Transaction volume on Binance-owned public chain called Binance Smart Chain [BSC] has surpassed its previous ATH and climbed to 532,654 transactions on the 26th of January.
The last high was recorded back on the 23rd of December when the daily transaction figures rose sharply to 473,760 according to BSC Scan’s chart.
Milestones for Binance Smart Chain
With the latest peak the transaction volume on Binance Smart Chain reached almost 45% of the Ethereum network.
Moreover, unique address count on Binance Smart Chain has also been on a steady uptrend and currently stood at a total of 895,854, with a daily increase of nearly 7,000 distinct address. This evidenced the growing usage of the network.
BSC has grown rapidly since its launch last September and is currently home to over 100 projects. Around 60 of the total projects execute large numbers of users and transaction volumes. Some of the most prominent projects already on the Binance Smart Chain are BurgerSwap, ForTube, Injective Protocol, Cream Finance, Chiliz, and PARSIQ.
Since Binance was one of the largest centralized exchanges, its aggressive expansion in the DeFi ecosystem resulted in many arguing that BSC was an attempt to become an Ethereum killer.
CZ had previously dismissed those claims and asserted that the main reason objective behind the creation of the parallel chain was for the platform to join the ongoing DeFi revolution by offering protocols that serve as an alternative to the Ethereum blockchain.
The DeFi hysteria in mid-2020 opened up Ethereum’s previous woes with regards to the network’s perennial scalability problems of high transaction fees and congestion.
In a bid to accommodate the high amount of transactions that the decentralised hysteria had created both users and DeFi, protocol operators looked for several alternatives.
Besides, the latest development of transaction volume hitting a fresh high coincided with the Lagrange upgrade announcement according to which the Binance Chain Mainnet is expected to have a scheduled hard fork upgrade at block height 146,060,000.
This hard fork aims to bring in new features such as the introduction of BEP82 to allow token ownership change and BEP84 to enable a simplified token binding process.