Binance Smart Chain is on a roll.
Binance’s blockchain for developing decentralized applications [DApps] has proved to be one of its top runners. In the latest development, Binance Smart Chain’s [BSC] daily transactions have not just exceeded that of Ethereum’s but are now more than 2x than the latter.
This was revealed in the latest edition of the Binance Weekly Report. It also stated that BSC has processed 3.2 million transactions as of 19th Feb. This makes the total figure stood at nearly 250% more than the 1.3 million transactions on Ethereum
In addition, the total value locked [TVL] on Binance Smart Chain has neared an astonishing $11 billion. Interestingly, the TVL figures on its projects have doubled in a span of a week, from $4.69 billion to $10.84 billion, according to Defistation’s latest charts.
Binance Smart Chain Stats
The unique addresses on the Binance Smart Chain have surged by more than 270% in the last seven days alone. The monumental rise, as depicted by the above chart, is undoubtedly in response to the high Ethereum transaction fees which continue to be expensive as the network works at a 98% capacity.
This, in turn, has led investors to onboard the BSC train seeking a more efficient alternative with high yields at low fees.
With a quick scan of the above chart, it was found that that the average Gas price on the BSC network was around 16.75 Gwei as of 20th Feb as opposed to 201 Gwei on Ethereum
The fact that the workings of the Binance Smart Chain are fairly similar to that of Ethereum has given the blockchain a massive edge. Devs need not worry about transaction fees and focus more on innovating. All this while leveraging the existing developer tooling they are familiar with in the ETH ecosystem.
BNB Steals the Show
Binance Coin [BNB] not only surpassed several crypto-assets but also toppled the world’s largest stablecoin USDT. Despite a minor retracement, the exchange token was still up by 103.27% over the last week and was trading at 103.27%.
While macroeconomic factors like the prices of Bitcoin and Ethereum reaching all-time highs has catapulted BNB’s value, there are other things at play as well.
But BNB is reaping rewards from the newfound attention on Binance Smart Chain whose impressive activity reflected the rising demand for DeFi products on the cheap.