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.
Today is an important day. #BSC (#BinanceSmartChain) flipped Ethereum on daily transactions.
This validates the logic that low fees attracts more users & projects. We will continue to work with the #BSC community to promote low fees (even as #BNB rises) and #build more.
???
— CZ ? Binance (@cz_binance) February 10, 2021
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.
Ratio of #BSC daily Txs to #Ethereum Txs: 130%
Gas cost#BinanceSmartChain $0.04#Ethereum $5.53
The first stop to explore your #DApps world
Source：https://t.co/XX7sdJ2nT8 pic.twitter.com/Yl5XhbyhF6
— Binance Chain Community (@BinanceChain) February 10, 2021
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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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