By
Steve Muchoki
April 24th, 2024
The cumulative total transactions on the Binance Smart Chain (BSC) have crossed 1.5 billion as the network continues to gain popularity in the rapidly emerging DeFi space.
Ethereum competitors are growing faster day by day. On Tuesday, October 26, the world’s largest crypto exchange Binance announced that the total cumulative transactions on the Binance Smart Chain (BSC) have crossed a total of 1.5 billion.
The number of total transactions on #BinanceSmartChain crossed 1,500,000,000 just a few hours ago. #BSC community is unstoppable 🚀 pic.twitter.com/nSoO6sfj0s
— BNB Chain (@BNBCHAIN) October 27, 2021
Interestingly, the BSC network achieves this transactions milestone in just 14 months of launch last year on August 31, 2020. As per the data by BSCScan, the daily transactions on the Binance blockchain have surged past 10 million. this is just shy of its all-time high record of 13 million as of July 29, 2021.
Besides, there has been a mammoth surge in the number of unique wallet addresses on Binance. At the beginning of 2021, there were about 650,000 unique addresses. Today, the BSC blockchain has a total of 108 million unique wallet addresses.
Entering a Strong Competition with Ethereum
As said, the Binance Smart chain (BSC) has entered into strong competition with the Ethereum blockchain network. The Ethereum blockchain has been a dominating player for smart contract implementation on the platform.
The BSC network is emerging as a strong competitor to Ethereum in terms of cost as well as efficiency. Currently, the average gas price on the Ethereum blockchain is $131.87 while the average block time is 13.33 seconds. On the other hand, it takes only 3 seconds to mine a new block on the Binance Smart Chain.
At the same time, the BSC users pay an average of $6.64 in gas fees for executing smart contracts on the blockchain. The only place where BSC lacks is the number of approved validators is very less. This makes BSC more centralized as compared to the Ethereum blockchain network.
Binance founder Changpeng Zhao said that he has ambitious plans to further expand the Binance Smart chain (BSC) ecosystem. Earlier this month, Binance announced its $1 billion growth fund to expand the Binance Smart chain ecosystem.
“With collaborations from industry-leading organizations, the investment fund will target scaling blockchain technology for real-life use cases and will bridge the gap between crypto-blockchain and the current technical-financial sectors,” the exchange highlighted.
The Binance Smart Chain hosts some of the most popular decentralized applications (DApps). It is also home to some of the most popular decentralized exchanges (DEXs) like PancakeSwap. Currently, PankcakeSwap has over 2,436 altcoins available for trading.