BNB Chain is the No.2 smartcontract blockchain platform, following Ethereum. It has a thriving ecosystem hosting thousand dapps of DeFi, NFT, gamefi and socialfi. This case studies investigate reputation scores and user segmentation of top dapps on BNB Chain. Pancake Swap, the No.1 DEX on BNB Chain, has reputation score on the top, and a very high proportion of UAWs in the highest partition (~0.004%, compared to Lifeform: Cartoon with ~0.00003%) results in high average RS per UAW ( ~0.14). Stargate also has a high average (~0.14) and a large number of UAWs in the highest partition (0.003%). NFT projects Lifeform: Cartoon Factory have high RS (12K+) and UAWs (3M+) with most of the users lie on Medium partition (57%). SociaFi project Hooked and Cyber connect have higher reputation (6K+ scores) and most of the users lie on Medium partitions also.
BNB Chain Global Reputation Score: Overview
Invented by Octan Labs, Reputation Score (RS) is a metric to measure the trustworthiness and reliability of an account within a group of users, under certain criteria. The higher the Reputation Score, the more important the account is. RS captures Web3 user activities and behaviors via on-chain records: transactions, contract interactions, transactional volume, and gas spent; providing a universal, comparative, and quantitative measurement of the reputation of accounts within communities and the entire space. By analyzing graphs of transactions recorded on chains, Octan RRS employs sophisticated ranking algorithms to calculate the reputation scores of accounts (both contracts and individual wallets – EOAs), making it a highly valuable metric for measuring and tracking social insights in the dynamic and rapidly evolving Web3 ecosystems.
Before investigating the reputation of the most popular dapps, we have an overview about the reputation score of entities on BNB Chain Ecosystem. It is worth comparing and highlighting the importance of the dapps in the next section. Readers can find more in the full Octan comprehensive reputation report on BNB Chain. The analysis covered a block range spanning from 24,500,001 ((Jan-04-2023) to 29,400,000 (Jun-25-2023), with a total 1,000,000 reputation points distributed over 103M+ computed addresses on BNB Chain.
Regarding the non-zero EOAs (i.e. unique active wallets – UAWs) group, we divide into six partitions based on ranges of reputation scores. This is to segment and compare user quality of contracts, dapps and protocols. Highest partition is featured by a few hot wallets of the top centralized exchanges, hence, has super high reputation scores. The very high partition also contains a lot of centralized exchanges’ hot wallets and custody wallets of financial institutions. Most wallets fall in Medium and Low ranges. Lowest partition contains wallets with few transactions and being less active.
Average reputation Score and onchain statistics per partition
Global Reputation Score Analysis: Contract Group
In this section, we uncover an in-depth analysis of the Global Reputation Score (GRS) specifically focusing on Contract addresses within the BNB Chain. The number of computed contracts is 420,502 equivalent to 0.41% of the total considered addresses, but their total reputation values 274,542 scores accounting for 27.45% reputation points on the entire ecosystem.
Now, we explore Top 10 Contracts BSC by Reputation Score, corresponding with their UAWs and average RS per UAW.
For access to the detailed ranking table, kindly contact ([email protected]) us for further assistance.
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Case studies on Top dapp-contracts by reputation
In this section, we highlight top dapp-contracts by reputation score on BNB Chain, their UAWs and segmentation on their user reputation.
- PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC). It allows users to swap BEP-20 tokens, provide liquidity to liquidity pools, and earn rewards in CAKE, the native token of PancakeSwap. PancakeSwap is No.1 DEX on BSC and one of the most popular DEXes on the market, with over $1.5 billion in total value locked (TVL).
- Stargate Finance is a cross-chain bridge that allows users to transfer native assets between different blockchains, including Ethereum, BNB Chain, Avalanche, Polygon, Metis, Arbitrum, Optimism, and Fantom. The Stargate protocol is built on LayerZero, which is a decentralized network that allows for secure and efficient cross-chain communication. The Stargate Finance token (STG) is used to power the Stargate protocol. STG can be used to pay for gas fees, participate in governance, and stake for rewards. The STG token is currently listed on a number of exchanges, including Binance, BingX, and Bitrue.
- Angle Protocol is a DeFi protocol that allows users to create, borrow, and trade stablecoins pegged to any value. It is deployed on multiple blockchains, including BNB Chain. On BNB Chain, Angle Protocol allows users to mint agEUR, a decentralized and over-collateralized Euro stablecoin. agEUR is backed by a basket of assets, including BNB, BUSD, and ETH. This makes it a more stable and secure option than other stablecoins that are not backed by assets. It is over-collateralized and backed by different crypto assets across different chains. The agEUR token contract on BNB Chain has been active since October 2022. It has a total supply of 318,914,395.560598526 agEUR. As of July 2023, the token has a market capitalization of over $100 million.
