Key points

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

• BscScan also allows you to view gas price, BEP-20 tokens and the number of unique addresses.

• BscScan metrics are useful for investors, traders and developers to study network activity, identify congestion and evaluate the success of tokens.

Introduction

We often talk about public blockchains being public, meaning they are open to anyone with an address. But did you know that blockchain development is also public? Anyone with the right skills can deploy their DApp on a blockchain.

This capability enables the rapid development of decentralized finance (DeFi). Let’s say you’re interested in BNB Smart Chain (BSC), a young blockchain with impressive growth rates. But how impressive? To assess the activity on the network, it’s enough to study the publicly available data.

The easiest way to get network data is with a block explorer such as BscScan.

What is BscScan

BscScan is a block explorer developed by the same team behind Etherscan. It is an analytics platform for the BNB Smart Chain network, which also has many other useful features. BscScan contains data for tracking DeFi projects on BSC.

You can also use BscScan to:

1. search for transactions and check their status;

2. view the latest blocks added to the chain;

3. checking the balance of wallets and any completed transactions;

4. searching, reading and interacting with smart contracts deployed on the blockchain;

5. studying the supply of tokens and other cryptocurrencies.

All this information is available without registration and is provided absolutely free of charge. The blockchain explorer displays all the necessary data in a convenient form.

Why do you need BscScan?

BscScan is a block explorer developed by the same team as Etherscan, a popular Ethereum block explorer. It is designed to quickly obtain data on blockchain activity. Even basic knowledge of BscScan is enough to learn how to quickly solve basic tasks.

For example, it is useful for all DApp users to know how to find a smart contract in BscScan. With BscScan, you can see whether smart contracts are verified or not, and even interact with them directly (useful if the DApp API is down). However, the information on the network is not limited to verifying smart contracts and underlying transactions.

For example, you can set up whale alerts to track large transactions. In some cases, a large influx of cryptocurrencies into an exchange may mean that a sale is approaching. You can even see the wallets of DeFi protocol founders to track their asset movements. Let's talk about the most commonly used tools and metrics that can be found using BscScan.

How to find out the average gas price on BNB Smart Chain

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

The average gas price chart is used to calculate the gas price for transactions on BSC.

BSC fees are relatively low: 1 gwei equals 0.000000001 BNB. With an average gas price of around 3.5 gwei, sending 100 BNB would cost less than ten cents. So sending ten or even a hundred times that amount would cost no more than 30 cents.

From the transaction history, we can see that people were paying higher fees than usual. Some users may have carried over old habits from Ethereum or other blockchains. However, overpaying is not necessary. The BNB Smart Chain network is far from being overloaded: as long as its state remains stable, 3.5 gwei will be enough for a simple transaction.

How to Determine the Number of Unique Addresses on the BNB Smart Chain

The number of unique addresses in BscScans allows you to estimate the number of users on the network. To find out the number of unique addresses, hover over Resources and click Chart & Stats. Then select Unique Addresses Chart.

Let's say there are 100 unique addresses in a blockchain. Does that mean there are 100 users? Not at all! Any user can create multiple addresses, but due to the specifics of cryptography, we won't have a shortage of addresses for a long time. In addition, it is quite problematic to find out whether a specific address belongs to the same owner.

So, we know that anyone can create multiple addresses, so their number only gives an idea of ​​the maximum possible number of blockchain users. However, the number of unique addresses allows us to estimate the rate of development of the network.

How to find out the daily number of transactions on BNB Smart Chain

The graph shows the total number of transactions on the BNB Smart Chain for a given day. This graph is available in the Charts & Stats section.

While some smart contracts require more transactions to run, this chart can still give you an idea of ​​how active the network is and whether it is congested. It is also a good sign of a healthy network.

Most Popular BEP-20 Tokens

The Token Tracker page allows you to track the most popular BEP-20 tokens by market cap or daily transaction volume. This gives you an idea of ​​the tokens with the highest total value on the BSC blockchain, as well as the highest trading volumes.

It is important to understand that token/contract owners can update information in BscScan to provide more detailed information about the token. And if the BscScan team has not verified the token contract address, it may not be reliable.

This page contains a lot of wrapped tokens. This is a tokenized version of a coin or token from another blockchain. An example is Binance-Peg ETH.

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

Is BscScan compatible with NFT

You can find individual NFTs and their smart contracts as quickly as any other digital asset on BSC. The most common NFT standards on BSC are BEP-721 and BEP-1155. Let's take the PancakeSwap NFT from the Pancake Squad collection as an example:

If we copy its contract address (0x0a8901b0E25DEb55A87524f0cC164E9644020EBA) into the BscScan search bar, we will see the Contract Creator and Token Tracker.

Clicking on the Token Tracker link will display the total supply, number of holders, and total number of transfers. The tabs below will give you more detail on these metrics and other details such as supply and contract source code.

How to View Validators on BNB Smart Chain

Validators are users who keep the network running. By staking BNB, they process transactions and confirm new blocks. In exchange for their services, they receive transaction fees provided by network activity.

BNB Smart Chain uses the Proof of Staked Authority (PoSA) consensus model, which ensures short block times and low fees. You can check the top validators on BNB Smart Chain in the validator leaderboard under the Validators tab.

Any user who meets the necessary requirements can become a validator, and they are quite high. After all, the security of the network is at stake. To learn how to become a validator of the BNB Smart Network, read the official documents.

How to verify smart contracts in BscScan

BscScan users can enter a contract address to verify it and see if the compiled code matches the code on the blockchain. This is easy to spot: you will see a green check mark next to the contract in the dashboard, as well as a Contract Source Code Verified notification.

Users can audit and verify the code themselves, which ensures the transparency of the BNB Smart Chain ecosystem. You can also interact with smart contracts directly by connecting a crypto wallet such as MetaMask.

In conclusion

For both experienced and new BSC network users, it is useful to familiarize yourself with the BscScan framework to better understand how to work with the blockchain. However, remember that markets are unpredictable and subject to periods of extreme volatility. To be successful in trading, it is important to do your own research. For example, check the token certification by the BscScan team, find out if the contract is open and audited, and check the project blog or social media accounts. Before you get started, make sure you understand the risks of participating in DeFi.

Recommended reading

• Introduction to BNB Smart Chain (BSC)

• What is BNB Chain

• What is Etherscan and how does it work?

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