Binance Smart Chain (BSC) is enjoying a steady flow of unique addresses which has also resulted in a massive surge in the daily transaction count the network is processing.
BSC Transactions 200% More Than Ethereum’s
Binance Smart Chain is undoubtedly one of the most popular networks amongst DeFi enthusiasts. Its capability to handle a large number of transactions per second efficiently has made it a preferred hub for various projects and users.
The network is surging in popularity, and this is perfectly exemplified by its core metrics, including the daily transactions count.
As of April 7th, 2021, BSC set a record of more than 4 million daily transactions – it’s the current all-time high for the blockchain. Interestingly enough, Ethereum saw a little less than 1.3 million, which is a difference of more than 200%.
It’s interesting to note that the unique addresses on BSC are a lot less compared to those on Ethereum – 63 million vs. 147 million, respectively. This means that users on BSC are definitely more active compared to those on Ethereum.
High Ethereum Fees Main Cause
While BSC in itself is a competitive network with scalable technology, its quick uprising and popularity boost were most likely caused by the sky-high transaction fees on Ethereum.
At the time of this writing, the fees on BSC are absolutely incomparable when stacked against these on ETH. A transaction would cost an average of $18.5 on Ethereum at the time of this writing, while it would cost just a few cents on BSC. The difference is significant, and it makes network interactions a lot more efficient and effective.
Moreover, despite the skyrocketing daily transactions, as of yesterday, BSC was working at a 52% capacity. Ethereum, on the other hand, continues to be clogged, working at a whopping 98.65% capacity.
It’s thought that Ethereum 2.0 will solve the current scaling issues. Before it comes to light, however, layer-two scaling solutions should provide some breathing room. As CryptoPotato recently reported, Vitalik Buterin said that the network “could scale 100x in a few months.”
It’s interesting to see how competitive networks will perform once (and if) Ethereum manages to handle its current issues.