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This paper analyzes the blocking probability of multistage Banyan networks in a combined space and time domain. The analytical solution provides unique tradeoff among various parameters and the corresponding blocking probability. Specifically, this work presents combinatorial based approaches to analyze Banyan in the time domain, which can easily be extended to the WDM domain. The analytical results show that adding time drastically reduces the blocking of (space optimal) Banyan networks. This is significant in general, and in particular, in the optical domain, where the cost of each switching element is high.