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Binance Smart Chain Overtakes Ethereum In Daily Transactions

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The Binance Smart Chain (BSC) has overtake Ethereum in daily transactions. As Ethereum transaction costs increase tremendously, leaving traders to search for alternatives.


Binance CEO Changpeng Zhao stated that this is proof that the low transaction cost attracts users. Zhao stressed that Binance chain will continue to use more resources to maintain the low transaction costs.

 

BSC has taken over a significant percentage of Ethereum’s market share. Binance Smart Chain is barely some months old, but the daily transaction volume is rising sharply.

According to BSC scan data, the number of daily transactions rose to over 1.6 million on 9 February. The number of new addresses on BSC is also growing steadily. Since 15 October 2020, 68,395 new addresses have been added.

 

According to Binance’s tweet, the average transaction cost on Ethereum is $5.53 and BitInfoCharts report average ETH transaction costs of $14.10.

The network activity on Ethereum is rising, and so is Ethereum price. But these both activity increase transaction costs (gas). Such high gas fee are particularly noticeable when dealing with decentralized exchanges such as UniSwap. There are stories where a single transaction fee was above $500.

Such high gas fee are good for Ethereum miners. As ETH price reached its all time high, statistic show that on February 5, 2021, miners made $3.47 million in an hour. And these are the transaction costs, in which the block benefits are not included. TO overcome these costs ETH can use EIP-1559 as a temporary solution until ETH 2.0 is rolled out.

FTX US

Because of continuous developments by Binance CEO Changpeng Zhao and Binance team, we can see that BNB price has touched almost $150 dollars, and Binance smart chain is wining the race from Ethereum.

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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