The Binance Smart Chain has experienced rapid growth in the last six months. This can be attributed to a plethora of things such as the DeFi boom or the extreme transaction fees on the Ethereum network.
The Growth of Decentralized Finance
Binance Smart Chain is the current leading DeFi network in terms of volume and active users:
More than 108,000 Unique Active Addresses at the end of February on the BSC network, a 27% monthly increase. Compared to ETH 67,00 Unique Active Addresses, a 9% decline compared to January.
The transaction volume follows the same path; the Ethereum blockchain generated more than $181 billion while BSC surpasses over $700 billion at the end of February.
Again the BSC network maintains a clear lead in the number of daily transactions at more than 4000k transactions daily compared to Ethereum 1500k.
Binance Smart Chain Daily Transactions Chart
Ethereum Daily Transactions Chart
However, Binance Smart Chains’ total value locked (TVL) of $9.5 billion is still four times lower than Ethereum’s $47 billion TVL.
Binance Chain growth results from the cheap and fast fees compared to Ethereum Chain with plans to go even cheaper with the recent lowering of the Binance Chain Mainnet fee structure.
Concluding Thoughts
The Binance Smart Chain has experienced rapid growth in the last six months. This can be attributed to a plethora of thing such as the DeFi boom or the extreme transaction fees on the Ethereum network. Recently we have seen evidence of the latter. The BSC is seeing a ton of new users on the chain as DeFi rises in popularity. Just recently the BSC has been able to surpass the Ethereum network in terms of unique wallets and transaction volume. This comes as no surprise as the BSC offers users an efficient way to participate in DeFi. Overall the BSC still has some ways to go as the TVL is still multiples lower than Ethereum displaying that Ethereum is still the more dominant network offering more liquid markets.
Source : bsc.news
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