Monitor Binance Smart Chain’s Mempool with Blocknative

onboard-theme

Binance Smart Chain Mempool: Overview and Deep Dive

Binance Smart Chain (BSC) is growing rapidly with more than ten times the transaction volume of Ethereum, much of which has been precipitated by low gas prices and high transaction rates on their smart contract enabled blockchain that now offers builders and traders more opportunities to experiment that might otherwise be too expensive.

This rapid growth in BSC usage and transactions now requires enterprise-grade hardware to support and operate the network. 

As BSC acquires more daily active users and decentralized applications, participation using consumer-grade hardware becomes more difficult for builders and traders. If you don't have access to enterprise-grade blockchain developer hardware, you may need to consider integrating scalable blockchain SaaS tools to streamline your process.


Binance Smart Chain: Low Cost, High Transaction Volume

Binance Chain, the predecessor to BSC, started out as a way to trade faster and more cost-effectively.

Binance Chain did not include support for smart contracts and instead focused on throughput and lower gas fees. This meant there wasn’t as much flexibility for developers and traders, which ultimately made it an unattractive option for many.

When Binance Chain attracted far fewer users than anticipated, Binance rethought what those users actually wanted. Users wanted smart contracts, which is why Binance Smart Chain was created. BSC’s idea was to attract new users by making use of the preexisting Geth Client. By doing this, Binance Smart Chain was able to:

  • Add smart contract support
  • Allow for application deployment

Since enabling these features, the BSC community has grown rapidly. 

How BSC Added Smart Contracts Lowers Gas Fees

Smart contracts on BSC are now executed in the same environment as the Ethereum Virtual Machine (EVM), meaning they compare all transactions to the current block state.

The structure of BSC’s smart contract system allows for lower gas fees and higher transaction throughput, which are made possible through Proof-of-Stake (PoS) consensus.

Rather than solving complex mathematical hashes via the Proof-of-Work consensus mechanism, selected validators stake the blockchain’s native currency in exchange for a reward they earn from validating transactions and updating the blockchain’s distributed ledger.

The PoS mechanism on Binance Smart Chain involves a very limited number of chosen validators. Only 21 validators have Proof of Stake Authority (PoSA), this is core to completing transactions at low cost and high volume. This mechanism makes supporting the network on a personal computer system impossible and centralizes consensus.

The quick pace of transactions makes it incredibly difficult to keep an updated version of the blockchain ledger. To participate, you can either use enterprise-grade infrastructure or use tools to facilitate the process.

The Blocknative Advantage

BSC is an attractive ecosystem to experiment with due to its lower gas fees. Yes, it is cheaper to transact, but it is also difficult to work with. The infrastructure load is orders of magnitude higher on Binance Smart Chain than Ethereum or Bitcoin, and it is difficult to manage nodes due to their high transaction throughput. 

By leveraging Blocknative's Mempool API, you get the benefits of enterprise-grade hardware and our deep Dev Ops expertise. Our team has a deep understanding of the Linux kernel, which provides our industry-leading service for the BSC ecosystem. We regularly fine-tune our infrastructure to handle BSC's transaction volume using premium AWS hardware, such as i3 metal (dedicated) instances with the optimized IO to the latest NVME drives. This ensures we keep up with the BSC transaction volume.

Our notification pipeline is also fine-tuned for low latency delivery of transaction state changes. During times of peak congestion, our nodes are processing as many as 5,000 new pending transactions per second which can be over 20x the pending transaction volume we see on our Ethereum nodes.

Our API and SDK abstract away all of the difficulties of running an enterprise-grade infrastructure on Binance Smart Chain. Our team works hard to provide the ecosystem with easy-to-use tools so that you can focus on building an application or writing high-quality trading bots.

Binance Smart Chain Mempool Monitoring Tools

To gain an edge with BSC, the methods are the same, but because the power needed to participate comes in the form of enterprise machines, tools are needed to facilitate the process if you don’t have access to that kind of setup.

Instead of running a node to view the mempool of the entire blockchain, you can subscribe to Blocknative’s mempool API and monitor activity across digital assets on BSC including: Wrapped BNB (wBNB), PancakeSwap (CAKE), and Binance USD (BUSD).

Further, Blocknative’s mempool monitoring tools for Binance Smart Chain empower users to monitor specific wallets and addresses on platforms like PancakeSwap, as well as filter the mempool data by events including method names, value, and transaction status.

Easily add mempool streams to your program through our API via webhooks or websockets

Visualize the BSC mempool with Mempool Explorer

Mempool Explorer provides you with visual insight into the BSC mempool and gives you fine-tuned resolution into your event streams. The Mempool Explorer pulls data from the BSC mempool so you can watch real-time mempool events allowing you to see your event stream and adjust your filters live.

You can create global and local subscriptions for any address and watch and filter for specific transactions. Once you subscribe to a wallet address or smart contract address, Mempool Explorer displays every event where that address appears anywhere in a notification payload. The filters you create are applied to these transactions, so you only see the ones relevant to achieving your goal. Once you have the configuration built out in Mempool Explorer, you can easily import the configuration.json and sdk-setup.js right into your program using our Javascript SDK.

Not a JS developer? Try out our Python SDK or the community Golang SDK.

Advantages of Blocknative’s BSC Mempool Tools

If you want to deliver real-time data to your exchanges, protocols, and wallets, Blocknative's mempool API and Mempool Explorer are built to be easily integrated into your existing solution — delivering reliable, predictable experiences to traders and builders.

Data streams flow in real-time, capturing thousands of data points for in-flight Binance events, providing access to every state change, error, and anomaly. Filters further provide a way to narrow down the data that’s most relevant to you.

The ability to integrate live data streams through webhooks and websockets means you can push to production quickly.

Get started with Mempool Explorer for free, and check out our Discord to connect with others transacting on BSC.

From the Blog

Introducing Mempool Explorer: Because the Mempool Matters
Introducing Mempool Explorer: Because the Mempool Matters
At Blocknative, we believe that the mempool matters. This is because mempool conditions impact..
Read more
Introducing Blocknative Commercial Plans
Introducing Blocknative Commercial Plans
Today, we are excited to introduce commercial pricing plans that provide powerful, production-ready..
Read more
Evidence of Mempool Manipulation on Black Thursday: Hammerbots, Mempool Compression, and Spontaneous Stuck Transactions
Evidence of Mempool Manipulation on Black Thursday: Hammerbots, Mempool Compression, and Spontaneous Stuck Transactions
Blocknative has uncovered evidence that the MakerDAO liquidations on March 12 and 13 were an..
Read more