The Ethereum-competitor Binance Smart Chain (BSC) is making new records every single day! As per the latest update, Binance Smart Chian (BSC) has attained a new all-time high of 5 million daily transactions. This is huge as it is nearly 300% times more than Ethereum can achieve at this point.
New ATH of #BinanceSmartChain
Nearly 5 Million Txs ~4 times of #Ethereum
Source: https://t.co/XX7sdJ2nT8 pic.twitter.com/NSNfMf2DAb
— Binance Chain Community (@BinanceChain) April 9, 2021
Although Ethereum is still dominating the smart contract industry and the DeFi space, BSC is gaining quick popularity. The massive surge in the Ethereum gas fee this year is forcing more Defi players to looker for cheaper alternatives and BSC remains the best possible choice.
Also, the daily transaction count on BSC is increasing with the steady flow of unique addresses. The good thing about BSC is that it is compatible with the Ethereum Virtual Machine (EVM). Thus, it can be easily ported over ETH apps and users. Also, the recent Binance Smart Chain bridge Panama has emerged as the most popular cross-chain solution.
The gas price on Binance Smart Chain (BSC) is nearly 100 times less than that on Ethereum at the moment. The native cryptocurrency BNB has been also skyrocketing this year. Binance Coin (BNB) is the third-largest cryptocurrency by market cap after Ethereum and touched its all-time high of $422 on Thursday, April 8. While this happens, Ethereum market domination continues simultaneously.
Ethereum Network Growth On the Rise
While BSC continues to attract DeFi players to its platform, Ethereum on the other hand has its loyal fan following. Despite rising daily transactions, BSC is working only at 54% of its network capacity while Ethereum is working at 98% of its network capacity.
At this point, Ethereum is still indomitable! In comparison to other Ethereum-based addresses as well, Ethereum has maintained a very high rate of daily new addresses added to the network.
Among some of the top $ETH-based assets, we see that #Ethereum has maintained its high rate of new daily addresses being created on its network. $LINK and $UNI, still holding up well themselves, have dropped off a bit in terms of their network growths. https://t.co/bHUy2j4FFa pic.twitter.com/8W33aypgDG
— Santiment (@santimentfeed) April 8, 2021
The Ether (ETH) price has been surging fast and is currently trading above $2000 levels with a market cap of $240 billion. Ethereum has grown bigger in size in comparison to some of the top financial banking institutions.