Key Points

• BscScan is a blockchain explorer that makes it easy for users to track transactions, check wallet balances, and interact with smart contracts on the BNB Smart Chain (BSC).

• BscScan also offers various features such as monitoring gas prices, tracking BEP-20 tokens, and checking the number of unique addresses.

• These metrics can help users measure network activity, identify network congestion, and assess token performance which can be very useful for investors, traders, and blockchain developers.

Introduction

We often talk about public blockchains being permissionless, meaning that anyone with an address can interact with them. However, did you know that blockchain development is also permissionless? Anyone with the relevant expertise can deploy their DApp on a blockchain and no one can stop them.

This fact has resulted in a high pace of development in the field of Decentralized Finance (DeFi). BNB Smart Chain (BSC) is still a young blockchain, but it has already seen impressive growth. How impressive is that growth? There is a lot of on-chain data publicly available, making it easy for traders and investors to check network activity.

If you want to access this on-chain data, then a block finder like BscScan is the easiest way to find everything you need.

What is BscScan?

BscScan is a blockchain explorer developed by the same team as Etherscan. In addition to offering an analytical platform for BNB Smart Chain, BscScan also has many other interesting features. BscScan can be a great source of information if you want to monitor DeFi projects built on BSC.

You can also use BscScan to:

1. Search for transactions and check their progress.

2. View the latest blocks added to the blockchain.

3. Check the wallet balance and every transaction that has been made.

4. Search, read, and interact with smart contracts implemented on the blockchain.

5. Research the supply of tokens and other cryptocurrencies.

All of this information is available without having to log in and is completely free. A blockchain explorer displays it all in a simple and easy to navigate manner.

Why Should I Use BscScan?

BscScan comes from the trusted development team behind EtherScan, a popular Ethereum block explorer. Despite its reputation, BscScan can help you navigate the blockchain landscape. With some basic knowledge of how to use it, you can solve basic problems and queries quickly.

For example, knowing how to search for smart contracts on BscScan is a useful skill for anyone using a DApp. You can find out whether a smart contract is verified and even interact with it directly through BscScan (which can be useful when the DApp API is down). However, on-chain information goes beyond just checking smart contracts and basic transactions.

For example, you can set up whale alerts to monitor large transactions. In some cases, a large amount of crypto being moved to an exchange can signal that a sale is imminent. You can even track the wallets of DeFi protocol founders to see if they are moving tokens. Let’s dive into some of the most commonly used tools and metrics that can be viewed using BscScan.

How to Find BNB Smart Chain Average Gas Fee?

First, hover over [Resources], click [Chart & Stats], and then click [Average Gas Price Chart].

You will now see a graph of the average gas price which is used to calculate the gas fees paid by users for BSC transactions.

As we mentioned, BSC has relatively low fees. On BSC, 1 gwei is equal to 0.000000001 BNB. With an average gas price of around 3.5 gwei, the cost of sending 10 BNB would not be more than ten cents. In fact, the cost of sending ten or even a hundred times that amount would not be more than 20 cents.

From the transaction history, we can see that people have been paying higher transaction fees than usual. Some users may have resumed their habits from Ethereum or other blockchains. This is not necessary. BNB Smart Chain is far from congested, so if the network conditions remain stable, 3.5 gwei will be enough for a simple transaction.

How to Find the Number of Unique BNB Smart Chain Addresses?

The BscScan unique address count is a great metric to use if you want to estimate how many users a network has. You can find the unique address count by hovering over [Resources], then clicking [Chart & Stats]. Next, click [Unique Addresses Chart].

If a blockchain has 100 unique addresses, does that mean there are 100 unique users? Of course not! Anyone can create multiple addresses. However, thanks to cryptography, we won’t run out of addresses for a long time even if they do. And even then, it would be pretty hard to tell if they belong to the same entity.

We now know that anyone can create multiple addresses and this metric is an overestimate of the number of users. However, the number of unique addresses can provide an estimate of the growth of the network.

How to Find BNB Smart Chain Daily Transaction Amount?

This chart shows the total number of transactions on the BNB Smart Chain on a given day. This chart is available in the [Charts & Stats] section.

While some smart contracts require more transactions than others to execute, this graph can still provide insight into network activity and potential congestion. It is also a good sign of a healthy network.

What Are The Top BEP-20 Tokens?

The Token Tracker page allows you to track the top BEP-20 tokens by market cap or daily trading volume. This page will give you an overview of the tokens with the highest cumulative value on the BSC blockchain along with the highest trading volume.

One thing to note here is the token information. Token/contract owners can update their token information on BscScan to provide more details about the token. If the BscScan team has not verified the token contract address, then the information may not be trusted.

You will see a lot of wrapped tokens on this page. These are tokenized versions of coins or tokens that belong to other blockchains. Binance-Peg ETH is one example.

This means you can buy, sell, and trade the BSC version of ETH without having to move BSC funds to the Ethereum blockchain. In other words, wrapped ETH on BSC is a tokenized version of the original ETH that resides on the Ethereum blockchain.

Is BscScan Compatible with NFT?

Just like other digital assets available on BSC, you can quickly search for each NFT and its smart contract. BEP-721 and BEP-1155 tokens are the most common BSC standards for NFTs. Let’s look at a quick example. Here’s a PancakeSwap NFT from the Pancake Squad collection:

If we copy the contract address (0x0a8901b0E25DEb55A87524f0cC164E9644020EBA) into the BscScan search bar, we can find the contract creator and its token tracker.

If we click on the Token Tracker link, we can check the total supply, number of holders, and total transfers. We can also use the tabs below to dive deeper into each of these metrics and other details, such as inventory and contract source code.

How to Find BNB Smart Chain Validators?

In simple terms, validators are the ones who ensure that BSC continues to run. By staking BNB, they process transactions and confirm new blocks. In return for their services, they earn transaction fees derived from network activity.

BNB Smart Chain relies on a consensus mechanism called Proof of Staked Authority (PoSA). This consensus model can support short block times and low fees. You can check the top validators on BNB Smart Chain in the Validators Leaderboard under the [Validators] tab.

Who can become a validator? Basically, anyone. However, the requirements are relatively high. After all, the security of the network is at stake. If you want to read more about how to become a validator on BNB Smart Chain, read the official BNB Chain Documentation.

How to Verify Smart Contract on BscScan?

BscScan users can enter any contract address to verify it and see if the compiled code is the same as the one running on the blockchain. This is easy to tell - you will see a green checkmark next to the contract in the toolbar along with a [Contract Course Code Verified] notification.

Allowing users to independently audit and verify the code is a valuable feature, as it contributes to the overall transparency of the BNB Smart Chain ecosystem. You can also interact with the smart contract directly by connecting a crypto wallet like MetaMask.

Cover

Whether you’re a DeFi veteran or new to the BSC network, learning how to use BscScan will help you better understand how to navigate a blockchain. However, remember that the market is unpredictable and prone to periods of extreme volatility. Doing your own research is essential to successful trading. This can include checking whether the token is certified by the BscScan team, whether the contract is open-source and audited, and visiting the project’s blog or social media accounts for deeper insights. Make sure you understand the risks of participating in DeFi before you do.

Further Reading

• Introduction to BNB Smart Chain (BSC)

• What is BNB Chain?

• What Is Etherscan and How to Use It?

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