how would you measure the success of binance's binance smart chain?

Introduction

Measuring the success of Binance Smart Chain (BSC) requires a comprehensive approach that considers its unique position in the blockchain ecosystem. As a product manager evaluating BSC's performance, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Binance Smart Chain is a blockchain network developed by Binance, designed to run smart contract-based applications with high performance and low fees. It operates parallel to Binance Chain, offering smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).

Key stakeholders include:

1. Developers: Seeking a platform for building decentralized applications (dApps)
2. Users: Looking for fast, low-cost transactions and access to DeFi applications
3. Token holders: Interested in the value and utility of BNB (Binance Coin)
4. Binance: Aiming to expand its ecosystem and compete with other blockchain platforms

User flow typically involves:

1. Connecting a compatible wallet (e.g., MetaMask)
2. Acquiring BNB for gas fees
3. Interacting with dApps or performing transactions on the network

BSC fits into Binance's strategy of creating a comprehensive blockchain ecosystem, competing directly with Ethereum and other smart contract platforms. Compared to Ethereum, BSC offers faster transaction speeds and lower fees, but with more centralization.

Product Lifecycle Stage: BSC is in the growth stage, rapidly expanding its user base and dApp ecosystem while facing increasing competition from other Layer 1 and Layer 2 solutions.