On Monday, users of decentralized exchanges and services powered by the Binance Smart Chain experienced network delays. To confirm the transaction, it was required to manually increase the speed through Metamask. The Ethereum blockchain regularly faces the same problem during periods of high load.
SafePal Wallet, a cryptocurrency wallet integrated into Binance Smart Chain in 2020, was one of the first to tweet the issue. The company said that overloading BSC negatively affects the operation of all services, including displaying BSC balance, transfers and orders.
We did some testing
It seems that adjusting the gas price to 9-10 gwei has successfully completed some transactions however some still failed
Not Official Advice however if urgent, you could give it a try https://t.co/fNXAWdsXA3
— SafePal Wallet (@iSafePal) May 10, 2021
About an hour later, PancakeSwap, the largest DEX on the network, also tweeted the problems, noting that the congestion could be due to the failure of some nodes. For a while, seven of the 21 BSC nodes went offline.
“The BSC nodes appear to be experiencing problems, leading to transaction failures and slowdowns,” the message says.
Experts advised switching to other services, or trying to increase the gas up to 10+ Gwei.
BSC nodes seem to be suffering at the moment, causing failed tx’s and everything to slow down.
You can change your RPC URL to move quicker:https://t.co/PjaoRISjwx, https://t.co/1OZcGqRih2, or another public node.
Also, consider increasing your gas to like 10+ Gwei.
— PancakeSwap 🥞 #BSC (@PancakeSwap) May 10, 2021
Cryptocurrency exchange Binance and its CEO Changpeng Zhao did not comment on the crash. However, judging by the message on the official Twitter account of the community, it could have been provoked by technical problems.
“Validators, please update to the latest version as soon as possible. Thank you!”
🚨#BSC Validators, please update to the latest release asap, Thanks! https://t.co/p7t5mMELbK
– Binance Chain Community (@BinanceChain) May 10, 2021
Binance Smart Chain Centralization Challenges
Network issues like these are fueling the concerns of many cryptocurrency users about the low decentralization of Binance Smart Chain. Analytics firm Messari concluded that BSC is much more centralized than other blockchains on the market. In particular, they noted that there are only 21 validators on the network. For comparison, Ethereum has over 100 of them. Moreover, the activities of BSC validators are regulated by the Binance Chain, which, in turn, is controlled by only 11 validators.
According to Messari senior analyst Ryan Watkins, BSC’s speed and scalability comes from centralization, which will become the platform’s Achilles’ heel if problems like Monday’s network nodes recur.
Note that congestion in the Binance Smart Chain was also noted at the end of April. Back then, PanCakeSwap users also complained about failures in transaction confirmation and slow network performance.
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