The daily transaction amount of Binance Smart Chain (BSC), one of Ethereum’s most coveted competitors, has reached a new peak.
Records are coming one after another at Binance, which had a good April month. While BNB continues to trade above $ 400, the BSC network sets new records.
BSC’s ability to efficiently perform many operations in a very short time makes it a preferable network for various projects and users.
While the popularity of the network is increasing day by day, new records are broken in the number of daily transactions. As of April 7, BSC broke a record with more than 4 million daily transactions. Ethereum fell far behind BSC with 1.3 million transactions at the time BSC reached 4 million transactions. The difference between the two networks exceeded 200%.
Although the number of unique addresses in BSC is 63 million and the number of addresses in Ethereum is 147 million, this difference in the number of transactions shows that the addresses in the BSC network are more active.
Transaction fees on Ethereum restrict network usage
BSC itself has a scalable technology. It is known that the rapid rise in popularity of BSC is due to high transaction fees on Ethereum.
For example; While you have to pay $ 18.5 in ETH for the same transaction you will do on the Ethereum and BSC network, it costs a few cents in BSC. The difference between them is such that it directs users to efficient networks such as BSC.
Ethereum 2.0 is expected to solve Ethereum’s scaling problems. Vitalik Buterin, founder of Ethereum, recently said, “It can be 100x scale in a few months.” As this process extends, Ethereum’s competitors seem to continue to get a share of the cake.
After the scaling problems in Ethereum are solved, it is also a big curiosity how their competitors will perform.