Binance Smart Chain is growing rapidly, but can it compete with Ethereum?

We all know that the DeFi world is dominated by Ethereum. As a result, Binance has tried to cement its second position in space.

In the past few months, Binance Smart Chain (BCS) has made significant gains in both Total Value Locked (TVL) and protocol. It seems that BCS is attracting the attention of developers and investors more than ever.

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One report A recent update from Moralis shows that the BCS development teams have doubled every month since July 2020, well before the start. In fact, that number is currently closer to 8,000.

Development team on BSC | Source: Moralis

Since August 2020 alone, the number of development teams has increased by more than 300%.

Additionally, that interest in BSC doesn’t seem to be waning either, as smart chain requests through Moralis have hit nearly 500 million, a 10-fold increase since July 2020, suggesting these teams are working continuously.

Daily BSC entitlement | Source: Moralis – Binance

As for investors …

Participation rate is a key factor in a successful chain, and last month BSC prevented Polygon from overtaking in terms of total addresses.

With 114 million addresses, BSC adds more than 330,000 addresses every day. And that’s not a FOMO address either. If you look at the daily active addresses, it just passed the 2 million mark a few days ago.

BSC address for daily operation | Source: Coin98

In addition, the organic growth of BCS is supported by the continuously increasing on-chain transactions, which currently reach almost 12.1 million transactions per day.

Daily transactions on BSC | Source: Coin98

While it can attract more coins than Ethereum, the growth of BSC on the front line of Total Value Locked (TVL) cannot match that of Ethereum.

Over the past month, Ethereum’s TVL has risen 60% while BSC has risen no more than 10.5%.

While BCS may have developer and social advantages, it cannot yet compete with Ethereum as the second largest cryptocurrency continues to demonstrate its DeFi king status with 289 protocols.

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