The daily volume of transactions on the Binance Smart Chain reached 9 million, which is 600% higher than on the Ethereum network.
Binance Smart Chain Builds Up Traction
Low fees attract users to the Binance ecosystem. According to the latest statistics, more than 1 million people are actively using Binance Smart Chain every day, and the average daily trading volume on the network has reached 9 million transactions, which is 600% higher than on the Ethereum network.
Daily volume of transactions in the Ethereum network
“The total value of blocked funds in the DeFi BSC ecosystem has reached $ 34 billion, and the number of unique addresses has exceeded 66 million. The platform features more than 480 projects based on Binance Smart Chain. The ecosystem has surpassed EOS in terms of the number of DApp downloads, ”the press service of Binance said.
BNB in line with a bullish trend
The rapid development of the ecosystem has contributed to the growth in the value of the BNB token, which today is the third largest cryptocurrency with a capitalization of over $ 73 billion and is sold at a price of $ 480.
“BNB is the native coin of Binance Chain and BSC. BNB can be used in hundreds of applications across numerous platforms and projects across the crypto ecosystem, including to pay transaction fees on Binance.com, Binance DEX, Binance Chain, and BSC, as well as multiple DeFi platforms built on BSC that offer payment solutions … With the growth of BSC, more and more people are using the BNB token, and the more useful it is, the more value it gets, ”said Binance CEO Chang Peng Zhao.
BNB token price dynamics. Source: CoinMarketCap
Hostage of popularity
Amid high gas prices on the Ethereum network, newcomers to the DeFi market or investors with little money are opting for the Binance blockchain. However, this popularity does not always benefit the network itself.
According to PancakeSwap, the largest project on Binance Smart Chain, is suffering from congestion due to high demand from users. This slows down the platform. Bscan data show that the average gas limit on BSC has increased by 87% over the past two weeks, with the sharpest jump recorded the day before. The amount of gas used daily on the BSC platform has also increased by almost 50%.
PancakeSwap is primarily responsible for the increased network load. The popularity of the project has skyrocketed over the past month. According to the Deribit derivatives exchange, for the week of April 16, the average daily trading volume on PancakeSwap outpaced the same indicator for Uniswap by $ 1 + billion, and SushiSwap – by $ 2 billion.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
