Daily transactions on Binance Smart Chain reached a new peak and now exceeded transactions on Ethereum by more than 200%.
Binance Smart Chain (BSC) is enjoying a steady stream of unique addresses, resulting in a massive increase in the number of daily transactions the network handles.
BSC is undoubtedly one of the most popular networks among DeFi enthusiasts. Its ability to efficiently handle large numbers of operations per second has made it a preferred hub for various projects and users.
The popularity of the network is growing, and this is perfectly exemplified by its basic metrics, including the number of transactions per day. As of April 7, 2021, BSC has set a record of more than 4 million daily transactions. This is an all-time high for blockchain. Interestingly enough, Ethereum saw a level of slightly less than 1.3 million, a difference of more than 200%.
It is interesting that the unique addresses in BSC are much less compared to those in Ethereum. The numbers are 63 million and 147 million, respectively. This means that users on BSC are definitely more active compared to those on Ethereum.
High Ethereum Fees Root Cause
While BSC is a competitive network with scalable technology on its own, the rapid growth in popularity is likely due to the very high transaction fees on Ethereum. At the time of this writing, a transaction costs an average of $ 18.5 on Ethereum, while on BSC it costs only a few cents. This difference seems quite significant and makes network interactions much more efficient and effective.
Moreover, despite the rapidly increasing daily transactions, BSC was operating at 52% capacity as of yesterday. Ethereum, on the other hand, continues to clog, operating at 98.65% capacity.
Ethereum 2.0 is thought to solve existing scaling problems. However, before it comes to light, second-tier scaling solutions should provide some breathing room. As we recently reported, Vitalik Buterin said the network could “scale 100 times in a matter of months.”
If Ethereum manages to solve its current problems, it will be interesting to see how competitive networks will perform.