The total number of transactions in the Binance Smart Chain (BSC) has reached a record 1.5 billion, while 10 million transactions are processed on the network every day.
On the official Binance Smart Chain Twitter page reportedthat the total number of transactions in BSC exceeded 1.5 billion – a record figure since the launch of the network on August 31, 2020.
According to BscScan, the daily number of transactions on the Binance Smart Chain reached 10 million, just below the all-time high of 13 million recorded on July 29th. At the beginning of the year, the number of transactions per day was approximately 650,000.
In recent months, the competition between BSC and Ethereum has been growing, both in terms of transaction costs and network efficiency. According to YCharts.com, the average gas prices on the Ethereum network are $ 131.87, with a blocking time of 13.33 seconds.
Meanwhile, it takes just 3.02 seconds to mine a new block on the Binance Smart Chain, with users paying an average of $ 6.64 per gas. However, the BSC network is more centralized than Ethereum, with only 21 approved validators.
In September, Binance CEO and Founder Changpeng Zhao announced that Binance’s US arm is exploring the possibility of going public.
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