Categories: Market

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.

https://twitter.com/RichardHeartWin/status/1394854871216627714?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

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.

Annie

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

21 mins ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

21 mins ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

3 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

5 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

8 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

9 hours ago

This website uses cookies.