Binance Smart Chain [BSC] has emerged as a fierce competitor to the Etheruem network. Not just that, it has also become an important DeFi product that was championed by the world’s leading centralized cryptocurrency exchange, Binance.
Binance Smart Chain Breaks Several Records
As the cryptocurrency market was grappled by yet another bullish streak, the after-effects were also felt in terms of user activity on the Binance Smart Chain.
For one, BSC has staged an impressive growth since its mainnet was first rolled out on the 1st of September 2020 which was evidenced by its unique address count which exceeded previous highs and skyrocketed to 1.20 million on the 9th of February. This indicated the growing usage of the network.
Yet another milestone Binance Smart Chain reported a higher number of daily transactions than Ethereum for the first time. This can be attributed to the massive gas fees on the Ethereum network due to which many network participants were forced to go for other viable alternatives.
Furthermore, the ratio of daily transactions has also hit 130%, according to the latest Binance Smart Chain stats. While BSC’s gas fee was found to be at $0.04, Ethereum’s transaction fee, on the other hand, was still high.
Meanwhile, despite cooling off, Ethereum gas was still found to be over one hundred times higher than on the BSC. Announcing the same, Binance CEO, CZ tweeted,
“Today is an important day. BSC [BinanceSmartChain] flipped Ethereum on daily transactions. This validates the logic that low fees attract more users & projects. We will continue to work with the BSC community to promote low fees (even as BNB rises) and build more.”
Binance Smart Chain uses Binance Coin [BNB] to pay for gas fees instead of Ethereum. Thanks to the market-wide surge, BNB, too broke several levels even briefly exceeding $144. With this, BNB has continued to extend its parabolic climb that first kicked off at the beginning of the year.