- Lifeform is an NFT and metaverse project on the BNB Chain, allowing users to create and collect cartoon avatars, which can be used in a variety of ways, including in games, social media, and other applications. The project was launched in February 2023, and it has already minted over 10,000 avatars. The avatars are all unique, and they are generated using a variety of different attributes, including facial features, hair styles, clothing, and accessories. Users can purchase avatars from the Lifeform marketplace, or they can mint their own avatars using the project’s token, $LFC. The $LFC token can also be used to purchase other items in the project’s ecosystem, such as land plots and in-game items.
- Hooked Protocol is a Web3 gamified social learning platform that aims to build the on-ramp layer for massive Web3 adoption. It provides tailored Learn & Earn products and onboarding infrastructures for users and businesses to enter the new world of web3. The Hooked Protocol ecosystem is powered by two tokens: HOOK and HGT. HOOK is the governance token of the ecosystem, and is used for a variety of purposes, such as staking, governance, and access to exclusive features. HGT is a utility token that is used for in-app purchases, such as game tools and secret boxes. Hooked Protocol has already achieved some impressive growth, with over 2 million monthly active users. The project is also backed by some notable investors, such as Binance Labs and BSCLaunch.
- CyberConnect is a decentralized social graph protocol with identity sovereignty for mass adoption and network effects. The protocol allows users to own their social identity and network while providing a composable social data layer for developers.
- Playbux is a play-to-earn game on the BNB Chain. Playbux Early Bird Quest (PBN) PBN is ERC721-typed token, can be earned by completing quests in the game, and can be used to purchase in-game items or exchanged for other cryptocurrencies.
For simplification, we only evaluate average RS per UAW excluding CEX’s hot wallets in the Highest partition. Unsurprisingly, Pancakeswap – No.1 DEX on BNB Chain, takes the spotlight on the table with the most UAWs (6M+) and highest reputation (32k+ scores). Pancakeswap also has the highest average RS per UAW ~0.09, much higher than Experience partition ~0.05. In the following, Lifeform – a metaverse project, is in the second position by reputation score and UAWs, having average RS per UAW ~0.005, same as Medium partition but lowest user quality compared to the others. Hooked protocol, CyberConnect, Stargate Finance, Playbux, Angel Protocol, have very good user quality with average RS per UAW ~0.01+, higher than Medium partition. Especially, Stargate Finance has the second highest average RS per UAW ~0.03, just after Pancakeswap.
Octan Network – Reputation Ranking & Onchain Analytics
Establish Trust and Credibility in Web3
Octan Network is an award-winning data analytics provider in the Web3 space, achieving recognitions from industry-prominent organizations: BNB Grant DAO on Dorahack, Web3 Matching by BNB Chain, Octopus Accelerator Program, DFINITY Developer Grant Program.
At Octan Network, instead of focusing on cash-flow & financial analytics, we use our unique Ranking Reputation System (RSS), inspired by Google’s PageRank, to provide reputation and ranking scores for accounts across chains and applications. By qualifying, classifying, evaluating, and extracting social insights from Web3 entities, our system provides the best quality analytics and the most multi-dimensional insights on Web3. Check Octan comprehensive reputation reports.
Octan’s onchain analytical reports provide a comprehensive view of the Web3 ecosystems and its entities. These reports, produced by Octan data analysis experts, offer reputation scores of notable entities and segmentation, providing valuable social insights and social interaction within the Web3 space. Furthermore, Octan offers visualizations showcasing relationships and connections between Web3 entities. This allows clients to easily comprehend and interpret the reputation data generated by Octan.
Segmentation on Web3 users: By quantifying on-chain data into reputation scores, analyzing insights and applying them becomes easier than ever before. Octan provides services for classifying, evaluating, and identifying the quality of Web3 users at a very affordable cost. Clients only pay for the specific services they require, allowing for cost-effective customization.
Onchain Analytics platform: Currently, Octan has completed the onchain data processing pipeline, infrastructure, analytics and reputation ranking system. In the future, the analytics platform will be released, empowering clients with more controls over monitoring and collecting data about Web3 social insights. Clients will be provided with trial accounts to use without any charges. Major features are:
- Dashboard: Allow the creation of dashboards to track insights of specific blockchain networks or specific entities.
- Tracking: Monitor the activity trends of one or multiple entities within a blockchain.
- Comparison: Compares groups of Web3 entities or blockchain networks based on specified criterias.
- User segmentation: Classifies Web3 user groups based on multi-scheme reputation scores Project insights: Consolidates and provides data on the activities of a designated Web3 project. Extracts and evaluates the quality and behaviors of Web3 users interacting with the project contracts.
- Contract explorer: Queries and performs in-depth analysis for specified contracts.
- Visualization: Visualizes the onchain connections and relationships of selected entity groups with other entities within the same blockchain network.
Octan comprehensive onchain analytics includes various products and services to track, analyze, and qualify social insights within Web3 graphs. Visit our Gitbook at https://docs.octan.network/ to learn more.
