Binance Smart Chain (BSC) overtakes Ethereum in on-chain activities
Binance Smart Chain (BSC) has outperformed Ethereum’s on-chain activity based on the latest stats from bscan.com. These transactions would otherwise take place on Ethereum, which ETH burns for transaction fees when EIP1559 is active. In fact, it could even be the Binance Smart Chain quick loan season.
By staking BNB in Binance Chain, traders receive stable and secure profits and help the validators improve their performance. Additionally, Binance Smart Chain currently processes 12 million transactions per day, 8 times that of Ethereum.
Here it is important to note that while Ethereum’s volume did not decrease, the BSC was processing transactions that were routed to it and not to the Ethereum network, as some merchants could not afford.
Daily trading on the BSC. Source: BSCScan
In addition, based on the data, BSC has made more transactions than the Ethereum ETH network on the account since the beginning of May 2021.
Binance Smart Chain Network Fees. Source: Bscan
Based on the attached graph, at the time of writing, transaction fees are lower than the May 2021 peak. However, in the case of Ethereum, transaction fees have hit a new high. Payment fees in the Ethereum network have been rising steadily since the beginning of January 2021 and will reach new highs in a few weeks.
The interesting question is what’s next for Binance Smart Chain after the Ethereum network has been overtaken. The latest updates on the network include improved node performance and a drastic reduction in disk usage by up to 70%.
Well, although the Ethereum Foundation fixed a vulnerability that was recently revealed in the Berlin upgrade and despite the introduction of ETH L2 and the upgrade, transactions are directed to competitors and a new project has been born on BSC.
Additionally, the battle for store of value continues, with Bitcoin, Ethereum, and projects on both networks continuing to compete for higher investment flows.
The battle for store of value continues! 1 hour chart.
2020 chart comparison #Bitcoin #Ether #XRP #BitcoinCash #BitcoinSV #Litecoin #EOS #BNB #tezos #XLM #Cardano #chain link #monero #Tron #HEX #BTC #ETH #BCH #BSV #LTC #XTZ #ADA #SHORTCUT #XMR #TRX $ BTC $ ETH $ XRP ONLY $ BCH $ BSV $ LTC $ EOS pic.twitter.com/BzEK0zE6Aq
– R.Hearts fork ETH. HEX.com 40% APR 1189x @ 494d (@RichardHeartWin) May 19, 2021
Binance Coin ranks third with a market capitalization of $ 61 billion. In the case of ETH, it’s even $ 332 billion, less than half a trillion less than a week ago. Ethereum is still way ahead of Binance Coin in terms of market capitalization despite the aforementioned “price drop”. At least for now.
According to Ambcrypto