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Berachain’s V2 testnet, which launched at the beginning of June 2024. In just over two month, the testnet has experienced tremendous growth across multiple metrics, signaling an exciting future for the Berachain ecosystem. Let’s dive into the numbers to see what's happening in the $BERA camp.
Transaction Volume
Since the launch of the testnet, Berachain has recorded over 137 million transactions as of July 31st. The network has been processing an impressive 2.5 million transactions per day during June and July. To put this into perspective, that’s a staggering 215% of the daily transaction volume of Ethereum over the same period. These numbers indicate that Berachain is capturing significant attention and usage from developers and users alike, making it one of the most active blockchain networks right now.
Transaction Fees: Low and Steady
One of the most exciting aspects of Berachain is the low transaction fees. While Ethereum users can expect to pay between 430 and 2,000 $ETH per day in transaction fees, Berachain users have spent a total of 22,305.23 $BERA on transactions during the testnet period. This translates to around 405 $BERA per day in fees, showcasing Berachain’s low-cost, high-efficiency model for transactions.
For users and developers alike, this makes Berachain a cost-effective option, positioning it as a competitive alternative to Ethereum for decentralized applications and smart contract deployment.
Smart Contracts: A Growing Ecosystem
.Ethereum still holds the crown when it comes to smart contract deployments, with an average of 11,616 contracts deployed per day, totaling 638,925 contracts between June 6th and July 31st. However, Berachain is not far behind. During this period, a total of 374,947 smart contracts were deployed on Berachain, averaging 6,817 contracts per day. This figure demonstrates the robust development activity on Berachain, and with its lower costs and increasing traction, the gap between the two networks could close rapidly.
If you're curious about what projects are being built on Berachain, check out our ecosystem overview page. If your project isn’t listed, reach out to us to get featured!
Active Addresses: Berachain Overtakes Ethereum
An important indicator of network activity and adoption is the number of active addresses. In a surprising turn of events, Berachain has surpassed Ethereum in terms of daily active addresses. During July, Berachain averaged 689,620 active addresses per day, compared to Ethereum’s 492,218 active addresses per day. This marks a significant milestone for the Berachain network, with more than 140% of Ethereum’s active address volume, suggesting growing interest from users.
Faucet Claims: Rapid Growth
Berachain’s faucet, which distributes funds to users, has also seen remarkable activity. In July, there were 122,878 faucet claims per day on average, peaking at 150,156 faucet claims on July 31st. Since the genesis of the testnet, the faucet has been claimed 5,875,333 times. With this upward trend, it’s clear that more users are engaging with the network to access resources and start building on Berachain.
Staked BGT: Soaring Numbers
The amount of staked $BGT tokens on Berachain is skyrocketing. Since the start of the testnet, more than 26.3 million $BGT have been staked, with an average of 488,135 $BGT being delegated to validators each day. Staking is a vital part of securing the network, and the rapid increase in staked tokens is a positive indicator of user confidence in Berachain's long-term potential.
Unique BGT Stakers: A Growing Community
Accompanying the rise in staked $BGT, the number of unique $BGT stakers has also been increasing steadily. In July, the network saw an average of 50,727 unique accounts staking their $BGT tokens with validators daily. This expanding community of stakers reflects the growing belief in the value of $BGT and the sustainability of the Berachain network.
A Bright Future Ahead
In just over a month, Berachain V2’s testnet has demonstrated tremendous growth across transactions, smart contract deployments, active addresses, staking activity, and more. With low transaction fees, increasing adoption, and a vibrant development community, Berachain is positioned to become a formidable player in the blockchain space.
As the network continues to evolve, keep an eye on Berachain’s ecosystem for emerging projects, and if your project is not yet listed, reach out to us to get featured. The future of Berachain is shaping up to be incredibly promising!
