Binance Smart Chain (BSC) seems to be benefiting enormously from the high transaction fees on Ethereum (ETH)! Figures on the number of transactions processed yesterday show that BSC processed no less than 600% more transactions than Ethereum.
Binance Smart Chain is the blockchain of the crypto exchange Binance. The yellow giant is a major player in the crypto world with all kinds of different platforms such as the Binance Chain and Launchpad. The Binance Smart Chain now appears to be taking advantage of the issues facing its rival Ethereum.
Yesterday, April 21, Ethereum processed 1.5 million transactions on its network. Binance Smart Chain, on the other hand, tipped the 9 million. A big difference between the two smart contract networks. A number of projects decided to switch to other networks, including BSC, due to the high transaction costs on Ethereum.
New Decentralized Finance (DeFi) projects also sprang up like mushrooms at BSC. The largest decentralized exchange today is no longer Uniswap on Ethereum. That is now PancakeSwap, the DEX based on BSC.
Binance’s blockchain is a lot more efficient. A select few of 21 validators process transactions on this network instead of Ethereum’s thousands of miners that consume a lot of power. Because there are so few of them, the network can scale up faster and better to process more transactions faster. However, BSC often receives criticism for its degree of centralization. You can read more about this in this article.
Ethereum still did good business today. The ETH price rose to a new all-time high (ATH). This while the rest of the top 10 is completely red.