Binance Smart Chain (BSC), the native network of the Binance network has registered another record in terms of daily transactions processed by the network reaching a massive 12 million mark today. What makes this record even more surreal is the fact that the current BSC transaction processing capacity is 8X the network capacity of Ethereum.
BSC gained a lot of popularity towards the end of March as the gas fee on the Ethereum network started touching ATHs that made many Defi protocols barely usable. The network congestion on Ethereum made BSC the go-to option for ERC-20 traders both Defi and spot traders. Ethereum network since then has recovered but in comparison still has a significantly higher transaction fee.
BSC has now become the go-to option for a majority of the new launching Defi protocols and many existing ones have also added cross-chain support. While many Ethereum proponents point towards the obvious centralized nature of BSC and amid growing popularity has also become the center of many rugs pulls and exit scams. However, despite the obvious shortcomings the efficiency of the network has made it the leading ERC-20 processor.
#BSC handling 12m tx per day. That’s about 8x of #ETH.
Note #ETH volume didn’t drop, #BSC just handle 8x more people that wasn’t able to afford it. More inclusion. pic.twitter.com/YXDHi4n4Dy
— CZ 🔶 Binance (@cz_binance) May 16, 2021
BNB Consolidating Under $600
Binance Coin (BNB), the native token of BSC which was launched as the utility token for the Binance exchange also benefitted from the growing popularity of the native chain as its price surged by 15X since February end. BNB was trading under $50 when the BSC frenzy began and reached a new ATH of $690 last week. The price of the altcoin is currently trading at $578 consolidating under $600. BNB also broke into the top-3 cryptocurrency ranking after its massive gains over the past couple of months.
BNB and BSC have emerged as the biggest gainers of the 2021 bull season as Binance continues to break into new markets and have an immediate impact.