addresses reached its highest point of 1.3M daily addresses in June 2023 representing a 27% increase in daily addresses over the previous quarter.
The number of average daily transactions indicates the total number of transactions on the BNB Chain blockchain every day. According to BscScan, over 1.3 million average daily active addresses made over 4 million average daily transactions on BNB Chain by the end of Q2 2023. Between Q1 and Q2 2023, BNB Chain recorded an increase of over 800K average daily transactions representing a 24.4% increase over the previous quarter.
A correlation, or mutual relationship exists between the number of average active daily addresses and average daily transactions on BNB Chain. Each active address conducts 3 transactions on average.
Unique Addresses vs Other Chains
Unique addresses are the total number of wallet addresses that belong to unique users on a chain. BNB Chain recorded the highest overall unique addresses versus the number of unique addresses on other chains.
According to TK Research, the top 3 chains account for over 85% of all the unique addresses in Web3. BNB Chain recorded over 336 million unique addresses, Polygon recorded over 284 million, and Ethereum recorded over 233 million by the end of Q2 2023. The next 3 chains including Fantom, Arbitrum, and Optimism recorded over 81.6 million transactions combined.
Unique Active Wallets by dApp
Unique Active Wallets measure how many unique wallets interact with a dApp. According to BSCDaily based on data from DappBay, the leading UAW or unique active wallets were contributed by 35 major dApps including PancakeSwap, Gameta, Galxe, Trust Wallet, ChainGPT, SecondLive, Stargate, Playbux, and more.
Average Transaction Fee
The average transaction fee is the average cost of making a transaction on BNB Chain measured in BNB. The average transaction fee on BNB Chain is on a downward trend with the average transaction fee decreasing from 2022 to Q2 2023.
(Source: BscScan)
The average transaction fee on BNB Chain decreased by 23.8% from 0.00084 BNB in Q1 2022 to 0.00064 BNB in Q1 2023. A lower average transaction fee meant more users could make transactions on BNB Chain (a feature especially useful for traders, gamers, and dApps that require multiple contract interactions). opBNB, a low-cost and high-performance Layer-2 solution brings the average transaction fee down even further to between 0.000024 BNB ($0.005) and 0.000048 BNB $0.01.
Verified Smart Contracts
Verified smart contracts are smart contracts with the source code proved and published by developers. The overall Web3 industry saw a growth in the number of verified smart contracts in Q2 2023. BNB Chain reported an increase in the market share of verified smart contracts rising from 38% to 46.5% between Q1 and Q2 2023. A growth in verified smart contracts can be a directional proxy for new dApps launched on a chain.
According to the same report, BNB Chain registered an average market share of 46.5% of all verified smart contracts followed by Ethereum with 31.3%, Polygon with 12%, Fantom with 1.4%, Avalanche with 2.7%, Arbitrum with 4.5%, and Optimism with 1.5%. The rise in verified smart contracts across the industry indicates a diverse blockchain ecosystem, a shift in developer preferences, maturing L-2 solutions, an emphasis on security and trust, increased interoperability, and the resilience of blockchain technology despite the market downturn.
dApp Categories
Taking a look at the dApp landscape on BNB Chain, developers focus on developing dApps within key categories or sectors and sub-sectors of dApps. The most popular categories of dApps include MetaFi, DeFi, Infrastructure, and Tools.
The sub-categories of dApps represent the different trends over the past year that have resulted in the demand for certain dApp sub-categories from Web3 users. Some of the most popular subcategories of dApps include xx-to-earn, fantasy sports, fan tokens, synthetic assets, block explorer, analytics, name services, oracles, and APIs.
Enjoyed reading this? Then stay tuned for part two next week. Decoding BNB Chain's dApp Ecosystem: 2023 part 2 explores the top dApps by TVL, the most used BNB Chain dApps, dApps by revenue and earnings, dApp dominance, and project landscape by category.
This report was developed by DappBay and TK Research.
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Disclaimer: DappBay is an open platform for all developers building on BNB Chain to display their projects. Description and information on Dapps listed on DappBay are directly provided by the developers of the respective project. Projects featured on DappBay are not recommended, vetted or endorsed by BNB Chain Labs, BNB Foundation or any other affiliated entity. Do your own research - you are solely responsible for your investment decisions and your use of any project featured on DappBay is at your own risk. The material available in DappBay should not be construed as financial advice.